Bitcoin (BTC) prices have been highly volatile, ranging from nearly £50,000 in November 2021 to £21,701 today. The supply of bitcoin is fixed at 21,000,000 that makes it a scarce asset. However, over 19,000,000 BTC have already been minted over 12 years, leaving around 2,000,000 more to be mined., The halving mechanism slows down the minting of new bitcoins and could push up prices if demand increases in the future. The decreasing number of active addresses in the past year could indicate that Bitcoin is losing its appeal in the UK. Bitcoin’s competition from other cryptocurrencies is not a significant pressure on prices; furthermore, the global Economic factors negatively affected stablecoins cryptocurrencies as well. Investors’ sentiment is neutral, and fear and greed indices are not very useful when predicting price movements. It’s interesting to note that the levels of bitcoin outflow from crypto exchanges have increased dramatically. This could reflect investors holding their bitcoin in anticipation of considerable price increases. From this perspective, the next halving in April 2024 could boost demand and, in turn, increase the price of Bitcoin in the run-up to the event.
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