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the Bitcoin price Enjoyed a second consecutive green candle in October after closing the month with a 10% price rise. Cryptocurrency analyst TradingShot revealed why this development is positive going forward and is a good buy signal for those looking to invest in major cryptocurrencies.
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Bitcoin triggers a buy signal after the price reaches the second green month candle
TradingShot mentioned in A TradingView Share It is always a good signal to buy when Bitcoin price closes two consecutive green monthly candles. He made this assertion based on a multi-year chart, which he also claimed showed that the market continues to rise whenever Bitcoin Score these two green straight candles.
The cryptocurrency analyst revealed that the Bitcoin price recorded three consecutive occasions of green candles and a clear accumulation phase in Bull Racing 2021. Meanwhile, in the 2017 uptrend, Bitcoin price recorded several straight green candlestick occasions. This market cycle appears to be repeating the bull pattern of 2021, as BTC posted three consecutive monthly green candles between January and March earlier this year before hitting an accumulation phase.
So, as TradingShot points out, this is probably a good thing Buying opportunity As Bitcoin price may record third consecutive monthly green candle in November. Another reason why Bitcoin may experience a green monthly candle in November is that the flagship cryptocurrency enjoyed positive monthly returns most of the time when it closed October in the green.
Bitcoin price forecast for November also looks bullish due to the upcoming US elections. The election results are expected to bring certainty to the market, which could send Bitcoin higher. Economist Alex Krueger predicted That BTC could quickly rise to $90,000 if Donald Trump wins. Meanwhile, he mentioned that there is a possibility that the flagship cryptocurrency could fall to as low as $65,000.
The price should remain above $69,000 in the meantime
In X’s post, a famous analyst Justin Bennett He stated that Bitcoin price falling below $70,000 is not a good thing, but the last line of defense for bulls is $69,000. He noted that the lows at $65,000 will be next if this price level fails to hold on higher time frames.
Justin Bennett added that he doubts that the highest levels recorded in March and October will be equal Approximately $73,700 It will go unchallenged. However, before that happens, he suggested that Bitcoin price could retest the lows around $65,000.
Cryptocurrency analyst Ali Martinez also revealed that the price of Bitcoin needs to Hold above $69,000 To reach a new all-time high (ATH). He expected Bitcoin to rise to $78,000 if the $69,000 level holds.
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At the time of writing, Bitcoin is trading at around $69,700, up roughly 1% over the past 24 hours, according to Data From Coin Market Cap.
Featured image from Forbes, chart from TradingView
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