BITCOIN PRICE ANALYSIS & PREDICTION (November 11) – Bitcoin Prints New High After A Major Break Out, Is $90k Next Stop?

2024-11-12 21:42

Bitcoin’s price is waxing stronger daily following the recent breakout. It reached a new milestone today, and there are no major signs of slowing down the rally. More breakups are expected amid the latest bull run.

Following a short pullback from around $73,600 in late October, which caused a little panic in the market, Bitcoin found solid ground above $66,000 and bounced back. That bounce led to a surge, and the price broke the previous all-time high to mark a new one at $81,846 today.

So far, the bulls have had an interesting ride over the past week as they now take charge. Now that negative sentiments are off the market, we can expect bigger moves to the upside in the next few days. This should come into play if Bitcoin’s demand level continues to rise daily.

Otherwise, it may initiate a short retracement to retest the previously broken all-time high as low before advancing higher. Even if the price retraces broader, the two-month rising trendline should provide support.

A drop below this support line could bring a serious setback for Bitcoin in this bullish cycle. Currently, the price looks strong and appears set to claim higher levels.

BTC’s Key Levels To Watch Source: Tradingview

Breaking through the current $81,846 high, Bitcoin may rally stronger into the $85,000 level without any hassle. The $90,000 level would be the next bulls’ target if they continue to push the price up.

If Bitcoins take a downturn this week, we can expect a pullback into the minor $77,200 support before testing $73,777 – the previous all-time high. A broader pullback may bring us into the $70,080 level before rising back.

Key Resistance Levels: $81,846, $85,000, $90,000

Key Support Levels: $77,200, $73,777, $70,080

Spot Price: $81,116 Trend: Bullish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

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