Bitcoin had a great October, gaining 10% and marking its second consecutive month of green candles. Analysts are saying this is a good sign for the future of Bitcoin and could be a good time to buy.
Two Green Months, Two Green Lights?
A popular crypto analyst, TradingShot, says that seeing two consecutive green monthly candles on Bitcoin’s chart is a strong buy signal. He points to past bull runs where Bitcoin rallied after similar patterns. In the 2021 bull run, Bitcoin had three straight green months, followed by a period of accumulation. The 2017 bull run also saw several instances of this pattern. With Bitcoin already having three green months this year (January-March), the current situation looks similar to the 2021 bull run.
November’s Outlook: Green or Red?
TradingShot believes Bitcoin is likely to continue its green streak in November, especially since October’s gains are usually followed by more positive returns.
The upcoming US elections are also expected to impact Bitcoin’s price. Economist Alex Krüger predicts a quick rally to $90,000 if Donald Trump wins, but a potential drop to $65,000 if he loses.
Holding the Line: $69,000 is Key
While the overall outlook is positive, some analysts are urging caution. Justin Bennett, a well-known analyst, believes that Bitcoin’s price needs to stay above $69,000 to avoid a drop to $65,000. He also thinks Bitcoin might retest the lows before challenging the highs near $73,700.
Ali Martinez, another crypto analyst, agrees that $69,000 is a crucial level. If Bitcoin holds above this point, he predicts a rally to $78,000.
As of now, Bitcoin is trading at around $69,700, up slightly in the last 24 hours. The next few weeks will be crucial to see if Bitcoin can maintain its momentum and continue its green streak.
