Bitcoin’s price enjoyed its second consecutive green candle in October, closing the month with a 10% gain. Crypto analyst TradingShot explained that this development signals a positive trend and a good buying opportunity for investors interested in the flagship cryptocurrency.
TradingShot noted that during the 2021 bull run, Bitcoin experienced three straight green candles and a clear accumulation phase. Similarly, in the 2017 bull run, Bitcoin recorded numerous consecutive green candles. This current market cycle appears to mirror the pattern from 2021, as Bitcoin saw three straight monthly green candles from January to March this year, followed by an accumulation phase.
TradingShot suggested that this could indicate another good buying opportunity, as Bitcoin might achieve a third consecutive monthly green candle in November. Supporting this outlook, Bitcoin has historically shown positive monthly returns following a green October.
The overall outlook for Bitcoin in November is bullish, partly due to the upcoming US elections. Market certainty post-elections is expected to be a catalyst, potentially driving Bitcoin upward. Economist Alex Krüger forecasted that Bitcoin could surge to $90,000 if Donald Trump wins, though he also noted there’s a possibility of a drop to as low as $65,000 under certain conditions.
At present, Bitcoin is trading at $69,155. Popular analyst Justin Bennett stressed the importance of Bitcoin maintaining a price above $69,000, cautioning that a fall below this level could see it drop to $65,000. Bennett mentioned that the price level of $73,700, seen in March and October, remains a significant target but expressed doubt that it won’t be challenged.
Crypto analyst Ali Martinez echoed the sentiment, emphasizing that Bitcoin must stay above the $69,000 threshold to reach a new all-time high. Martinez predicted that if Bitcoin holds this level, it could rally to $78,000.
As of now, Bitcoin’s price is trading around $69,700, up almost 1% in the last 24 hours, according to CoinMarketCap data.
