After Bitcoin fell 10% in the past week and briefly dropped below $90,000, analysts are questioning whether November deserves its reputation as "the strongest month" in Bitcoin's history.

Cryptocurrency yield provider Tesseract's CEO James Harris told Cointelegraph, "Historical averages show strength, but these numbers are distorted, and the current context is anything but normal."

Harris noted that while falling below long-term averages is significant, it is "not the whole picture."

According to CoinGlass, Bitcoin has dropped 15.37% since the beginning of this month, heading towards its worst November since 2019, when it closed down 17.27% that month.

Data from CoinMarketCap shows that Bitcoin rose 1% in the past day to $93,290, recovering from a low of below $89,400.

Harris stated that comparing the current market environment to previous years is "not a like-for-like comparison," pointing out that the U.S. government shutdown has delayed key economic data by six weeks.

He said, "When the government reopens, the backlog of information will force investors to reassess inflation and interest rate expectations almost overnight."

According to the CME FedWatch tool, market participants' confidence in a Federal Reserve rate cut in December has also plummeted to 41%.

Harris mentioned that Bitcoin still has the potential to regain momentum and push towards new all-time highs before the end of the year, but he wouldn't bet on it.

He said, "It's possible, but it's not what we are predicting."

Bitcoin last reached an all-time high of $125,100 in early October, prompting traders to focus on November, historically the strongest month, hoping the upward trend might continue.

Since 2013, Bitcoin's average return in November has been 41.35%, a figure inflated by a 449% surge in 2013, which is about 277% higher than the second strongest month, March, that year.

Bitfinex analysts believe that Bitcoin's most severe correction may be nearing its end.

In comments shared with Cointelegraph, the analysts stated, "It feels like a local bottom will be established relatively soon."

They added, "Across multiple historical cycles, a sustainable bottom only forms after short-term holders capitulate at a loss, not before."

However, the gains traders are expecting in November may extend into December. The Bitfinex team noted that selling pressure is beginning to ease, "showing early signs of stabilization after one of the most severe corrections in this cycle."

Analysts from cryptocurrency payment company B2BINPAY agree that "a lasting recovery can form just as quickly."

They stated, "The first meaningful resistance is in the $97,000 to $100,000 range. Market sentiment is likely to remain defensive until BTC attempts to reclaim that range."

Related: Bitcoin crashes below: Is $90,000 in danger, and will the next stop be $70,000?

Original: “Analysts: Bitcoin (BTC) November average gain data is 'distorted'”

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