\n\t\t\t\tEste art\u00edculo tambi\u00e9n est\u00e1 disponible en espa\u00f1ol.
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The <\/span>Bitcoin price<\/span><\/a> enjoyed its second consecutive green candle in October after closing the month with a 10% price gain. Crypto analyst TradingShot revealed why this development was a positive going forward and is a good buy signal for those looking to invest in the flagship crypto.\u00a0<\/span><\/p>\n TradingShot mentioned in a <\/span>TradingView post<\/span><\/a> that it is always a good signal to buy whenever the Bitcoin price closes two consecutive green monthly candles. He made this assertion based on the multi-year chart, which he also claimed shows that the market continues to rally whenever <\/span>Bitcoin<\/span><\/a> records these two straight green candles.\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n The crypto analyst revealed that the Bitcoin price recorded three straight green candle occasions and a clear accumulation phase in the <\/span>2021 bull run<\/span><\/a>. Meanwhile, in the 2017 bull run, the Bitcoin price recorded numerous straight green candle occasions. This market cycle looks to be replicating the 2021 bull run pattern, as BTC recorded three straight monthly green candles between January and March earlier this year before it recorded an accumulation phase.\u00a0<\/span><\/p>\n Therefore, as TradingShot explained, this is likely a good <\/span>buying opportunity<\/span><\/a> since the Bitcoin price could record a third straight monthly green candle in November. Another reason why Bitcoin would likely experience a monthly green candle in November is because the flagship crypto has enjoyed monthly positive returns most of the time it closed October in the green.\u00a0<\/span><\/p>\n The Bitcoin price outlook for November also looks bullish because of the upcoming US elections. The aftermath of the elections is expected to bring certainty to the market, which could cause Bitcoin to rally. Economist <\/span>Alex Kr\u00fcger predicted<\/span><\/a> that the BTC could rally quickly to $90,000 if Donald Trump wins. Meanwhile, he mentioned that there is a chance that the flagship crypto could drop to as low as $65,000.\u00a0<\/span><\/p>\n In an X post, popular analyst <\/span>Justin Bennett<\/span><\/a> mentioned that the drop in Bitcoin\u2019s price below $70,000 isn\u2019t a good look, but the Bulls\u2019 last line of defense is $69,000. He remarked that the $65,000 lows are next if that price level fails to hold on the high time frames.\u00a0<\/span><\/p>\n Justin Bennett added that he doubts that the equal highs from March and October <\/span>near $73,700<\/span><\/a> will go unchallenged. However, before that happens, he suggested that the Bitcoin price could retest the lows at around $65,000.\u00a0<\/span><\/p>\n Crypto analyst Ali Martinez has also revealed that the Bitcoin price needs to <\/span>hold above $69,000<\/span><\/a> to reach a new all-time high (ATH). He predicted that BTC could rally to $78,000 if the $69,000 level holds.<\/span><\/p>\n At the time of writing, the BTC price is trading at around $69,700, up almost 1% in the last 24 hours, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\nRelated Reading<\/span><\/h2>\n<\/p>\n
Bitcoin Triggers Buy Signal After Price Hit Second Green Month Candle\u00a0<\/b><\/h2>\n
Price Needs To Stay Above $69,000 In The Meantime<\/b><\/h2>\n
Related Reading<\/span><\/h2>\n<\/p>\n