Bitcoin’s (BTC) bullish momentum shows little sign of slowing down.
BTC currently trades at $87,710, with an impressive 6.68% rise in the last 24 hours and a 26.02% gain over the past week, Bitcoin is pushing into uncharted territory, bringing its market cap to a formidable $1.7 trillion.
The rally is driven by a confluence of factors, from the increasing scarcity of supply and aggressive whale accumulation to institutional flows, including a record-breaking $3.4 billion in Bitcoin ETF purchases over a span of four days.
Picks for you
November 11th’s unprecedented single-day gain in Bitcoin’s price only underscores the strength of the current uptrend.
Looking forward, PricePredictions’ advanced machine learning algorithms suggest Bitcoin could reach $112,718 by November 30, 2024, as per data accessed by Finbold on November 12.
This projection, representing a further 28% climb from today’s price, is supported by a series of technical indicators, including Bollinger Bands (BB), which show expanding volatility, a favorable MACD, and an ATR signaling robust potential for continued upward movement.
On a technical level Bitcoin has established a solid support level at $84,011, while resistance lies at $90,826. A breakout above resistance could trigger further gains, while a retreat to support might offer a consolidation phase for market entry. However, it’s worth noting that Bitcoin’s recent surge has pushed it toward overbought territory, a signal that a correction could be on the horizon.
The broader market context also adds complexity. U.S. election developments and possible regulatory changes from the SEC are intensifying speculation around Bitcoin’s near-term prospects.
Recent liquidations totaling $655 million reflect heightened volatility. While the current momentum appears sustainable in the near term, seasoned analysts caution that Bitcoin’s trajectory could encounter turbulence.
