Bitcoin (BTC) Price Prediction: Will Bitcoin Price Mark a New ATH in November?

The crypto markets are consolidating ahead of the U.S. elections as the spectaculars see Donald Trump as the next President

As the U.S. elections approach, the crypto markets are consolidating. Many traders are speculating on how the election results will impact Bitcoin (BTC). Some believe that a Trump victory will be bullish for BTC, while others believe that the markets have become too institutionalised for the election to have a major impact.

In the last week of October, there were massive ETF inflows, indicating strong institutional interest in BTC. At the same time, ETF outflows have also been high since the beginning of the month, suggesting that it could be a good time to accumulate BTC.

One of the key indicators has just turned bullish after two weeks, suggesting that the price may soon see a new bullish wave. A well-known analyst, Ali, shared a chart suggesting that the BTC price is setting up for a new upswing in the coming days. According to the data, the TD sequential indicator, used to identify potential trend exhaustion or price reversals, has just turned bullish. The indicator on the 12-hour chart is showing a buy signal, hinting at the possibility of a trend reversal soon, which may trigger a strong ascending trend in the near future.

Despite the bearish sentiment surrounding the token, the BTC price is trading just 7% below its highs. The U.S. elections are expected to have a significant impact on the BTC price rally, as they did in 2016 and 22020, triggering a strong bull run within a year. Moreover, traders do not seem to be confident about the next price move, as the open interest has dropped significantly. In the meantime, crypto whales are reportedly placing large bets on a Trump victory, which could lead to a strong ascending trend in the token after the results.

The BTC price rose above the descending broadening wedge and is consolidating along the resistance-turned-support, indicating that the bulls are maintaining strong control over the rally. The price recently touched the ATH and encountered a pullback before breaking through, suggesting that the bulls are poised to initiate a fresh upswing shortly. The MACD shows an increase in buying pressure, while the upper Bollinger band is attempting to confirm a bullish reversal and the lower one remains largely flat.

Now that the BTC descending broadening wedge breakout is already confirmed and a retest is occurring on the weekly timeframe, a breakout could lead to a 30% bullish rally in November-December, setting a new ATH around $88,000 to $90,000.

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