Price Analysis

Is Bitcoin Price Still Underpriced? Trends Show 15% Gap to November Peak

Historical trends hint at a 25% potential surge for Bitcoin price to $100K+ levels, backed by whale accumulation and key breakout patterns.
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Is 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.

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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.

Bitcoin Monthly returns| Coinglass
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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 According to Glassnode data, 40,000 BTC ( worth approximately $3.28 billion) have been withdrawn from exchanges within the past week.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.

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.

BTC/USD -1d Chart

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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Frequently Asked Questions

How much has Bitcoin surged in November 2024, and what is the potential upside?

As of November 2024, Bitcoin has surged by 17.78%. However, it still trails 25% behind its historical average growth potential

What does the flag pattern formation suggest about Bitcoin’s price action?

The flag pattern formation, observed over the past seven months, typically signals a continuation of the bullish trend

What is driving the recent Bitcoin rally?

The recent rally is backed by whale accumulation, increasing trading volumes, and significant exchange outflows
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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