On the evening of November 26, the cryptocurrency market showed mixed movements. Data from OKX revealed that over the past 24 hours, Bitcoin experienced a slight decline of 0.05%, trading around $87,000.
Among other major cryptocurrencies, Ethereum and Solana both rose by nearly 0.7%, reaching $2,920 and $136, respectively. BNB saw a stronger increase of nearly 2%, surpassing the $860 mark. Conversely, XRP dropped by almost 3%, falling to approximately $2.10.
According to Cointelegraph, Bitcoin remains in a downtrend as November draws to a close, with a decline of about 36% compared to its record high in October.
At around $87,500, Bitcoin is roughly 20% lower than its value at the beginning of the month. This is a rare occurrence, not seen since 2018, following a significant rally that peaked at $20,000.
Bitcoin is currently trading around $87,000. Source: OKX
Some experts suggest that historically, whenever Bitcoin ends November in the red, December tends to follow suit with lackluster performance.
Data since 2013 indicates that November is typically a strong month for Bitcoin, while December often sees more modest gains, averaging around 5%.
However, from a more optimistic perspective, a network economics analyst believes Bitcoin may be nearing its short-term price bottom.
According to an AI-powered forecasting tool, the nearest bottom could have already formed or may appear within this week.
The forecast suggests that Bitcoin’s price is likely to recover gradually until the end of the year. The probability of it reaching $100,000 before December 31 is estimated to be below 50%.
Conversely, the likelihood of the price ending the year higher than its current level is around 85%, while the chance of it dropping below $84,500 is only about 15%.
Nevertheless, experts caution that the cryptocurrency market is highly volatile, and all predictions should be considered as reference points for investors.
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