The Bitcoin price enjoyed its second consecutive green candle in October after closing the month with a 10% price gain. Crypto analyst TradingShot revealed why this development was a positive going forward and is a good buy signal for those looking to invest in the flagship crypto. 

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Bitcoin Triggers Buy Signal After Price Hit Second Green Month Candle 

The crypto analyst revealed that the Bitcoin price recorded three straight green candle occasions and a clear accumulation phase in the 2021 bull run. Meanwhile, in the 2017 bull run, the Bitcoin price recorded numerous straight green candle occasions. This market cycle looks to be replicating the 2021 bull run pattern, as BTC recorded three straight monthly green candles between January and March earlier this year before it recorded an accumulation phase. 

Therefore, as TradingShot explained, this is likely a good buying opportunity since the Bitcoin price could record a third straight monthly green candle in November. Another reason why Bitcoin would likely experience a monthly green candle in November is because the flagship crypto has enjoyed monthly positive returns most of the time it closed October in the green. 

The Bitcoin price outlook for November also looks bullish because of the upcoming US elections. The aftermath of the elections is expected to bring certainty to the market, which could cause Bitcoin to rally. Economist Alex Krüger predicted that the BTC could rally quickly to $90,000 if Donald Trump wins. Meanwhile, he mentioned that there is a chance that the flagship crypto could drop to as low as $65,000. 

Price Needs To Stay Above $69,000 In The Meantime

In an X post, popular analyst Justin Bennett mentioned that the drop in Bitcoin’s price below $70,000 isn’t a good look, but the Bulls’ last line of defense is $69,000. He remarked that the $65,000 lows are next if that price level fails to hold on the high time frames. 

Justin Bennett added that he doubts that the equal highs from March and October near $73,700 will go unchallenged. However, before that happens, he suggested that the Bitcoin price could retest the lows at around $65,000. 

Crypto analyst Ali Martinez has also revealed that the Bitcoin price needs to hold above $69,000 to reach a new all-time high (ATH). He predicted that BTC could rally to $78,000 if the $69,000 level holds.

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At the time of writing, the BTC price is trading at around $69,700, up almost 1% in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Forbes, chart from TradingView

This week has witnessed remarkable growth in the global cryptocurrency market, spearheaded by Bitcoin. Today, the total market capitalization of the cryptocurrency market stands at $2.44 trillion, an increase of 1.61% from the previous day. Most of the digital assets are in the green zone meaning that their prices are rising and the outlook of the market is generally positive.

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In this latest market frenzy, one storyline is attracting attention and some analysis: while Bitcoin is outperforming the rest and retesting $73,000, Ethereum is struggling to hit its target of $4,000. The diverging performances between the two top digital assets now serve as an interesting sub-plot to an exciting week ahead for the general cryptocurrency industry.

Ethereum And Bitcoin- A Contrasting Story Of Market Run

As the top two cryptocurrencies by market cap, it’s natural for analysts and observers to take a second look at Ethereum and Bitcoin. While both digital assets have notched some gains, with Bitcoin rising by 1.90% and ETH by 2.59%, they still paint contradicting storylines.

$ETH is moving according to plan but is underperforming BTC from the past few weeks.

With the momentum gained, it is looking ready to head past the $2800 resistance zone and start a parabolic move towards my target of $4000.

It’s time for ETH to outperform BTC. pic.twitter.com/4mK8DVMd2c

— Crypto General 🦄 (@DaCryptoGeneral) October 29, 2024

As the top crypto, Bitcoin has led the recent market rally, surpassing the psychological $70,000 level and hitting $72,459.92. Last Tuesday, BTC tested the $73k level again, and analysts expect it will record another all-time high soon.

In contrast, Ethereum’s run has been sluggish, falling short of expectations. While ETH joined other coins in a mini-rally this week, its current price of $2,687 is still far from the analysts’ target of $4,000.

ETH’s Recent Run- What Analysts Are Saying

The contrasting price runs and milestones for both top cryptos have attracted some attention. For most analysts, Bitcoin’s recent price performance validates its standing as the current top digital asset. Ethereum’s struggles to hit the elusive $4k have been criticized by some traders and analysts, with many stating that Solana is now “the next Ethereum.”

ETH is not dying.#ETH / #BTC is doing what it always does.

I think ETH/BTC bottoms this quarter and goes up in 2025.

Once ETH/BTC passes the 50D SMA, the bottom is in IMO.

Still a risk ETH/USD drops one more time in Nov/Dec but hedging makes sense pic.twitter.com/xAbg8Szi3N

— Benjamin Cowen (@intocryptoverse) October 30, 2024

However, a few analysts still defend Ethereum and expect the blockchain to rebound soon. Benjamin Cowen, the founder and CEO of ITC, took to Twitter/X to say that the Ethereum blockchain “is not dying.” In the same post, he shared that he expects ETH/BTC to bottom this quarter and will make a run next year.

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ETFs Also Show A Similar Storyline

In addition to market prices, the spot ETFs market reflects Bitcoin’s overall strength and Ethereum’s recent struggles. According to recent data, Bitcoin ETFs attracted $870.1 million, compared to Ethereum’s spot ETFs’ $7.6 million.

While many are excited about Bitcoin’s next price move, some are paying attention to ETH. Ethereum is now on the analysts’ radar, and they are checking whether ETH can benefit from the same market factors pushing Bitcoin higher.

Featured image from Pexels, chart from TradingView