Bitcoin

Resistance

Captain

<p>The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/will-bitcoin-btc-price-hit-39k-by-end-of-november-heres-what-to-expect/">Will Bitcoin (BTC) Price Hit $39K By End Of November? Here’s What To Expect</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin’s price fluctuated between $34.5k and $35k over the past week, following a solid breakout in October. The initial bullish momentum waned Monday as Bitcoin encountered resistance around $36k. Nevertheless, Bitcoin’s trading volume increased, coinciding with significant volatility in the altcoin market. It’s worth noting that Bitcoin plays a pivotal role as a source of liquidity in the altcoin market.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Highest weekly Close since May 2022 📈<br><br>Bulls are Still in full Control, but I'm currently Expecting 31-32k S/R level Retest in the short term.<br><br>Around mid-November, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> might Retest and then bounce back, Potentially testing the 38/39k Resistance level.<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> <a href="https://t.co/uzgRfZP96h">pic.twitter.com/uzgRfZP96h</a></p>— Captain Faibik (@CryptoFaibik) <a href="https://twitter.com/CryptoFaibik/status/1721383144677638320?ref_src=twsrc%5Etfw">November 6, 2023</a>
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<p>Crypto analyst Captain Faibik has identified a reversal head and shoulders (H&amp;S) pattern in the past week, accompanied by a bearish daily Relative Strength Index (RSI). He predicts that Bitcoin’s price will likely retest the support/resistance zone in the $31k to $32k range by the end of November. However, he emphasized that Bitcoin bulls hold control, particularly after the recent daily golden cross between the 50 and 200 Moving Averages (MA).</p> 
<p>As a result, the analyst has set a short-term Bitcoin price target of $38k to $39k, which aligns with a notable resistance level. Ultimately, he believes that the year-to-date relief rally for Bitcoin could reach $52k before the start of a parabolic rally, potentially triggered by next year’s halving event.</p> 
<p>The analyst drew parallels between the current Bitcoin price action and the 2020 cycle, eventually leading to a parabolic rally in the subsequent year. Notably, Bitcoin’s price retested the support/resistance level around $10k after recovering from the Black Thursday crash before surging to an all-time high.</p>

Will Bitcoin (BTC) Price Hit $39K By End Of November? Here’s What To Expect

CoinPedia News

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