Coinfeeds Daily → Bitcoin Predicted to Hit $45K in November Amid Bullish Trends

Bitcoin Predicted to Hit $45K in November Amid Bullish Trends

Published: Oct 26, 2023 | Last Updated: Oct 26, 2023
Moyi Dang
An illustration presenting a Bitcoin coin set against a backdrop of rising graphs and lines
Image: An illustration presenting a Bitcoin coin set against a backdrop of rising graphs and lines

Analysts cite Fibonacci retracement levels and institutional demand as key factors driving Bitcoin's potential growth, while warning investors of possible volatility and 'chopfest' periods.

Bitcoin Predictions: Bullish Trends and $45K Targets

Bitcoin's price is expected to hit $45,000 in November, according to a model created by CryptoCon, a cryptocurrency analyst. The model, based on Fibonacci retracement levels, suggests that there is still room for Bitcoin to expand and reach this target. However, two key resistance levels need to be cleared for this prediction to become a reality. Another analyst, Rekt Capital, believes that any significant pullback would present a buying opportunity, suggesting that Bitcoin's current cycle is different from previous ones.

Bitcoin's Golden Cross and Institutional Demand

Bitcoin is on track to complete its first golden cross since February, indicating strengthening bullish momentum. The golden cross, where the 50-day simple moving average overtakes the 200-day moving average, suggests that short-term price momentum is outperforming the long-term. This could potentially lead to a bull run. However, these indicators have a mixed record as standalone indicators of bullish and bearish trends.

Bitcoin's recent outperformance is attributed to institutional demand, according to a research report by JPMorgan. The bank highlights the optimism surrounding the approval of a spot Bitcoin ETF by the SEC. Increased futures positions and large inflows into larger wallets indicate institutional participation, a shift from previous quarters when retail investors were the main drivers behind Bitcoin's growth.

Bitcoin's Dominance and Predicted 'Chopfest'

Bitcoin's dominance in the cryptocurrency market has reached a 30-month high, with its market share rising to 54.4%. This surge is attributed to Bitcoin outperforming altcoins, driven by the spot ETF and safe haven narratives. Bitcoin's appeal as a less risky asset compared to altcoins, along with regulatory concerns and upgrade uncertainty surrounding Ethereum, has contributed to this trend.

Veteran trader Peter Brandt believes that the bottom for Bitcoin has already been reached and that new highs will be achieved by the third quarter of 2024. However, he warns investors to expect a "chopfest" in the meantime. The recent surge in Bitcoin's price is attributed to the anticipation of spot Bitcoin exchange-traded funds (ETFs) potentially being approved.

Bitcoin's Rally and Volatility

Bitcoin's price has been rallying, leading to liquidations of bearish traders and an increase in Bitcoin futures open interest. The rally may have been driven by news of BlackRock's spot Bitcoin ETF request being listed on the DTCC. Bitcoin futures premium reached its highest level in over a year, indicating a shift from bearish sentiment to optimism. The options market also shows a balanced demand between call and put options. Overall, there is evidence to support a healthy influx of funds justifying a rally beyond $35,000.

Bitcoin traders suffered over $147 million in liquidations as the cryptocurrency's price retraced from its early-week high. Despite the retracement, there is confidence in Bitcoin's resilience and the potential for spot ETF approval by early 2024. European ETP inflows and positive funding rates are supporting Bitcoin's upward trajectory.


Overall, the current market trends and predictions suggest a bullish future for Bitcoin. With the potential approval of a spot Bitcoin ETF, increased institutional demand, and strong price momentum, Bitcoin's price could reach new highs. However, investors should also be prepared for potential volatility and "chopfest" periods. As always, it is important to do your own research and consider multiple factors before making investment decisions.

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