Analyzing the Bitcoin Market

Are you optimistic that Bitcoin will hit $85,000 as it has reached a strong resistance level of around $76,895 as seen in the screenshot image below?

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Since the beginning of this very month November 2024, the price of Bitcoin has been exhibiting strong upward momentum which surged higher immediately after the announcement of Donald Trump as the winner of the US election. This simply means the market was driven by both the political affairs based on the love Trump has for crypto and macroeconomic factors.

Presently as we read this post, as of the time of writing this post, Bitcoin price has been fluctuating around the range of $75,450 after its recent highs that moved above $76,000. If we are to go back and start looking at historical trends, we will discover that breaking six good-month highs has resulted in an increase of more than 40% over the past three months.

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With this type of movement, it is an indication to us that the price of Bitcoin could potentially surpass $80,000 by the end of November 2024 which might even hit $90,000 or more if a strong support level is forming at $80,000.

Technical indicators like pivot cycle and pivot point, further support that Bitcoin is going to move further both inductors are very much optimistic with Bitcoin dominance in the crypto market reaching (accomulating) more than 60%. Imagine what this price increase would mean in the entire crypto market.

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The increase typically suggests a shift where investors both institutional and none institution investors prefer to hold Bitcoin over some altcoins, which is possibly enforcing the strength of Bitcoin.

However, if Bitcoin could reject a resistance level at around $76,000 then it means we should be expecting to see retracements below or around $70,000 before it can move further again. However, even such as the inflow of ETF and interest rate adjustments which investors are waiting to hear may likely influence the market.

Disclaimer

This is just my analysis of the Bitcoin Market which is based on my study of the market in recent days. Please only treat this post as educational content and not as investment advice which there is a need for you to be careful while monitoring the market. Thank you.