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The Bitcoin price enjoyed a green candle for the second time in a row in October, after closing the month with a 10% price gain. Crypto analyst TradingShot revealed why this development was positive going forward and is a good buying signal for those looking to invest in the flagship crypto.
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Bitcoin triggers buy signal after price reaches second green monthly candle
TradingShot mentioned in a TradeView post that it is always a good signal to buy when the Bitcoin price closes two consecutive green monthly candles. He made this claim based on the multi-year chart, which he said also shows that the market always continues to rise Bitcoin registers these two straight green candles.
The crypto analyst revealed that Bitcoin price recorded three consecutive green candle moments and a clear accumulation phase in the Bull Run 2021. Meanwhile, Bitcoin price recorded numerous outright green candle moments during the 2017 bull run. This market cycle appears to be replicating the 2021 bull run pattern as BTC recorded three consecutive monthly green candles between January and March earlier this year before registering an accumulation phase.
Therefore, as TradingShot explained, this is probably a good one purchasing opportunity as Bitcoin price could record third consecutive green candle in November. Another reason why Bitcoin would likely experience a monthly green candle in November is because the flagship crypto has been posting positive monthly returns for most of the time it closed October in the green.
The Bitcoin price outlook for November also looks bullish due to the upcoming US elections. The aftermath of the election is expected to bring certainty to the market, which could lead to Bitcoin recovering. Economist Alex Krüger had predicted it that BTC could quickly rise to $90,000 if Donald Trump wins. Meanwhile, he said there is a chance the flagship crypto could fall to $65,000.
The price should remain above $69,000 in the meantime
In an X-post, popular analyst Justin Bennett said Bitcoin’s price drop below $70,000 is not a good picture, but the Bulls’ last line of defense is $69,000. He noted that the lows of $65,000 are next if that price level fails to hold the time frame high.
Justin Bennett added that he doubts the similar highs of March and October are the same almost $73,700 will remain unchallenged. Before that happens, however, he suggested that the Bitcoin price could hit another low around $65,000.
Crypto analyst Ali Martinez has also revealed that the Bitcoin price should do just that above $69,000 to reach a new all-time record (ATH). He predicted that BTC could rise to $78,000 if the $69,000 level holds.
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At the time of writing, the BTC price is trading around $69,700, up almost 1% in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Forbes, chart from TradingView