Bitcoin (BTC) is trading near the crucial $115,000 resistance as investors evaluate the next Bitcoin price prediction in November. Despite strong historical data for the month, Rachel Lin, CEO of SynFutures, warns that macroeconomic tension could limit a full rally. The market remains expectant of potential catalysts.
Institutional Momentum and Historical Data Favor Bitcoin
Historical data from CryptoRank is optimistic. November records an average return of 11.2% for Bitcoin, making it the second-best month on the calendar. Furthermore, institutional appetite remains robust. Spot Bitcoin ETFs saw net inflows of $3.69 billion in October alone, according to Farside data. These inflows reflect strong investor conviction and raise the total ETF holdings to over 6% of the BTC supply.
The current context presents a duality. On one hand, whale accumulation and constant demand from ETFs suggest a solid foundation. Rachel Lin highlighted that institutions increasingly view Bitcoin as “digital gold.” They consider it a hedge against inflation and global uncertainty. On the other hand, the global economy presents challenges. Lin warns of trade tensions and recession fears.
Can Macroeconomic Tension Halt the Expected November Rally?
Technical analysis defines a clear battleground. On-chain data from Glassnode shows significant support around $111,000. Meanwhile, there is strong supply pressure near $117,000. A decisive break above $117,000 could accelerate momentum. Lin suggests that if support holds, BTC could target $120,000 to $140,000 by the end of the month. However, a failure at the $111,000 support would open the door to corrections toward $90,000.
At the time of writing, Bitcoin is trading at $114,518, just below immediate resistance. Investor sentiment is cautiously positive, awaiting a breakout. The short-term target remains the all-time high of $126,199. To reach it, BTC must first clear the $117,261 and $120,000 zones, where sellers might take profits.
