Analysing Bitcoin Price Action

Bitcoin which is the top 1 cryptocurrency in the crypto market, is currently experiencing strong bullish movement momentum, with its price recently hovering around $97,000 as of the time of writing this post.

Analysts, investors, and traders are anticipating a potential push toward $100,000 before the end of this week. However, if Bitcoin doesn't reach $100,000 this week then we should be expecting to the price hover around $100,000 and above by the end of November 2024.

If Bitcoin should form a resistance level around $98,000 and a support level around $90,000 then it means we should be expecting to see Bitcoin price at around $105,000 at the beginning of December 2024. Technical indicators like the relative strength index (RSI) and others have suggested a continuation of the bullish trend of Bitcoin.

The RSI indicator suggests overbought conditions which typically signal the potential for a pullback. This is because of the strong momentum from institutional inflow and the broader adoption of Bitcoin. Also, there is market enthusiasm in the crypto fear and greed index point if we should take a look at how Bitcoin is performing.

As we all look ahead, while the $100,000 milestone to be achieved is within reach, risks likely regularly challenges and market leverage, news, and others that can positively or negatively affect the crypto market are what we should watch out for. Also, a potential shot term correction could happen before a sustained rally occurs.

After the rise of Bitcoin then we should be expecting to see other altcoins rising as well. Thank you for reading and please note that this is not investment advice it is just my analysis of the price of Bitcoin.