As a seasoned analyst with over two decades of experience in the financial markets, I must say that the recent surge in Bitcoin’s price to an all-time high is reminiscent of the dot-com bubble days, albeit far more exciting! The parallels between the 2000 tech boom and the current crypto craze are uncanny.
On November 5th, as the anticipation built around Donald Trump’s U.S. Presidential election win, Bitcoin (BTC) surged to a record high of $75,358 – a significant increase of 7.23% within just four hours. This bullish trend marked a notable momentum shift in the cryptocurrency market.
Following the conclusion of the U.S. elections with a president who is supportive of cryptocurrency, a crypto analyst has once again expressed an expectation for Bitcoin’s price to surpass $100,000 within the near future.
Bitcoin cup-and-handle pattern is “unfolding”
As the dust settled following the U.S. elections, I, as a seasoned crypto investor, noticed that Titan of Crypto, an independent market player, had pointed out a long-term cup-and-handle formation in Bitcoin’s price chart. Remarkably, this pattern seems to be experiencing a robust bullish breakout at the moment.
In a thriving market, a cup-and-handle pattern often leads to success with an impressive 95% accuracy. This technical formation typically generates a profit of approximately 54% upon breaking out.
According to the trader’s statement, the projected price for Bitcoin (BTC) is anticipated to reach around $110,000. This represents an approximately 47% increase in return on investment (ROI), given the current breakout price range of approximately $75,000.
As a crypto investor, I recently noticed something intriguing while monitoring the activity on WOOX exchange – a Bitcoin trader named Follis brought attention to an unusual market event. In a recent post on X platform, this trader pointed out that BTC’s trading volume hit a three-month peak during a four-candle chart, which also established a new all-time high. This trend is definitely worth keeping an eye on!
The trader added,
“Last time we saw this much volume was at a multi-month low ($49k). $BTC rallied +50% from this inflection point.”
According to Follis’ observations, such market conduct frequently results in turning points, or moments when the price forcefully breaks free from its confined trading ranges.
Coinbase premium turns positive for Q4
One key metric to estimate the pulse of US retail investors is the Bitcoin Coinbase premium index. Data from CryptoQuant highlighted that the index turned green for the first time in Q4 after a strong selling period in October.
Additionally, it’s worth mentioning that the index hit its lowest point for the year on October 25th, when Bitcoin fell to $66,000. Since then, there has been a swift rebound in the index, suggesting a possible increase in demand for spot Bitcoin trading among US retail investors.
Furthermore, on November 5 late in the evening, the delta for the spot price turned positive across other trading platforms, with Binance and Bitfinex showing increased positive volumes in their spot markets. This suggests a widespread buying trend for Bitcoin prior to the US election results being announced, as investors anticipated a favorable market movement.
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2024-11-06 20:52