#BTCOutlook

Bitcoin (BTC) has recently exhibited significant volatility, with its price nearing the $100,000 milestone. Following the U.S. presidential election on November 5, 2024, Bitcoin's value surged by approximately 40%, driven by expectations of a crypto-friendly administration and Congress.

Technical analysis indicates a strong bullish trend. Notably, a 'golden cross'—where the 50-day moving average surpasses the 200-day moving average—formed in late October, signaling potential for continued upward movement. Additionally, a pennant breakout pattern suggests a price target around $118,000 if the bullish momentum persists.

However, Bitcoin's inherent volatility warrants caution. Recent fluctuations saw the price peak near $99,800 before retreating to just below $98,000. Key support levels to monitor during potential pullbacks include approximately $93,000 and, in more significant downturns, around $70,000.

Market dynamics, such as increased trading volumes since March, indicate growing institutional adoption, further influencing Bitcoin's price trajectory. Nonetheless, investors should remain vigilant, as the cryptocurrency market is subject to rapid changes influenced by regulatory developments, macroeconomic factors, and technological advancements.