Trader: Bitcoin Will Inevitably Breeze Past $70,000—Here’s Why
24 November 2023 - 6:30AM
NEWSBTC
Taking to X on November 22, crypto chartist
@MortensenBach presented a bullish outlook for Bitcoin
(BTC), predicting that not only will the coin breeze past $70,000
in the coming months, but it will set a new all-time high, fanning
demand for stocks of Bitcoin mining companies like Riot Blockchain,
Marathon Digital, and the rest. Bitcoin Trading Above The 20-Period
MA In The Monthly Chart The chartist pointed to Bitcoin’s
historical tendency to launch parabolic advances following decisive
breaks above its 20-month simple moving average (20 SMA) in the
monthly chart. As of late November 2023, Bitcoin has been firm. As
evidenced in the monthly chart, buyers build on gains recorded in
October when prices shook off losses and increased. This upswing
was triggered by broader market optimism, which supported crypto
prices. With prices now trending firmly above the dynamic
reaction line in the monthly chart, the trader believes a bull
market is on the cards, and Bitcoin is set for more gains in the
coming sessions. Besides the break above the 20-month MA, the
analyst notes a growing bullish momentum, according to MACD, a
technical indicator. Related Reading: HTX Recommence Operations
After Temporary Halt Due to Hack Still, it should be noted that,
despite the analyst’s optimism, technical indicators in use, the
MACD and MA, lag. Accordingly, there is no guarantee that prices
will edge higher, rising from spot levels to nearly double above
$70,000 in 2024 and months ahead. As of November 23, BTC prices are
firm above $37,000 and more than 2X from November 2022 lows when
prices plunged below $16,000. Moreover, it is yet to be seen how
stocks of Bitcoin mining companies like Riot Blockchain will
perform in the next stage after halving. However, historical
performances show their stock tends to rally in lockstep with spot
BTC prices. Whales Are Accumulating, Will BTC Surge? Even so,
@MortensenBach’s preview analysis ties closely to on-chain insights
relayed by CryptoQuant, a blockchain analytics platform. According
to data, more whales are moving their BTC from exchanges in
large tranches. With big players showing confidence and
backing Bitcoin, it could suggest that they expect prices to edge
higher. This outlook if further buoyed by developing fundamental
factors, including regulatory action and general investor
sentiment. Related Reading: FTX’s FTT Token Leads Market Gains With
55% Rally, What’s Driving It? Bitcoin prices shook off the effect
of the United States Department of Justice’s ruling on Binance.
Though prices slightly dipped below $37,000, bulls are back, and
the coin is trending above $37,000. The market is tracking the
Securities and Exchange Commission (SEC) to approve the first spot
Bitcoin ETF in the country. Feature image from Canva, chart from
TradingView
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