Bitcoin (BTC) Price Consolidates With a Bull Run Around the Corner

Bitcoin (BTC) Price Consolidates With a Bull Run Around the Corner
  • A rise in bitcoin’s volatility is expected in the next few weeks.
  • Bitcoin, expected to reach $98,000 by the end of November.

On Saturday at Bitcoin Week in El Salvador, President Nayib Bukele declared that El Salvador is working towards developing a whole city based on Bitcoin.

The price of Bitcoin has formed an upward parallel channel pattern on the daily chart, as the cryptocurrency’s acceptability grows. However, investors were anticipating negative moves due to the ongoing panic situation in the Indian crypto market. On the other hand, Bitcoin investment turning out, more legitimate in the United States. As more BTC exchange-traded funds (ETFs) are getting regulated.

At $57,715 today, the price of bitcoin was in a narrow trading range. As long as the $53,000 level holds, investors will be encouraged to push the price up over the $60,000 mark. A rise in bitcoin’s volatility, expected in the next few weeks, according to several analysts. Bitcoin’s daily chart implied volatility has decreased in the last several months. It may be on the verge of a short-term jump.

Price of Bitcoin Now Levelling Out

After reaching a record high earlier this month, the price of bitcoin is now levelling out. The leading cryptocurrency is heading towards $88,000 on technical analysis.

BTC/USDT: Source: TradingView

After hitting a new high in early November, analysts predict that the value of Bitcoin doubled. That too before the year’s conclusion. Bitcoin, expected to reach $98,000 by the end of November and $135,000 by the end of December, according to analyst Plan B.

Following a breakout of the parallel channel’s upper boundary and the 161.8 percent Fibonacci retracement level. Bitcoin, expected to reach $87,912 soon. Bitcoin must, however, first overcome the $61.8 barrier of $58,045, which it did today as the price reached $58,242.

Thus signalling, a bullish move is around the corner. Investors are now waiting for the price to make a clear breakthrough of the barrier to get a confirmation and join the wagon. According to CoinMarketCap, the Bitcoin price today is $57,715.05 USD with a 24-hour trading volume of $34,129,642,465 USD. Bitcoin is up 1.46% in the last 24 hours.

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.