In October, the long-awaited Bitcoin (BTC) rally failed to materialize, so now the attention of crypto market participants is focused on how the main kriptovalyuta will behave in November.
During October Bitcoin showed high volatility, ending the month just above the $110,000 support level.
However, according to the artificial intelligence model ChatGPT, until November Bitcoin may show moderate growth to resistance at $120,000.
On the evening of November 1 Bitcoin was trading around $110,000. The market appears to be consolidating above key support levels of $107,000 to $109,000, while key indicators are neutral.
BTC price dynamics over 7 days. Data from CoinGecko
According to the analysis ChatGPT, Bitcoin’s short-term direction will depend on its ability to break out of the next resistance range between $115,500 and $118,000.
A rise above these levels could trigger a wave of buying, which would push the price towards $124,800–$132,400.
Despite the outflow of funds from ETFInstitutional investors are maintaining their positions, and network activity reflects a steady increase in the number of wallets holding more than one bitcoin. This points to long-term accumulation rather than distribution. Fear and Greed Index remains close to 45, reflecting cautious optimism among market participants.
Artificial intelligence modeling estimates the probability of a baseline scenario at 50%, in which by the end of November Bitcoin will cost between $118,000 and $122,000. This is possible if seasonal growth and a stable inflow of funds are maintained.
A more optimistic scenario, in which the price reaches $126,000-$132,000, has a 45% probability, assuming a breakout of resistance and renewed interest in risky assets. A bearish scenario, in which the price pulls back to the $102,000-$108,000 range, is considered unlikely (only 5%).
This forecast is in line with Bitcoin’s statistical achievements in November, which included a median gain of around 11%.