Bitcoin and cryptocurrency investors have been closely watching the market over the last few weeks, with November and December a historically key time for major market moves. <\/p>\n
Last November, the bitcoin price halved from around $6,000 per bitcoin to just $3,000, while the year before November kicked off bitcoin's epic bull run to almost $20,000. <\/p>\n
The bitcoin price has historically moved sharply towards the end of the year but there's no ... [+] guarantee 2019 will be the same. <\/p>\n
Looking further back, November 2013 saw the bitcoin price suddenly climb from around $200 per bitcoin to over $1,000 by the middle of December. <\/p>\n
Bitcoin traders have noticed the pattern, though have struggled to explain why the price seems inclined to move suddenly in the final couple of months of the year. <\/p>\n
\"A year ago, today was the day bitcoin started its drop from $6,000 to $3,000,\" one prominent bitcoin and crypto trader wrote on Twitter yesterday. \"Two years ago, today was the day bitcoin started its parabolic rise from $6,700 to $20,000.\"<\/p>\n
Others cautioned against making bets the market will move again this year, with bitcoin and crypto market analyst, previously of brokerage eToro, Mati Greenspan warning, \"both [the 2017 and 2018 bitcoin spike and slump] were irrational and unexplainable moves that were eventually reversed by the market.\"<\/p>\n
The bitcoin and cryptocurrency market has been sliding so far this November, with the bitcoin price down some 6% since the start of the month. <\/p>\n
In October, after weeks of stagnation, the bitcoin price suddenly dropped only bounce higher again a couple of days later, leaving many bitcoin and crypto analysts scratching their heads over the exact cause of the extreme market volatility. <\/p>\n
The bitcoin price has continued to swing wildly despite hopes the market would have calmed and ... [+] matured. <\/p>\n
Meanwhile, technical data suggests bitcoin could be heading into rough waters, with a closely-watched chart shrinking to its narrowest since June. <\/p>\n
The tightening of the trading range between bitcoins 50- and 200-day moving averages could trigger a sell signal, it was first reported by Bloomberg, a financial newswirewith one analyst seeing echos of last November's sell-off. <\/p>\n
\"The best way to describe the market is its retracing last years bear market,\" said Bloomberg Intelligence analyst Mike McGlone.<\/p>\n
\"Its in no hurry to take out the old highstheres a hangover of residual selling from the parabolic rally in 2017. Theres just a lot of people who bought it, got way too overextended, who will be responsive sellers.\"<\/p>\n
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Continued here:<\/p>\n