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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Flashes Buy Signal After Price Closed 2nd Green Month Candle In A Row

Scott Matherson
Scott Matherson
7 months ago
3 mins read
Bitcoin

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The Bitcoin price enjoyed its second consecutive green candle in October after closing the month with a 10% price gain. Crypto analyst TradingShot revealed why this development was a positive going forward and is a good buy signal for those looking to invest in the flagship crypto. 

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Bitcoin Triggers Buy Signal After Price Hit Second Green Month Candle 

TradingShot mentioned in a TradingView post that it is always a good signal to buy whenever the Bitcoin price closes two consecutive green monthly candles. He made this assertion based on the multi-year chart, which he also claimed shows that the market continues to rally whenever Bitcoin records these two straight green candles. 

The crypto analyst revealed that the Bitcoin price recorded three straight green candle occasions and a clear accumulation phase in the 2021 bull run. Meanwhile, in the 2017 bull run, the Bitcoin price recorded numerous straight green candle occasions. This market cycle looks to be replicating the 2021 bull run pattern, as BTC recorded three straight monthly green candles between January and March earlier this year before it recorded an accumulation phase. 

Therefore, as TradingShot explained, this is likely a good buying opportunity since the Bitcoin price could record a third straight monthly green candle in November. Another reason why Bitcoin would likely experience a monthly green candle in November is because the flagship crypto has enjoyed monthly positive returns most of the time it closed October in the green. 

The Bitcoin price outlook for November also looks bullish because of the upcoming US elections. The aftermath of the elections is expected to bring certainty to the market, which could cause Bitcoin to rally. Economist Alex Krüger predicted that the BTC could rally quickly to $90,000 if Donald Trump wins. Meanwhile, he mentioned that there is a chance that the flagship crypto could drop to as low as $65,000. 

Bitcoin is currently trading at $69,155. Chart: TradingView

Price Needs To Stay Above $69,000 In The Meantime

In an X post, popular analyst Justin Bennett mentioned that the drop in Bitcoin’s price below $70,000 isn’t a good look, but the Bulls’ last line of defense is $69,000. He remarked that the $65,000 lows are next if that price level fails to hold on the high time frames. 

Justin Bennett added that he doubts that the equal highs from March and October near $73,700 will go unchallenged. However, before that happens, he suggested that the Bitcoin price could retest the lows at around $65,000. 

Crypto analyst Ali Martinez has also revealed that the Bitcoin price needs to hold above $69,000 to reach a new all-time high (ATH). He predicted that BTC could rally to $78,000 if the $69,000 level holds.

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At the time of writing, the BTC price is trading at around $69,700, up almost 1% in the last 24 hours, according to data from CoinMarketCap. 

Featured image from Forbes, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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