As a seasoned researcher who has witnessed the crypto market’s rollercoaster ride for several years now, I must admit that the recent price action of Bitcoin (BTC) has been nothing short of exhilarating. The weekly high close registering for the second consecutive week and the 31% surge over the past month have me intrigued and eager to delve deeper into this bullish trend.
For the second week in a row, Bitcoin’s (BTC) price reached a new weekly peak close. This follows a 12% increase over the last seven days. Moreover, Bitcoin has gained 31% this month as it maintains its position near its all-time high (ATH).
Based on technical analysis showing a consistently optimistic trend throughout various timeframes, one expert predicts that we could see an additional 40% increase in value within the coming days.
Bitcoin “daily pennant” targets $125,000
Over the past ten days, from November 4th to the 13th, I’ve witnessed a remarkable surge in the value of Bitcoin, with it rallying an impressive 40%. This significant rise followed BTC’s price discovery post the $80,000 mark. After hitting an all-time high (ATH) at $93,450, its worth has been fluctuating somewhat, oscillating between the ATH and around $87,000.
In the time of consolidation, an unidentified technical expert known as SuperBitcoinBro signaled a bullish trend for Bitcoin by suggesting it had created a bullish flag pattern on the daily graph.
A bullish pennant refers to a type of chart pattern that emerges following a notable increase, followed by a phase of stabilization or sideways movement near the upper limit of the price range.
If Bitcoin breaks out positively from its current pennant formation, it might signal a further increase, possibly reaching around $125,000 – which is approximately 40% above its current value.
Keep in mind that while a bullish pennant pattern does occur, its likelihood of being successful is quite low, at approximately 54%. This means it’s not one of the most dependable patterns.
Furthermore, Bitcoin trend expert Coosh Alemzadeh has forecasted a possible price range for Bitcoin, anticipated to be around $130,000 to $145,000 by the year 2024’s conclusion.
According to Alemzadeh’s perspective, which is built upon Elliot wave theory, we are now in the middle of a significant upward trend for Bitcoin. He believes that the most dramatic increase, or the steepest part of this growth, has yet to occur.
Coinbase premium indicates uncertainty at $90,000
As a crypto investor, I noticed an exciting development when Bitcoin surged above $73,880, entering price discovery. The subsequent move between $75,000 and $90,000 was significantly bolstered by a remarkable increase in Coinbase premium, which soared to its peak level since Q2, providing strong backing for this price rally.
After that period, the premium index seems to have decreased, suggesting that American retail investors are currently reducing their investment pace. Similarly, CryptoQuant’s brief analysis hinted at a comparable viewpoint.
“It seems like Coinbase is taking a breath to decide its next move. It would be wise for conservative traders to enter after the Coinbase Premium regains its momentum.”
The transaction volume of Bitcoin transactions below $100,000 hit a three-year peak recently, according to CryptoQuant CEO Ki-Young Ju. He suggested that this surge in activity could be driven by retail investors’ fear of missing out (FOMO) under the $100,000 threshold, potentially creating “exit liquidity” for the larger whale investors. However, Ju also cautioned that these fluctuations should not be mistaken as the start of another bear market; instead, they will likely result in temporary dips.
On a smaller time scale, Bitcoin has consistently bounced back from an upward sloping trendline and is now preparing for another test. The price has also been bolstered by the 50-day and 100-day Exponential Moving Averages, currently hovering slightly above the psychological level of $90,000.
If Bitcoin (BTC) manages to burst through the barrier at approximately $93,421 and follow up with a substantial closing price, it would indicate a new phase of price exploration, potentially aiming towards $100,000 as its initial objective.
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2024-11-18 20:28