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Bitcoin price ready for bullish breakout, analysts say

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Bitcoin price held steady above the crucial psychological level of $60,000 as crypto analysts predicted further upside in the coming weeks.

Bitcoin (BTC) was trading at $60,200, its highest level since Aug. 27 as investors moved back to risk assets ahead of the Federal Reserve decision.

Analysts are upbeat

Gold has jumped to a record high while American indices like the Dow Jones and Nasdaq 100 indices had their best week in months, 

Notably, Bitcoin seems to have avoided forming a death cross pattern, which happens when the 200-day and 50-day moving averages cross each other. Instead, it has moved slightly above the two averages, which is a positive sign. 

Bitcoin Price
Bitcoin price chart | Source: TradingView

Meanwhile, some of the most notable crypto analysts are bullish on the coin. In an X post, pseudonymous crypto analyst Titan noted that the coin may have a breakout to $92,000.

His theory is that Bitcoin tends to move by at least 40% whenever it flips the 50-day simple moving average. He expects that the coin will jump by 71% in the coming months. 

In a separate post, he noted that Bitcoin had reclaimed the Tenkan Kijun and moved above the Kumo cloud of the Ichimoku cloud indicator. Also, the Relative Strength Index broke above the multi-month trendline, pointing to more upside. 

In another X post, Michael van de Poppe, a popular analyst with over 724,000 followers, noted that Bitcoin may remain in a consolidation phase and then have a bullish breakout at the end of the month or early October.

Santiment, the popular crypto analytics firm, also identified potential bullish catalysts for Bitcoin.

In a post, it noted that Bitcoin was seeing more accumulation by whales and sharks at a time when supply on exchanges was falling. 

Bitcoin volume in exchanges is falling

Data by CoinGlass shows that the volume of coins in exchanges dropped to 2.34 million, down from the year-to-date high of over 2.72 million.

That is a sign that many Bitcoin holders have no intention to sell their coins any time soon. Instead, some big holders like MicroStrategy have continued to accumulate. 

There is also a seasonality case for Bitcoin. According to CoinGlass, Bitcoin tends to have negative returns in the third quarter and then rebound in the fourth quarter. 

It has dropped in seven third quarters since 2013 and risen in five quarters.

The average third-quarter return is 5.59% while the average Q4 returns are 88%. September is usually the worst month for Bitcoin while October and November are the best.

Bitcoin quarterly returns
Bitcoin quarterly returns| Source: CoinGlass

Another catalyst, as we wrote on Sept. 14, is that stablecoin holdings by smart money investors have continued moving downwards this year.

After peaking at 35.17% after the FTX collapse in November 2022, it has dropped to just 3.92%. That is a sign that most smart money investors are fully invested in coins like Bitcoin and Ethereum (ETH).





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Benjamin Cowen Issues Bitcoin Alert, Says Potential Plunge ‘That Scares People’ Incoming – Here’s His Outlook

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Widely followed analyst Benjamin Cowen is issuing a warning on Bitcoin (BTC) as the flagship crypto asset trades near its all-time high.

In a new video, Cowen tells his 820,000 YouTube subscribers that Bitcoin could turn bearish around one month after the US general election.

“I just want to put that out there as one potential outcome that following the election, there’s going to be a lot of really bold calls as to what will happen. And what I think could happen is a drop sometime in early December that scares people. And I think it might be around the time of the labor market release [Non-Farm Payroll report is scheduled for December 6th].”

According to Cowen, Bitcoin could drop somewhere between 12% to 46% from the current level if the bearish scenario plays out.

“What is unclear to me right now is whether that drop by Bitcoin is just back-testing this [around $65,000] and then going up in 2025 or if it’s back-testing down here [around $40,000] and then going up. That is what I still remain somewhat unsure of…”

Source: Benjamin Cowen/YouTube

At time of writing, Bitcoin is trading at $73,813, down about 2% from its all-time high of around $75,400.

The widely followed analyst says that his envisaged Bitcoin correction in December would likely be temporary if it happens.

“I could envision a scenario where after the political outcomes are all decided if Bitcoin doesn’t immediately move up and then it starts to crash people might assume that the cycle is over. But it could very well just simply be the soft landing scenario…

…you could get a situation where you know Bitcoin sort of falls here and then rallies on up to new all-time highs in 2025.”

Source: Benjamin Cowen/YouTube

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep

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“It’s hard to think how the election outcome could have landed better for the industry, and expectations of key regulatory improvements are likely to build in the coming months and quarters,” David Lawant, head of research at crypto prime brokerage FalconX, said in a Wednesday report. “Such clarity could open room for additional crypto ETF products, covering the main crypto assets and potentially also a broader crypto index, and give entrepreneurs and investors more comfort in U.S. token launches.” However, Lawant warned of short-term risks in the meanwhile, which may include “last-minute enforcement actions by departing officials.”



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Trump victory creates over 11k new Bitcoin millionaires

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Donald Trump’s 2024 election victory has created over 11,000 new Bitcoin millionaires.

According to data from Finbold, the number of Bitcoin wallets valued at $1 million or more rose to 132,842 on November 6, as Bitcoin prices increased by 7.8% in just 24 hours.

Last month, there were 121,061 Bitcoin addresses worth over $1 million. This figure has now grown by 11,487 wallets, indicating significant wealth gains among Bitcoin holders, per Finbold.

At the time of writing, Bitcoin (BTC) has passed its all-time high and is currently trading at $75, 428. 

Can Bitcoin go higher?

This spike follows a strong month for Bitcoin, which has risen 20% over the past 30 days. With Trump’s win and an overwhelming lead in the electoral college, Bitcoin saw renewed interest and broke past previous high prices. 

Analysts suggest that Trump’s pro-crypto stance might lead to a supportive regulatory shift, potentially boosting market conditions. Technical analyst Gert van Lagen predicts Bitcoin could reach $250,000 by early next year. 





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