Highlights
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.
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.
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 According to Glassnode data, 40,000 BTC ( worth approximately $3.28 billion) have been withdrawn from exchanges within the past week.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Over 40,000 #Bitcoin $BTC — worth about $3.28 billion — have been withdrawn from exchanges in the past week!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
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.
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