Bitcoin Forecast for November 2024 If

CoinDesk Report:
Record-breaking ETF inflows highlight strong demand
Price discovery beyond ATH may bring Bitcoin closer to $95,000 on the chart
On October 15th,
Bitcoin [BTC]
It broke through the downward channel that had been in place for nearly seven months.
Since then, it has risen by 7.7%, almost retesting the historical high of $737,000 on October 29th.
In fact, the Exchange Traded Fund (ETF)
Record inflows
Also indicate confidence in the asset. As BTC approaches its historical high, liquidation may
trigger volatility.
So the question is – is Bitcoin ready to enter another price discovery phase, or should traders wait a while longer to see new highs?
Forecasts for Bitcoin in November remain strongly bullish
Using the rebound from January to March, a set of Fibonacci levels was drawn. They indicate that levels above $737,000, $82,000, and $95,500 will be the next targets.
However, these may not be the final targets.
In the years following BTC halving, the fourth quarter is generally bullish. This means that historically,
Bitcoin
may complete much of this cycle’s gains over the next two months.
Therefore, the momentum above $74,000 should not wane. Instead, this will be a sign of strength, with November possibly moving towards $95,000.
Clues from liquidity pockets
BTC has swept through the $726,000 liquidation level, but has not fallen further. Liquidity seems to have increased, reaching $80,000. This also makes forecasts for Bitcoin in November bullish.
Therefore, it can be expected that, due to northern liquidity, prices will tend towards $80,000.
Read
Bitcoin [BTC] price predictions
2024-25
Finally, the Puell Multiple is the ratio of daily Bitcoin mining income in USD (also known as daily coin issuance) to the 365-day average mining income.
At the time of writing, the 30-day SMA of this indicator is 0.814, with the previous cycle’s peak at 2.98.
The consolidation over the past six months gives the indicator and price trends a chance to recover on a higher time frame. Increased demand, especially once the asset breaks the previous ATH and attracts more attention, could accelerate gains.
Disclaimer: The information provided does not constitute financial, investment, trading, or any other type of advice, and represents the author’s opinion only.