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He bitcoin price enjoyed its second consecutive green candle in October after closing the month with a 10% price gain. crypto analyst TradingShot revealed why this development was positive going forward and is a good buying signal for those looking to invest in the flagship cryptocurrency.
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bitcoin Triggers Buy Signal After Price Hits Second Green Month Candle
The crypto analyst revealed that the price of bitcoin recorded three consecutive green candles and a clear accumulation phase in the bitcoin-upsuge/” target=”_blank” rel=”nofollow”>running of the bulls 2021. Meanwhile, in the 2017 bull run, bitcoin price recorded numerous occasions of consecutive green candles. This market cycle appears to replicate the 2021 bull run pattern as btc recorded three consecutive monthly green candles between January and March earlier this year before recording an accumulation phase.
Therefore, as TradingShot explained, this is likely a good bitcoin–crypto-analyst-says-this-is-the-level-to-watch/” target=”_blank” rel=”nofollow”>purchase opportunity as bitcoin price could record a third consecutive monthly green candle in November. Another reason why bitcoin would likely experience a green monthly candle in November is because the flagship cryptocurrency has enjoyed positive monthly returns most of the time it closed October in the green.
bitcoin price outlook for November also appears bullish due to the upcoming US elections. The fallout from the election is expected to bring certainty to the market, which could lead to a rally in bitcoin. Economist Alex Krüger predicted that btc could quickly rise to $90,000 if Donald Trump wins. Meanwhile, he mentioned that there is a possibility of the flagship cryptocurrency falling to as low as $65,000.
Meanwhile, the price should remain above $69,000
In a publication x, popular analyst justin bennett mentioned that falling bitcoin price below $70,000 is not a good idea, but the Bulls' last line of defense is $69,000. He commented that the minimums of $65,000 will be next if that price level is not maintained in the high terms.
Justin Bennett added that he doubts the same highs in March and October about $73,700 will remain undisputed. However, before that happens, he suggested that bitcoin price could retest the lows around $65,000.
crypto analyst Ali Martinez has also revealed that the price of bitcoin must stay above $69,000 to reach a new all-time high (ATH). He predicted that btc could rise to $78,000 if the $69,000 level holds.
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At the time of writing, btc price is trading at around $69,700, up almost 1% in the last 24 hours, according to bitcoin/” target=”_blank” rel=”nofollow”>data from CoinMarketCap.
Featured Image by Forbes, Chart by TradingView
