Bitcoin reached a new high of $88K, one of the most coveted and ambitious in its history. It has been following a planned path. The token’s rise is attributed to Trump, the pro-cryptocurrency presidential candidate who won the US elections. Analysts believe that Bitcoin’s rise to $88K was just the start and its path to $240K will be clear if a key support is able to hold the token until the very end.
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Peter Brandt’s Bitcoin Prediction – Can BTC Really Touch $240K?
Peter Brandt, an experienced analyst has once again found a new way to explain the BTC surge. He noticed a pattern which could be a sign of BTC reaching $240K. Brandt’s new analysis details a head-and shoulders pattern Bitcoin’s graph has formed since 2020. Expert Brandt discussed in depth the chart on X, giving the important game-changing points which could lead Bitcoin to the final victory.
Brandt’s chart shows Bitcoin as forming an left-shoulder in 2021. A head-shaped formation is visible on the trajectory of 2022’s token, an year in which Bitcoin prices dropped dramatically. In 2024 the right shoulder is now forming, with BTC continuing to reach new heights.
Brandt then compared Gold’s chart, adding that inverse head-and shoulder patterns can often be used to forecast reversals. They also show the asset rising to new highs.
“This is called a complex continuation inverted H&S pattern – I know that’s a mouth full Lots of chartists deny its existence – not me not Schabacker, Edward and Magee – check for yourself. Note the similarities to Gold in 2009-2010Complex shoulders, stunted RS $BTC $XAUUSD.”
The experts shared that Bitcoin may follow a pattern similar to Gold. It could break soon and reach $240K.
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BTC Price Prediction for November 2024
To date, November is proving to be a good month for the token. Bitcoin’s price has reached a high of $88K and is above $87K. Bitcoin has soared past $87K at press time and is sitting on a price high of $88,000. CoinCodexBy the end November 2024, this token might reach its highest ever level of $106.
“According to our current Bitcoin price prediction. The price of Bitcoin is predicted to rise by 21.22% and reach $ 106,795 by December 11, 2024. Per our technical indicators, the current sentiment is Bullish while the Fear & Greed Index is showing 69 (Greed). Bitcoin recorded 18/30 (60%) green days with 5.44% price volatility over the last 30 days. Based on the Bitcoin forecast, it’s now a good time to buy Bitcoin.”
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Source: watcher.guru
