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Bitcoin’s price maintained its strong upward momentum this week, with analysts suggesting that the rally could have more room to grow.
As of Thursday, Nov. 14, Bitcoin was trading at $91,200, marking a 115% gain year-to-date, outperforming major indices like the Dow Jones, Nasdaq 100, and S&P 500.
In a CNBC interview, Matthew Sigel, Head of Digital Assets at VanEck, expressed optimism for continued gains, predicting Bitcoin could reach new all-time highs in the coming quarters. He highlighted that the conclusion of the U.S. election, along with pro-crypto figures in leadership positions like Donald Trump and Elon Musk, could boost Bitcoin’s momentum. Sigel also pointed out that key indicators tracked by his firm remained positive, with a potential target of $180,000 for Bitcoin.
Polymarket data also shows strong optimism, with a poll indicating a 56% chance Bitcoin could hit $100,000 this month.
However, not all analysts share the same outlook. Crypto influencer Ali warned of a possible short-term pullback, citing a sell signal from the TD Sequential indicator. Similarly, Ki Young Ju, founder of CryptoQuant, cautioned that overleveraged positions in the perpetual market could lead to a significant retracement.
Bitcoin price rally has room to go on
The daily chart indicates that Bitcoin’s price could continue to rise in the near term. Having already surpassed the crucial resistance level of $73,777 (its previous all-time high) and the neckline of the inverse head and shoulders pattern, the path seems clear for further gains.
Bitcoin has formed a golden cross pattern, which is historically a strong bullish signal, often leading to significant price increases. Additionally, the MVRV indicator has risen to 2.7, and sell signals typically appear when the MVRV reaches 3.5.
As a result, Bitcoin’s price is likely to target $100,000 next. However, this bullish outlook would be invalidated if Bitcoin falls below the support level of $85,000.
