Bitcoin defies Black Monday fears, shows signs of November 2024’s rally

Did the last 24 hours signal Bitcoin’s next bullish November rally? Historically, November has been the most bullish month for Bitcoin, with average returns of more than 40%. This year, however, it might not be so simple. With the U.S. midterm elections looming in early November, risky assets could see increased volatility. Moreover, Bitcoin has been range-bound around $80k for more than four weeks, and rising leverage could lead to sudden liquidations and a sharp liquidity crunch. However, history does provide a bullish scenario. In November 2024, BTC rallied more than 30% after the U.S. presidential election, fueled by optimism about U.S. President Donald Trump’s pro-crypto policies. Bitcoin’s resilience could lead to another November rally, but rising leverage and the uncertainty of the election could create a bull trap.

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