With the highs of $13,850 set earlier this week, Bitcoin felt a salutary improvement. At yesterday’s lows, the cryptocurrency traded for $12,900.
Analysts believe that Bitcoin remains entangled in an uptrend despite the correction in this market. One historically specific analyst shared an analysis designating that the cryptocurrency has a high likelihood of connecting from here in the weeks ahead. This concentration should be followed with a breakout toward $14,000, then conceivably further gains as we near the end of November.
Bitcoin Could Rally Higher in the Weeks Ahead: Analyst
Bitcoin is expected to thread higher in the weeks ahead despite recent weakness in the market.
In August, the cryptocurrency trader predicted BItcoin would drop to $9,800 and shared the chart below yesterday.
It shows that BTC’s recent price action is remarkably similar to a period of consolidation after late July’s rally to $11,000. This fractal comparison indicates that Bitcoin will trend slightly higher to the middle of November, peak at $14,000, then continue to consolidate from there. Bitcoin moving to $14,000 from current levels would mark a 4.5% rally.
This expectation of a bullish consolidation lines up with uncertainty expected around the U.S. Presidential Election. Around the time of these elections, markets are often hesitant as there can be uncertainty about who the chosen candidate will be and how their policies will affect the economy.
Fundamentals Remain Bullish for Bitcoin
Fundamental trends remain bullish for the leading cryptocurrency.
Bill Barhydt, CEO of Bitcoin and digital asset exchange Abra, recently said:
“A few weeks ago, I increased my ownership of #Bitcoin significantly and it’s now 50% of my investment portfolio. Why? I believe #Bitcoin is the best investment opportunity in the world right now. There are three reasons I believe this to be true today…. Fundamentals, Technicals, and Sentiment.”
PayPal has also begun to integrate cryptocurrencies into its services. Analysts say that this is pivotal for Bitcoin, as it will introduce millions into this space.
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
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