Bitcoin, the world’s leading cryptocurrency, is currently on the cusp of an exciting development as it inches closer to closing a weekly candle inside Phase 5 above the significant threshold of $36,368. Market analysts believe that this milestone could set the stage for a short and powerful 3-week run, which has been a recurring pattern in previous cycles, typically leading to the cycle’s mid-top.
Bitcoin’s price in this phase has historically reached $45,485, though it often surpassed this level. The question on the minds of many investors and enthusiasts is whether Bitcoin will encounter resistance at the top of Phase 4. While this is a possibility, a closer examination of historical data reveals a recurring pattern: after Phase 3, Phase 5 consistently follows.
The looming question is whether this cycle will deviate from the norm. Should history repeat itself, a surge to even higher prices seems inevitable in the near future.
Bitcoin surged past $37,900, marking a near 35% increase since the rally commenced mid-October. Analysts from Bloomberg suggest the US SEC might greenlight some Bitcoin ETF applications between November 9 and 17, following the comment period closure on several applicants.
Data from Santiment revealed a peak in large-volume transactions on November 8, surpassing 8,600 by early Friday. Typically associated with profit-taking, these transactions often prompt a decline in BTC’s price. However, the ongoing upward trend seems to resist this selling pressure.
Further indications of market sentiment reveal a shift in sentiment among Bitcoin holders, with a notable climb in weighted sentiment from -1.97 to 0.95 between November 8 and 9, aligned with the price rally.
Additionally, Bitcoin’s supply on exchanges has notably decreased, dropping from 1.32 million on May 10 to 1.07 million on November 10, potentially alleviating selling pressure.
Bitcoin Price Analysis
At the time of writing, BTC is trading at $37,047, registering a nearly 7% increase over the past week. With favorable market conditions and renewed optimism, Bitcoin enthusiasts are eagerly awaiting further developments in this exciting phase, which could pave the way for an extended bullish run.
Based on Coincodex’s latest BTC price forecast, the prediction suggests a 23.18% increase, projecting Bitcoin’s value to reach $45,662 by November 15, 2023. Coincodex technical indicators indicate a prevailing bullish sentiment, while the Fear & Greed Index registers a reading of 70, signifying “Greed.” Over the past 30 days, BTC has experienced 20 out of 30 (67%) days of positive growth, with a price volatility of 10.31%.
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