Bitcoin has recently risen to $77,000, raising hopes that this digital currency could continue its upward trajectory in the near future. It seems that this momentum could drive Bitcoin towards the $80,000 target in November 2024, reflecting the optimistic expectations of many analysts.
Factors favorable to Bitcoin
Impact of the US elections and ETF funds
Besides technical factors, 10x Research notes that external factors, such as the US elections and increased inflows into Bitcoin exchange-traded funds (ETFs), could significantly impact the price surge. In recent weeks, we have seen billions of dollars flow into these funds, which could boost confidence in Bitcoin and increase demand for it.
Bitcoin's dominance supports its stability
Another factor supporting the bullish outlook is Bitcoin's dominance in the cryptocurrency market. Currently, Bitcoin controls about 60% of the market, reflecting its relative stability compared to more volatile altcoins. During periods of uncertainty, many investors prefer Bitcoin as a safe haven, which reinforces its leading position in the market.
On-chain data supports the forecast
Online data from the Glassnode platform also supports these predictions. According to Glassnode's Pi Cycle Top indicator, the price of Bitcoin could reach $115,903 if this momentum continues. If this scenario becomes reality, November 2024 could witness a new breakthrough to Bitcoin's historical highs.
Technical price forecast for Bitcoin
Technically, Bitcoin is showing strong signs of continuing its upward trend. After successfully surpassing the level
Against the $73,000 mark, analysts expect Bitcoin to surpass $77,000 and possibly reach $80,000 by November if this momentum continues.
If the Relative Strength Index (RSI) continues its upward trend, Bitcoin may see another price surge in the coming weeks. If a slight price correction occurs, Bitcoin could temporarily decrease in price, but according to current forecasts, the overall trend remains bullish.
In summary
The bullish outlook for Bitcoin in November 2024 is very strong, with the expected price likely to exceed $77,000 and possibly reach $80,000, and even surpass historical highs in the coming months. These expectations depend on several factors, including technical analysis, online data, alongside external influences such as the US elections and increased ETF investment.
