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The Bitcoin price enjoyed its second consecutive green candle in October, after closing the month with a 10% price escalate. Cryptocurrency analyst TradingShot revealed why this development was positive for the future and is a good buy signal for those looking to invest in the flagship cryptocurrency.
Bitcoin triggers a buy signal when the price crosses the second green candle of the month
TradingShot mentioned wa TradeView entry that it is always a good signal to buy when the Bitcoin price closes two consecutive green monthly candles. He made this claim based on a multi-year chart, which he believes also shows that the market continues to rise in any case Bitcoin records these two straightforward green candles.
A cryptocurrency analyst revealed that the Bitcoin price has seen three consecutive green candles and a clear accumulation phase Running of the Bulls in 2021. Meanwhile, in the 2017 bull run, Bitcoin price saw plenty of opportunities for straightforward green candles. This market cycle looks set to replicate the 2021 bull market pattern, as BTC saw three straight monthly green candles between January and March earlier this year before experiencing an accumulation phase.
Therefore, as TradingShot explained, this is probably a good thing opportunity to buy as Bitcoin price may see a third consecutive monthly green candle in November. Another reason why Bitcoin would likely experience a monthly green candle in November is that the flagship cryptocurrency enjoyed monthly positive returns for most of the time it closed October in the green.
Bitcoin price forecasts for November also look bullish due to the upcoming US elections. The election’s aftermath is expected to bring certainty to the market, which could result in an escalate in Bitcoin’s value. Economist Alex Krüger predicted that BTC could quickly rise to $90,000 if Donald Trump wins. Meanwhile, he mentioned that there is a chance that the flagship cryptocurrency could drop as low as $65,000.
In the meantime, the price needs to stay above $69,000
In post X, a popular analyst Justin Bennett he mentioned that Bitcoin falling below $70,000 doesn’t look good, but the Bulls’ last line of defense is $69,000. He noted that if this price level does not sustain on the high time frame, the next lows will be $65,000.
Justin Bennett added that he doubted the March and October highs would be equal almost $73,700 will remain unopposed. But before that happens, he suggested that Bitcoin’s price could retest lows around $65,000.
Cryptocurrency analyst Ali Martinez also revealed that Bitcoin’s price needs to do this maintain over $69,000 and achieved a novel all-time high (ATH). He predicted that BTC could rise to $78,000 if the $69,000 level holds.
At the time of writing, BTC is trading at around $69,700, up almost 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Forbes, chart from TradingView
