Bitcoin price will need to close November’s monthly candle above $14,000 to print the bullish signal

By Selena On Nov 11, 2020

Bitcoin price has started to increase in price massively in recent weeks. At press time, BTC is trading around $ 15,445, up almost 2% over the past 24 hours, signaling that it wants to move higher. Even so, Bitcoin will need to close November’s monthly candle above $ 14,000 to print the same signal.

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price is starting the macro rally

Bitcoin has started to increase in price massively in recent weeks, up 50% in about a month. Bitcoin is currently trading at a multi-year high near $ 16,000 and is signaling that it wants a breakout higher.

Early 2020 turned bearish due to the newness of the pandemic and the fear and panic that resulted. Bitcoin fell back to retest its bear market bottom, which held setting a higher low. This was just one of two steps in confirming that the crypto asset’s bull market is on, with the second confirmation arriving this month with a higher high over last year’s peak.

According to a macro analysis by crypto trader Josh Rager, Bitcoin is on an exponential uptrend. According to historical data, every time Bitcoin closes above its previous monthly all-time high, a 700% – 1,000% uptrend always follows. Bitcoin will likely do this again if November closes above $ 14,000.

What could be followed is a rise to $ 100,000 or even higher:

“Every time Bitcoin has closed above the previous monthly all-time high – a 700% to 1000% uptrend has followed. November could be the first monthly close that we see breaking the previous high and historically that’s been a very bullish sign for the crypto market.”

He’s not the only one who thinks Bitcoin could hit $ 100,000 and beyond in the coming years.

According to the Winklevoss twins, two Gemini co-founders, recently stated that Bitcoin could reach $ 500,000 in the coming years due to its potential to outstrip gold:

“Inflation is coming. Money stored in a bank will get run over. Money invested in assets like real estate or the stock market will keep pace. Money stored in gold or BTC will outrun the scourge. And money stored in BTC will run the fastest, overtaking gold… Nonetheless, we believe that BTC will continue to cannibalize gold and that this story will play out dramatically over the next decade. The rate of technological adoption is growing exponentially. Software is eating the world and gold is on the menu.”

Accordingly, Raoul Pal, CEO of Real Vision and a former hedge fund manager, recently also claimed that Bitcoin could reach $ 1,000,000 in this market cycle.

He believes institutional investment in cryptocurrencies will fuel this rally. Pal recently stated that he has over 60% of his net worth in Bitcoin or Ethereum because he believes the crypto market could be the best transaction of his life. He added that he wouldn’t be surprised to see his personal allocation for Bitcoin grow 80% or even higher during this market cycle.

And while analysts do use a logical average to find the next peak, they fail to consider the law of diminishing returns, which could result in an ROI this cycle that’s lesser than the last. However, with Bitcoin more bullish now than it was in late 2016 before the historical bull market, anything is possible – even a much higher than the projected peak.

You can see the Bitcoin price here.

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