Bitcoin has hit a new all-time high above $73,800. With the market rally ongoing, the question arises: can Bitcoin reach $90,000 by the end of November?
Bitcoin Price Analysis
In the daily chart, BTC's price action shows a strong momentum after retesting the broken resistance level, forming five massive bullish candles and jumping more than 11%. Bitcoin surpassed the 100% Fibonacci level of the previous all-time high at $73,794. The growing bullish momentum led to a golden crossover between the 50-day and 200-day moving averages. The next resistance levels at the 1.272 and 1.618 Fibonacci levels are at $80,171 and $89,263 respectively.
Impact of US Elections on Crypto Market
With Donald Trump leading the US elections, the overall sentiment in the crypto market has improved significantly. As BTC registers a new all-time high, altcoins are marking double-digit gains. Trump's potential victory could drive further increases in Bitcoin's price.
Future Projections
As the uptrend gains momentum, it's important to monitor resistance levels and the potential for a retest of previous highs. Sustained growth could support further upward price movement. The question of whether Bitcoin can hit $100,000 by 2024 remains pertinent and requires a more technically-based analysis.
Bitcoin's breakthrough to a new all-time high may boost interest in the crypto market. Meanwhile, growth amid US elections makes the market even more unpredictable.
