Bitcoin predictions for November 2024 – A move to $84K is likely if…

Bitcoin predictions for November 2024 – A move to $84K is likely if…


  • Record-breaking ETF inflows underlined strong demand
  • Price discovery beyond ATH could see Bitcoin approach $95k on the charts

On 15 October, Bitcoin [BTC] broke out of a descending channel that had lasted for almost seven months. Since then, it has gained by 7.7%, nearly retesting the all-time high at $73.7k on 29 October.

Bitcoin ETF Flows

Source: Farside Investors

In fact, exchange-traded funds (ETFs) saw record inflows as well, signaling confidence in the asset. As BTC nears its all-time high, liquidations could induce volatility.

Hence, the question – Is BTC ready for another phase of price discovery, or should traders wait a bit longer to see new highs?

Bitcoin predictions for November remain strongly bullish

Bitcoin 1-day ChartBitcoin 1-day Chart

Source: BTC/USDT on TradingView

Using the rally from January to March, a set of Fibonacci levels were plotted. They showed that beyond $73.7k, the $82k and $95.5k levels would be the next targets.

However, these might not be the final targets.

Bitcoin Quarterly ReturnsBitcoin Quarterly Returns

Source: Coinglass

During the BTC halving years, the fourth quarter has generally been bullish. This means that historically, Bitcoin could complete a good chunk of this cycle’s gains in the next two months.

Therefore, a breakout beyond $74k should not be faded. Instead, it would be a sign of strength and a move towards $95k could commence in November.

Clues from the liquidity pockets

Bitcoin Liquidation HeatmapBitcoin Liquidation Heatmap

Source: Coinglass

BTC has already swept the cluster of liquidation levels at $72.6k, but didn’t fall further. More liquidity seemed to be present to the upside, extending to $80k. This made the Bitcoin predictions for November bullish too.

Ergo, it can be expected that the price would gravitate towards $80k, drawn by the liquidity to the north.


Read Bitcoin’s [BTC] Price Prediction 2024-25


Bitcoin Puell MultipleBitcoin Puell Multiple

Source: CryptoQuant

Finally, the Puell Multiple is a ratio of the daily Bitcoin mining revenue in USD (also known as daily coin issuance) to the 365-day average mining revenue.

At press time, the 30-day SMA of the metric was at 0.814, with the previous cycle top being at 2.98.

The consolidation of the past six months gave the metrics and the price action a chance to recuperate on the higher timeframes. Heightened demand, especially once the asset breaks its previous ATH and draws more eyes, could hasten gains.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

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