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The Bitcoin priceenjoyed 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. Related Reading Ethereum Claims Address Dominance With 43% Lead—Will It Keep Rising? 1 day ago Bitcoin Triggers Buy Signal After Price Hit Second Green Month Candle TradingShot mentioned in a TradingView postthat it is always a good signal to buy whenever the Bitcoin price closes two consecutive green monthly candles. He made this assertion based on the multi-year chart, which he also claimed shows that the market continues to rally whenever Bitcoinrecords these two straight green candles.
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 opportunitysince 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 predictedthat 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. Bitcoin is currently trading at $69,155. Chart: TradingView Price Needs To Stay Above $69,000 In The Meantime
In an X post, popular analyst Justin Bennettmentioned 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 $73,700will 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 $69,000to reach a new all-time high (ATH). He predicted that BTC could rally to $78,000 if the $69,000 level holds. Related Reading Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading? 23 hours ago
At the time of writing, the BTC price is trading at around $69,700, up almost 1% in the last 24 hours, according to datafrom CoinMarketCap.
Featured image from Forbes, chart from TradingView