Is it still relevant to buy a $BTC now?
Some crypto market analysts predict the highest price for BTC to surge up to 100K-150K by the end of 2024! đ±đ±đ€đ€
â Bitcoin has the highest average monthly returns in November
Historical Bitcoin Monthly Return (%) data shows how Bitcoin has performed in different monthly percentages. As shown in the graph below, Bitcoin generally yielded positive returns for traders in November, with an average of 44.24%, by far the highest monthly average out of all 12 months.
â Bitcoin Price Forecast: Long-term bullish, short-term bearish
The weekly chart shows that BTC surged 16.86% last week. As of Monday, it was trading at around $82,000, reaching a new all-time high (ATH) of $82,471.
If BTC maintains its upward momentum, it could extend the rally to retest the 141.4% Fibonacci extension level at $84,034 (drawn from Marchâs high of $73,777 to Augustâs low of $49,000). A successful weekly close above this level would trigger an additional rally of 5.8%, potentially reaching a projected new all-time high of $89,089 at the 161.8% Fibonacci extension level.
The Relative Strength Index (RSI) on the weekly chart is currently at 69, nearing the overbought level of 70 and pointing upwards, indicating that bullish momentum is strong.
However, if the RSI enters the overbought territory and then moves back down, it could signal a potential sell-off or a pullback. Another possibility is the rally could continue, with the RSI staying above the overbought level and maintaining the bullish trend.
However, if the bulls continue the upward momentum, the rally would extend to retest its 161.8% Fibonacci extension level (drawn from Julyâs high of $70,079 to Augustâs low of $49,072) at $83,062.
âŒïžMarkets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should DYOR before making any investment decisions.âŒïž