The post Will Bitcoin (BTC) Price Hit $39K By End Of November? Here’s What To Expect appeared first on Coinpedia Fintech News
Bitcoin’s price fluctuated between $34.5k and $35k over the past week, following a solid breakout in October. The initial bullish momentum waned Monday as Bitcoin encountered resistance around $36k. Nevertheless, Bitcoin’s trading volume increased, coinciding with significant volatility in the altcoin market. It’s worth noting that Bitcoin plays a pivotal role as a source of liquidity in the altcoin market.
$BTC Highest weekly Close since May 2022
Bulls are Still in full Control, but I'm currently Expecting 31-32k S/R level Retest in the short term.
Around mid-November, #Bitcoin might Retest and then bounce back, Potentially testing the 38/39k Resistance level.#Crypto #BTC pic.twitter.com/uzgRfZP96h
— Captain Faibik (@CryptoFaibik) November 6, 2023
Crypto analyst Captain Faibik has identified a reversal head and shoulders (H&S) pattern in the past week, accompanied by a bearish daily Relative Strength Index (RSI). He predicts that Bitcoin’s price will likely retest the support/resistance zone in the $31k to $32k range by the end of November. However, he emphasized that Bitcoin bulls hold control, particularly after the recent daily golden cross between the 50 and 200 Moving Averages (MA).
As a result, the analyst has set a short-term Bitcoin price target of $38k to $39k, which aligns with a notable resistance level. Ultimately, he believes that the year-to-date relief rally for Bitcoin could reach $52k before the start of a parabolic rally, potentially triggered by next year’s halving event.
The analyst drew parallels between the current Bitcoin price action and the 2020 cycle, eventually leading to a parabolic rally in the subsequent year. Notably, Bitcoin’s price retested the support/resistance level around $10k after recovering from the Black Thursday crash before surging to an all-time high.
#PriceAnalysis #Bitcoin [Source: Coinpedia]