Bitcoin Price Prediction for Today, November 29 – BTC Technical Analysis

Bitcoin Price Prediction

Bitcoin's price forecast indicates positive movement as the cryptocurrency surges upwards, hinting at further gains.

Bitcoin Prediction Statistics

• Current Bitcoin price: $97,969
• Market capitalization: $1.95 trillion
• Circulating supply: 19.79 million
• Total supply: 19.3 million
• Coinmarketcap ranking: #1

Bitcoin Price Growth

Since its historic low of $0.04865 on July 14, 2010, Bitcoin has experienced remarkable growth, registering an astonishing surge of 201,351,943.94%. As of November 22, 2024, Bitcoin's price has fluctuated between $94,711.16 and $97,929.68 within the past 24 hours, showing a -1.71% decline over the past week. Bitcoin's all-time high remains at $99,655.50, highlighting its exceptional price performance and growth.

BTC/USD Long-Term Trend: Bullish

• Resistance levels: $110,000, $115,000, $120,000
• Support levels: $85,000, $80,000, $75,000

Technical Analysis

Bitcoin is currently trading in a consolidation pattern, with support holding near $95,000 and resistance at $97,000. While resilience is evident at these levels, the lower boundary of the range may still be tested, especially with declining trading volume. Without a significant surge in volume, the probability of a sustained bullish breakout remains low in the short term. However, within this consolidation, there's potential for localized bullish momentum.

Bitcoin Price Prediction: Future Outlook

To break out of its current range, Bitcoin must surpass resistance levels around $97,000 to $98,000, accompanied by notable volume. Failure to do so could lead to a test of lower support levels, potentially reaching $93,000 to $94,000. However, under current conditions, the likelihood of a prolonged downtrend appears low. While the overall sentiment remains cautiously optimistic, a sustained rally towards $100,000 requires fresh momentum, possibly linked to external macroeconomic or crypto-specific events.

BTC/USD Medium-Term Trend: Bullish

Bitcoin's price is hovering above the 9-day and 21-day moving averages at $98.055.70. BTC/USD's bullish momentum could continue as the 9-day moving average remains above the 21-day moving average.

Conversely, a downward move is possible if the bulls fail to drive the price higher. A breach below the 9-day and 21-day moving averages could lead to support at $93,000 and below. However, resistance at $98,000 could trigger a breakout and a move towards $102,000 and above.

Long-Term Outlook

@GertvanLagen has highlighted a potential target zone of $220k-$320k for Bitcoin, based on its breakout from Base 4. While these targets suggest strong potential, it's important to note that price predictions can vary widely and should be taken with caution.

Alternative Cryptocurrency: Pepe Unchained

Pepe Unchained, a new cryptocurrency token, has generated significant interest during its presale, attracting both retail and institutional investors. Its unique features, including no buy or sell taxes and a decentralized exchange, make it an attractive investment. With already over $58 million raised in presale, Pepe Unchained is poised for further growth in the upcoming crypto bull market.