This month, Bitcoin (BTC) hit $35,000 and has been consolidating around the area. However, the Bitfinex Alpha report talks about the probabilities of the rally continuing in November.

The term “Uptober” was coined for the dramatic surge in price this month. However, as November approaches, the billion-dollar question is if the Bitcoin rally will continue.

60% Likelihood of a Bullish November For Bitcoin

The screenshot below shows that since 2013, Bitcoin has had a positive monthly closing in October eight times. Out of these eight positive monthly closes, November remained positive for Bitcoin five times. 

This data suggests that in over 60% of instances, November remained bullish for Bitcoin after a green October. 

Readers should note that the data of monthly returns is not sufficient to determine the future course of BTC’s price action. However, it indeed forms a pattern.

Read more: What Are Crypto Trading Patterns? A Basic Introduction

An Uptick in Derivatives Market Activity

Moreover, the Bitfinex Alpha report shared with BeInCrypto suggests that there is increased bullish sentiment in the options market. The screenshot below shows that in October, the Options Call Open Interest surged by 80%.

When traders buy option calls, they bet on the increase in an asset’s price. Whereas when traders buy puts, they believe that the price of an asset will decline.

Read more: How To Trade Bitcoin Futures and Options Like a Pro

On Oct. 27, BeInCrypto reported that the Bitcoin options market reached a new all-time high, surpassing 2021 bull market records. The total

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Author: Harsh Notariya

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