[Bitcoin bulls hold firm at weekly close: Bitcoin price target at $39,300]
Recently, Bitcoin has remained stable over the weekend, lacking the typical large swings. Although Bitcoin hit an 18-month high in recent days, there was no significant price movement ahead of the weekend's close, according to Cointelegraph Markets Pro and TradingView.
Prominent trader and analyst Credible Crypto observed that buyers actively absorbed selling pressure as Bitcoin approached its local highs. In addition, open interest in derivatives financial products markets remains low, coupled with stable spot demand, paving the way for further gains in Bitcoin.
Credible Crypto posted on
Market commentator Crypto Titan is equally optimistic about Bitcoin’s near-term prospects. Using the Ichimoku Cloud indicator for analysis, he discovered that Bitcoin had a rare breakout of its key components on the weekly chart.
Crypto Titan notes that Ichimoku’s Chikou (Lagging Span), based on data from 26 weeks ago, is now above price and at the very top of Kumo Cloud. Combined with the new uptrend exhibited by Tenkan-sen and Kijun-sen, this situation is extremely favorable for further Bitcoin price increases.
He concluded in an X comment on November 25: “Notice the shadow lines of the last two weekly candles, which show that the bulls are gradually fighting back. The momentum is now upward, and the next target is $39,300.”
