Bitcoin’s (BTC) bullish momentum shows little sign of slowing down.
BTC currently trades at $87,710, with an impressive 6.68% rise in the last 24 hours and a 26.02% gain over the past week, Bitcoin is pushing into uncharted territory, bringing its market cap to a formidable $1.7 trillion.
Bitcoin 1-day price chart. Source: Finbold
The rally is driven by a confluence of factors, from the increasing scarcity of supply and aggressive whale accumulation to institutional flows, including a record-breaking $3.4 billion in Bitcoin ETF purchases over a span of four days.
November 11th’s unprecedented single-day gain in Bitcoin’s price only underscores the strength of the current uptrend.
Looking forward, PricePredictions’ advanced machine learning algorithms suggest Bitcoin could reach $112,718 by November 30, 2024, as per data accessed by Finbold on November 12.
Bitcoin November 30 price forecast chart. Source: PricePredictions
This projection, representing a further 28% climb from today’s price, is supported by a series of technical indicators, including Bollinger Bands (BB), which show expanding volatility, a favorable MACD, and an ATR signaling robust potential for continued upward movement.
On a technical level Bitcoin has established a solid support level at $84,011, while resistance lies at $90,826. A breakout above resistance could trigger further gains, while a retreat to support might offer a consolidation phase for market entry. However, it’s worth noting that Bitcoin’s recent surge has pushed it toward overbought territory, a signal that a correction could be on the horizon.
The broader market context also adds complexity. U.S. election developments and possible regulatory changes from the SEC are intensifying speculation around Bitcoin’s near-term prospects.
Recent liquidations totaling $655 million reflect heightened volatility. While the current momentum appears sustainable in the near term, seasoned analysts caution that Bitcoin’s trajectory could encounter turbulence.
The post Machine learning algorithm predicts Bitcoin price for November 30 appeared first on Finbold.