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- Record-breaking ETF inflows underlined strong demand
- Price discovery beyond ATH could see Bitcoin approach $95k on the charts
On 15 October, Bitcoin [BTC] broke out of a descending channel that had lasted for almost seven months. Since then, it has gained by 7.7%, nearly retesting the all-time high at $73.7k on 29 October.
Source: Farside Investors
In fact, exchange-traded funds (ETFs) saw record inflows as well, signaling confidence in the asset. As BTC nears its all-time high, liquidations could induce volatility.
Hence, the question – Is BTC ready for another phase of price discovery, or should traders wait a bit longer to see new highs?
Bitcoin predictions for November remain strongly bullish
Source: BTC/USDT on TradingView
Using the rally from January to March, a set of Fibonacci levels were plotted. They showed that beyond $73.7k, the $82k and $95.5k levels would be the next targets.
However, these might not be the final targets.
Source: Coinglass
During the BTC halving years, the fourth quarter has generally been bullish. This means that historically, Bitcoin could complete a good chunk of this cycle’s gains in the next two months.
Therefore, a breakout beyond $74k should not be faded. Instead, it would be a sign of strength and a move towards $95k could commence in November.
Clues from the liquidity pockets
Source: Coinglass
BTC has already swept the cluster of liquidation levels at $72.6k, but didn’t fall further. More liquidity seemed to be present to the upside, extending to $80k. This made the Bitcoin predictions for November bullish too.
Ergo, it can be expected that the price would gravitate towards $80k, drawn by the liquidity to the north.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Source: CryptoQuant
Finally, the Puell Multiple is a ratio of the daily Bitcoin mining revenue in USD (also known as daily coin issuance) to the 365-day average mining revenue.
At press time, the 30-day SMA of the metric was at 0.814, with the previous cycle top being at 2.98.
The consolidation of the past six months gave the metrics and the price action a chance to recuperate on the higher timeframes. Heightened demand, especially once the asset breaks its previous ATH and draws more eyes, could hasten gains.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
