Bitcoin Price Projected to Rise by 23.52% Following Green November
The price of Bitcoin (BTC) has broken above a strong resistance zone on the monthly timeframe and is trading inside a bullish pattern. It is expected to rise to the next significant resistance zone at $47,000.
The Bitcoin price has been rising since reaching a yearly low of $15,500 in November 2022. During this period, BTC has formed a bullish structure and strongly broke above the resistance zone at $30,000-$31,000 in October 2023.
The breakout candle is a large bullish candle with small wicks on both sides, indicating a valid breakout.
Additionally, the breakout suggests that BTC touched the cycle low at $15,500 and is now in a new bull cycle.
Indeed, Bitcoin produced a similar bullish candle in November, although with a smaller amplitude compared to October. This indicates that buying pressure remains strong at higher levels.
The monthly RSI has risen above the 50 level and is sloping upward, indicating a long-term uptrend.
Therefore, the BTC price is likely to continue rising to the next resistance zone at $47,000, representing a 23.52% increase from the current level.
The Bitcoin price has been trading within an ascending triangle since November 1st. This is a bullish pattern, often leading to a breakout in most cases.
In fact, the BTC price formed a bullish engulfing candle after bouncing up from the triangle’s support on November 22nd (blue arrow), further reinforcing the bullish case.
The daily RSI has formed a hidden bullish divergence and is above 50, supporting the potential breakout.
If a breakout occurs, the BTC price will rise to the pattern target at $42,276, found by projecting the height of the pattern onto the breakout point.
The most likely scenario suggests that the BTC price will continue to rise in the near future. The immediate target is $42,276, with a higher potential target at $47,000.
The uptrend may be compromised if the BTC price breaks down below the support of the ascending triangle and the minor horizontal support at $35,663.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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