As a seasoned crypto investor with a decade-long journey in this volatile market, I must admit that watching Bitcoin’s price action is always exhilarating. The current bullish trend is reminiscent of the 2017 rally, albeit less frenzied. The fact that November, historically a bullish month for BTC, is here again, adds a sense of deja vu.
During the U.S. market session on Monday, the cryptocurrency market sustained a bullish trend, with Bitcoin‘s price reaching new heights. This upward surge in price, driven by large investors accumulating more Bitcoin and increasing trading activity, suggests strong confidence among bulls in a prolonged uptrend. Could Bitcoin have already hit its peak in November, or is there still potential for further growth?
Currently in the crypto market, Bitcoin’s price reached a high of $81,586 today, marking a daily increase of 1.444%. According to Coingecko, the total value of all Bitcoins in circulation has increased to an impressive $1.62 Trillion. The trading volume over the past 24 hours has been steady at approximately $78.8 Billion.
Bitcoin Price Poised for Parabolic Growth with Critical Weekly Close
Historically speaking, Bitcoin and the wider crypto market have tended to perform exceptionally well during the month of November, typically recording impressive returns. As per data from Coinglass, Bitcoin experienced a striking increase of approximately 450% in November 2013, along with 53% growth in 2017 and 43% growth in 2020, lending credence to the belief that it’s a particularly bullish time for this digital currency.
Over the last ten years, the typical increase in Bitcoin’s predicted price has been around 44% in the month of November. As we stand in November 2024, the current trend suggests a jump of about 17.78%, but it currently lags behind its average potential growth by approximately 25%.
If history repeats, the BTC price could extend its recovery past the $1,00,000 psychological level.
BTC Exchange Outflows Surge as Investors Embrace HODLing
In his latest tweet, well-known analyst Ali Martinez draws attention to a significant withdrawal of Bitcoins from cryptocurrency exchanges during the recent market surge. Based on Glassnode’s data, around 40,000 BTC valued at roughly $3.28 billion have been taken out of these platforms within the last seven days.
This substantial outflow suggests a decreasing trade balance, possibly hinting at growing investor confidence in long-term Bitcoin holdings. The strong upward trend in Bitcoin prices supports an intensifying buying spree, potentially leading to further price increases.
I’ve noticed an interesting trend in the crypto world recently. In just a week, approximately 40,000 Bitcoins, which is roughly equivalent to $3.28 billion, have been taken off various exchanges. This could indicate a shift in sentiment or increased holding among investors, but it’s always fascinating to see such significant movements in the market!
— Ali (@ali_charts) November 11, 2024
BTC Price Analysis Hints Major Breakout From Flag Pattern
For the last seven months, the price of Bitcoin has shown a persistent period of stability, taking the shape of a flag pattern. This horizontal movement, marked by two parallel lines, often provides an opportunity for buyers in the market to regain the upward trend’s momentum.
As a crypto investor, I’ve been closely monitoring the market, and I believe Donald Trump’s victory in the 2024 presidential election served as a significant catalyst for our coin’s price to shatter its resistance with a massive breakout flag. Over the past while, the coin’s value has surged remarkably, skyrocketing from $67,813 to an impressive $82,350 – that’s a 21.4% growth!
If the pattern holds true, the BTC price could reach $1,02,000 high.
Instead, it’s possible that the price of Bitcoin might experience a temporary dip to build up buying demand again. This could happen when it encounters resistance at important daily Exponential Moving Averages (EMAs) of 20 and 50, acting as potential selling points.
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2024-11-11 23:01