Claim BonusIs Bitcoin Price Still Underpriced? Trends Show 15% Gap to November Peak
Highlights
- Historical trends indicate that the Bitcoin price could drive a 25% surge before peaking its November rally.
- Market buyers break out of a 7-month consolidation as exchange outflows surge and a flag pattern emerges.
- An occasional pullback in BTC price could seek support at a 20-day exponential moving average.
On November 11th, the cryptocurrency market experienced a massive inflow as Bitcoin price neared a $90,000 high. This high-momentum rally boosted recovery across major altcoins, positioning them for prolonged recovery. However, historical analysis suggests that the BTC price is still 15% below its potential peak in November and has room for further growth.
With crypto market today, the BTC price had traded at $88,460, with an intraday loss of -0.38%. According to Coingecko, the asset’s market cap surged to $ 1.75 trillion, while the 24-hour trading volume wavers at $133.2 Billion.
Bitcoin Price Poised for Parabolic Growth with Critical Weekly Close
Historically, November has been a strong month for Bitcoin and the broader crypto market, often delivering significant gains. According to Coinglass data, Bitcoin recorded a 450% surge in November 2013, followed by 53% in 2017 and 43% in 2020, solidifying its reputation as a bullish period.
On average, Bitcoin price prediction has recorded a 44% growth in November over the past decade. As of November 2024, the current price trajectory delivered a 27% surge but still trailed 15% behind average growth potential.
If history repeats, the BTC price could extend its recovery past the $1,00,000 psychological level.
BTC Exchange Outflows Surge as Investors Embrace HODLing
In a recent tweet, renowned analyst Ali Martinez highlights a substantial outflow of Bitcoins from crypto exchanges amid a recent rally. According to Glassnode data, 40,000 BTC ( worth approximately $3.28 billion) have been withdrawn from exchanges within the past week.
This significant outflow reflects a declining exchange balance, which could indicate increased long-term holding sentiment among investors. The BTC price rally backed aggressive accumulation trend bolstered the potential for a higher rally.
Over 40,000 #Bitcoin $BTC — worth about $3.28 billion — have been withdrawn from exchanges in the past week! pic.twitter.com/ZYSZ9Kt1ok
— Ali (@ali_charts) November 11, 2024
BTC Price Analysis Hints Major Breakout From Flag Pattern
Over the past seven months, the Bitcoin price witnessed a stubborn consolidation with the formation of a flag pattern. This sideways trend, resonating between two trendlines, typically benefits the market bulls to recuperate the bullish momentum.
Donald Trump’s victory in the 2024 presidential election acted as a necessary catalyst for the coin price to give a massive breakout flag resistance. Since last, the coin price showed a significant rally from $67,813 to $87,327, registering a 30% growth.
If the pattern holds true, the BTC price could reach $1,02,000 high.
On the contrary, a Bitcoin price could soon witness an occasional pullback to replenish its buying pressure, potentially selling support at key daily EMAs 20 and 50.
Frequently Asked Questions (FAQs)
1. How much has Bitcoin surged in November 2024, and what is the potential upside?
2. What does the flag pattern formation suggest about Bitcoin’s price action?
3. What is driving the recent Bitcoin rally?
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