Bitcoin Flashes Buy Signal After Price Closed 2nd Green Month Candle In A Row
2024年11月3日 - 6:00AM
NEWSBTC
The 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 a positive
going forward and is a good buy signal for those looking to invest
in the flagship crypto. Related Reading: Ethereum Claims
Address Dominance With 43% Lead—Will It Keep Rising? Bitcoin
Triggers Buy Signal After Price Hit Second Green Month Candle
TradingShot mentioned in a TradingView post that it is always a
good signal to buy whenever the Bitcoin price closes two
consecutive green monthly candles. He made this assertion based on
the multi-year chart, which he also claimed shows that the market
continues to rally whenever Bitcoin records these two straight
green candles. The crypto analyst revealed that the Bitcoin
price recorded three straight green candle occasions and a clear
accumulation phase in the 2021 bull run. Meanwhile, in the 2017
bull run, the Bitcoin price recorded numerous straight green candle
occasions. This market cycle looks to be replicating the 2021 bull
run pattern, as BTC recorded three straight monthly green candles
between January and March earlier this year before it recorded an
accumulation phase. Therefore, as TradingShot explained, this
is likely a good buying opportunity since the Bitcoin price could
record a third straight monthly green candle in November. Another
reason why Bitcoin would likely experience a monthly green candle
in November is because the flagship crypto has enjoyed monthly
positive returns most of the time it closed October in the
green. The Bitcoin price outlook for November also looks
bullish because of the upcoming US elections. The aftermath of the
elections is expected to bring certainty to the market, which could
cause Bitcoin to rally. Economist Alex Krüger predicted that the
BTC could rally quickly to $90,000 if Donald Trump wins. Meanwhile,
he mentioned that there is a chance that the flagship crypto could
drop to as low as $65,000. Price Needs To Stay Above $69,000
In The Meantime In an X post, popular analyst Justin Bennett
mentioned that the drop in Bitcoin’s price below $70,000 isn’t a
good look, but the Bulls’ last line of defense is $69,000. He
remarked that the $65,000 lows are next if that price level fails
to hold on the high time frames. Justin Bennett added that he
doubts that the equal highs from March and October near $73,700
will go unchallenged. However, before that happens, he suggested
that the Bitcoin price could retest the lows at around
$65,000. Crypto analyst Ali Martinez has also revealed that
the Bitcoin price needs to hold above $69,000 to reach a new
all-time high (ATH). He predicted that BTC could rally to $78,000
if the $69,000 level holds. Related Reading: Bitcoin Breaks
$73,000, Yet Google Searches Stay Stagnant—Is Hype Fading? At the
time of writing, the BTC price is trading at around $69,700, up
almost 1% in the last 24 hours, according to data from
CoinMarketCap. Featured image from Forbes, chart from
TradingView
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