Bitcoin fell to around 54 thousand dollars in the month of November. This was the worst fall for Bitcoin since the month of July. Truly, the month of November was a nightmare for every Bitcoin holder. Many even sold out and moved to altcoins. However, experts had maintained that everyone should hold on, no matter how much worse things get. Now, BTC has begun to stabilize a bit and experts believe that it will pass the mark of 60 thousand dollars by the end of November. Moreover, some experts also believe that it will see a significant increase of up to 69 thousand dollars in 2022.
The reasons behind the prediction of the experts
The first and foremost reason for this prediction is the previous Bullish cycles. Previous Bullish cycles have indicated that towards the end of the year, BTC tends to fall in value. But it then rises up again once the holidays are over. Quite a few Bullish investors have shared a lot of data that indicates that BTC will reclaim its $58K position as soon as December approaches. The dominance rate of Bitcoin is 42.1 percent.
Another reason that is being cited for the inevitable rise of BTC is its image. Bitcoin was one of the first and the biggest crypto coin in the market. It made rounds and that’s what led to the crypto revolution. Even though ETH might come close to it, it is unlikely that it will take over BTC. BTC is still above ETH in value.