The cryptocurrency market maintained its bullish momentum during Monday’s U.S. market session, with Bitcoin price continuing to hit new highs. This recovery trend rally, backed by whale accumulation and increasing trading volume, accentuates the bull’s conviction for the prolonged uptrend. Has BTC reached its November peak, or is there room for further growth?
With crypto market today, the BTC price had traded at $81,586, with an intraday gain of 1.444%. According to Coingecko, the asset’s market cap surged to $1.62 Trillion, while the 24-hour trading volume wavers at $78.8 Billion.
Bitcoin Price Poised for Parabolic Growth with Critical Weekly Close
Historically, November has been a strong month for Bitcoin and the broader crypto market, often delivering significant gains. According to Coinglass data, Bitcoin recorded a 450% surge in November 2013, followed by 53% in 2017 and 43% in 2020, solidifying its reputation as a bullish period.
On average, Bitcoin price prediction has recorded a 44% growth in November over the past decade. As of November 2024, the current price trajectory delivered a 17.78% surge but still trailed 25% behind average growth potential.
If history repeats, the BTC price could extend its recovery past the $1,00,000 psychological level.
BTC Exchange Outflows Surge as Investors Embrace HODLing
In a recent tweet, renowned analyst Ali Martinez highlights a substantial outflow of Bitcoins from crypto exchanges amid a recent rally. According to Glassnode data, 40,000 BTC ( worth approximately $3.28 billion) have been withdrawn from exchanges within the past week.
This significant outflow reflects a declining exchange balance, which could indicate increased long-term holding sentiment among investors. The BTC price rally backed aggressive accumulation trend bolstered the potential for a higher rally.
Over 40,000 #Bitcoin $BTC — worth about $3.28 billion — have been withdrawn from exchanges in the past week! pic.twitter.com/ZYSZ9Kt1ok
— Ali (@ali_charts) November 11, 2024
BTC Price Analysis Hints Major Breakout From Flag Pattern
Over the past seven months, the Bitcoin price witnessed a stubborn consolidation with the formation of a flag pattern. This sideways trend, resonating between two trendlines, typically benefits the market bulls to recuperate the bullish momentum.
Donald Trump’s victory in the 2024 presidential election acted as a necessary catalyst for the coin price to give a massive breakout flag resistance. Since last, the coin price showed a significant rally from $67,813 to $82,350, registering a 21.4% growth.
If the pattern holds true, the BTC price could reach $1,02,000 high.
On the contrary, a Bitcoin price could soon witness an occasional pullback to replenish its buying pressure, potentially selling support at key daily EMAs 20 and 50.
Frequently Asked Questions (FAQs)
As of November 2024, Bitcoin has surged by 17.78%. However, it still trails 25% behind its historical average growth potential
The flag pattern formation, observed over the past seven months, typically signals a continuation of the bullish trend
The recent rally is backed by whale accumulation, increasing trading volumes, and significant exchange outflows
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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