Bitcoin’s price has continued its strong bullish trend this week, with many analysts believing the rally has more room to develop.
Bitcoin (BTC) traded at $91,200 on Thursday, November 14, bringing its year-to-date gain to 115%. It has outperformed popular assets such as the Dow Jones, Nasdaq 100 and S&P 500 indices.
In an interview with CNBC, Matthew Siegel, head of digital assets at VanEck, said the Bitcoin price rally has more room to build.
He expects the coin to repeat its all-time high in the next few quarters after the end of the US elections. Donald Trump, who is the first pro-cryptocurrency president, has already appointed several such officials, including Matt Gaetz, J.D. Vance, Vivek Ramaswani, Elon Musk and Tulsi Gabbard.
Moreover, some newly elected officials in the House of Representatives have made statements in support of cryptocurrencies. Siegel also noted that several of his firm’s overhead lights were still flashing green. He predicts that Bitcoin’s price could rise to $180,000, almost double its current trading value.
Polymarket is also very bullish on Bitcoin. A survey of over 724,000 assets shows BTC has a 56% chance of hitting $100,000 this month.
However, not everyone is optimistic about Bitcoin. In a post by X, Ali, who has over 81,000 followers, predicts that the coin could see a short-term pullback. He attributed this to the TD Sequential indicator, which has a sell signal on the daily chart.
Similarly, Ki Young Joo, founder of CryptoQuant, warned that the perpetual market is overleveraged, which could lead to a sharp pullback.
The $BTC-USDT market is overloaded – 2.7 times higher than earlier this year, reaching an all-time high. I double checked the data; That’s for sure. Be careful. pic.twitter.com/MZUbedCuyM
— Ki Young Ju (@ki_young_ju) November 13, 2024
Bitcoin price rally has room to continue
The daily chart suggests more upside potential for Bitcoin in the near future. It has already crossed an important resistance level at $73,777, the previous all-time high, and the neckline of the inverted Head and Shoulders pattern.
Bitcoin has formed a golden cross pattern that often results in significant profits. In particular, the MVRV indicator increased to 2.7. Sell signals are usually triggered when the MVRV indicator jumps to 3.5.
Thus, the path of least resistance for Bitcoin price is higher and the next target is $100,000. This forecast will become invalid if the price falls below the support at $85,000.
