Bitcoin (BTC) is preparing for a strong start to November
Bitcoin price recently surged to $77,000, reinforcing expectations that the cryptocurrency may continue its upward trajectory in the near future. This momentum appears to be driving Bitcoin towards the $80,000 target in November 2024, reflecting the optimistic expectations of many analysts.Bitcoin price

Factors in favor of Bitcoin

The Impact of the US Elections and ETFs

In addition to technical factors, 10x Research suggests that external factors, such as the US election and increased inflows into Bitcoin exchange-traded funds (ETFs), could have a significant impact on the bullish momentum. 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. Bitcoin currently controls around 60% of the market, reflecting its relative stability compared to more volatile altcoins. In times of uncertainty, many investors prefer Bitcoin as a safe haven, which reinforces its leadership position in the market.

On-chain data supports expectations.

On-chain data from Glassnode also supports these predictions. According to Glassnode’s “Pi Cycle Top” indicator, Bitcoin could reach $115,903 if this momentum continues. If this scenario comes to pass, November 2024 could see a new breakout of Bitcoin’s all-time high. $BTC

Bitcoin Technical Forecast

Technically, Bitcoin is showing strong signs of a continued uptrend. After successfully breaking through the

Resistance is at $73,000, analysts expect Bitcoin to surpass $77,000, and it could reach $80,000 in November if this momentum continues.

If the RSI continues to trend upward, Bitcoin could see another increase in the coming weeks. If there is a slight correction in the price, Bitcoin could temporarily decline, but according to the current forecast, the overall trend is still bullish.

a summary

Bitcoin’s bullish outlook for November 2024 is strong, with the price expected to surpass $77,000, reach $80,000, and possibly surpass its all-time high in the coming months. These forecasts are based on several factors, including technical analysis, on-chain data, and external influences such as the US elections and increased ETF investment.