Four Traders Forecast BTC’s November Outlook: Which One Is Right?

Four Traders Forecast BTC’s November Outlook: Which One Is Right?

Earlier this month, BTC’s price showed initial bullish trends but eventually hit a stall on November 9, leading to a phase of consolidation. Thus, four distinctive crypto traders utilized diverse strategies to forecast Bitcoin’s trajectory.

Long-Term Range Sparks Rejections

Analysts and traders in the cryptocurrency sphere often rely on horizontal ranges to identify crucial levels where price action might bounce off or face rejection. For Bitcoin, a significant resistance zone rested at $37,500 and acted as both a support and resistance since late 2020.

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Notably, the BTC price approached this pivotal area at the start of November. Crypto Chase, a seasoned cryptocurrency trader, emphasized the significance of this resistance zone, indicating skepticism about BTC’s price inability to surpass it and reach $40,000.

Chase (who shared his insights on X) also noted that the market is reaching a monthly resistance level, with the weekly inefficiency now wholly addressed. Despite an overwhelmingly positive sentiment across various channels, Chase warned that the best option is to opt for short positions if the price hits 37.5K or higher.

His cautious stance isn’t driven by countering the prevailing trend or sentiment; instead, it’s based on the logical assessment that this level might prompt a slowdown, resulting in a red weekly candle. IncomeSharks also highlighted the same horizontal resistance area, adding that he anticipates rejection.

While the BTC price didn’t experience a significant drop, it failed to secure a close above the $37,500 mark in the weekly timeframe.

Short-Term Dips Pave The Way For Upswing

Contrarily, InmortalCrypto, another crypto trader, predicted a deviation below the previous low before a subsequent upward movement toward $37,000. Although the BTC price hasn’t breached the $38,000 resistance level, it has maintained its position within an ascending triangle pattern, typically considered bullish.

Halving Event And BTC’s Pirce Projections

RektCapital, another renowned crypto trader, analyzed Bitcoin’s price movement from the 2020 halving to project the trajectory for 2023 and 2024. His analysis suggested that substantial retracements over the imminent period might yield significant returns post-halving.

Anticipating a scenario mirroring the 2020 halving movement, RektCapital forecasted a phase of consolidation and possible decline leading up to April 2024 (the halving event period), followed by a parabolic surge.

Notably, the 2023 movement exhibited more bullishness than the correction-heavy phase in 2019.

Bitcoin’s Bull Run Projections

As Bitcoin continues its price action, experts foresee an extended period of bullish momentum, potentially lasting 700 more days. Analyzing historical patterns, industry specialists predict replicating previous market cycles, suggesting a sustained upward trajectory for the leading cryptocurrency post-halving.

Popular crypto analyst, Ali Martinez, draws parallels between Bitcoin’s current movement and its bull runs from 2015 to 2018 and 2018 to 2022. These cycles project that BTC’s price will peak around October 2025.

The pending introduction of a spot Bitcoin ETF is a significant catalyst in this projection. Its approval could solidify Bitcoin’s role in the financial ecosystem.

However, experts caution against an exhaustion narrative reminiscent of past market events like the CME Bitcoin Futures launch and Coinbase’s public listing, preceding notable bear markets. Dan Morehead, Managing Partner at Pantera Capital, highlighted the pattern of market rallies followed by significant downturns during and after major announcements.

Nonetheless, this ETF approval holds promise, revolutionizing access to Bitcoin and attracting institutional players by offering a well-regulated investment landscape.

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Rudy Harris
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Rudy Harris

Rudy Harris, a dynamo in crypto journalism, intricately unpacks the multifaceted world of digital assets. Renowned for his analytical depth and clear exposition, Rudy's articles serve as an essential compass for those navigating the intricate corridors of blockchain and cryptocurrency, solidifying his stature as a trusted expert.

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