Bitcoin Forecast for November 2024 If

CoinDesk reports:
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 a downward channel that had lasted for almost seven months.
Since then, it has risen by 7.7%, nearly retesting the historical high of $737,000 on October 29th.
In fact, Exchange Traded Funds (ETFs)
record inflows
This also indicates confidence in the asset. As BTC approaches its all-time high, liquidation may
Trigger fluctuations
.
So the question is – is Bitcoin ready to enter another price discovery phase, or should traders wait a while longer to see new highs?
Bitcoin’s forecast for November remains strongly bullish
Using the rebound from January to March, a set of Fibonacci levels were plotted. They suggest 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 of Bitcoin halving, the fourth quarter has generally been bullish. This means that, historically,
Bitcoin
may complete most of the gains in this cycle in the next two months.
Therefore, the momentum to break $74,000 should not fade. Instead, this will be a sign of strength, and November may start moving towards $95,000.
Clues from liquidity pockets
BTC has swept a liquidation level of $726,000, but has not fallen further. Liquidity seems to have increased, reaching $80,000. This also makes Bitcoin’s forecast for 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.
As of 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. Increasing demand, particularly once the asset breaks its previous ATH and attracts more attention, may accelerate gains.
Disclaimer: The information provided does not constitute financial, investment, trading, or other types of advice, and only represents the author’s opinion.