Bitcoin's Second Green Month Candle Signals Buy
In a TradingView article, TradingShot advised buying when Bitcoin closes two consecutive green monthly candles. He argued that the multi-year chart reveals that the market rallies whenever Bitcoin records two consecutive green candles.
Crypto analyst: Bitcoin price has three consecutive green candles and a definite accumulating period in 2021 bull run. During the 2017 bull run, Bitcoin had several straight green candles. BTC had three consecutive monthly green candles between January and March before entering an accumulation phase, resembling the 2021 bull run pattern.
TradingShot noted that Bitcoin may post a third consecutive monthly green candle in November, making this a strong purchasing opportunity. Another reason Bitcoin may have a monthly green candle in November is that it has had positive monthly returns most of October.
Bitcoin prices are also expected to rise in November due to US elections. Bitcoin may rise after the elections due to market certainty. IF Donald Trump wins, economist Alex Krüger expects the BTC to rise swiftly to $90,000. He said the flagship coin may plummet to $65,000.
Popular analyst Justin Bennett said on X that Bitcoin's dip below $70,000 is bad, but the Bulls' final line of defense is $69,000. He said $65,000 lows are next if that price level fails on high time horizons.
Justin Bennett thinks the March and October highs of $73,700 will continue. He predicted a repeat of the $65,000 Bitcoin lows before that.
To hit a new all-time high, Bitcoin must stay over $69,000, according to crypto expert Martinez. He projected BTC will rise to $78,000 if $69,000 holds.
