30s Summary

Bitcoin price hit a record $77,000 on November 8th, with analysts predicting it could rise to $100,000 in the next three months due to strong underlying factors. It’s suggested a week-long stay above $71,500 could lead to a “parabolic phase” of sharp price increases. However, overzealous trading could lead to a sudden price dip. Bitcoin is sustaining above its breakout level of $73,777, targeting a range up to $93,554. If this falls, it may drop to the 20-day average ($70,290) or potentially the 50-day average ($66,263). Prices of other cryptocurrencies such as Ether, Solana, Binance Coin, and Ripple have also increased.

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Bitcoin (BTC) reached a record high of $77,000 on November 8th and many traders are expecting this upwards trend to continue. Ryan Lee, the head analyst at Bitget Research, even guessed that Bitcoin could increase to $100,000 in the next three months.

Experts argue that the recent spike in Bitcoin’s price is not a fluke, but rather backed by solid underlying factors. Alex Thorn, the head of research at Galaxy, predicted in a market report from November 7th that Bitcoin and other cryptocurrencies are expected to trade significantly higher than their current top-level price over the next year or so.

Rekt Capital, a popular trader and analyst, posted that if Bitcoin’s value stays above $71,500 for a week, this could start what’s known as a “parabolic phase” where prices rise sharply. He added that there’s a very slim chance of any more budget-adjusting going on.

But, it’s always important for traders to keep in mind that if everyone starts getting too optimistic and leaning too heavily toward the long side, there might be a risk of a sudden dip to shake out the less committed players.

We will also take a look at the charts of top 10 cryptocurrencies to figure out what the key safety levels are during any possible correction in Bitcoin and other major altcoins.

Bitcoin was trading above the breakout level of $73,777 for two days straight, meaning that buyers are holding onto their Bitcoin. The target value for the breakout in Bitcoin’s price range, between $54,000 and $73,777, is $93,554. Nevertheless, it’s expected that buyers might face tough opposition from sellers trying to bring the price back into this range.

If this were to happen, the Bitcoin price could fall to the 20-day moving average ($70,290). But if it bounces back strongly from that, it means that the buyers are still in control. On the flip side, if the price falls below the 20-day moving average, this could mean that buyers are rushing to cash in their profits. This could then cause the value to plummet to the 50-day moving average ($66,263).

And of course, Bitcoin isn’t the only cryptocurrency out there. Let’s take a peek at how some other ones are doing:

– Ether (ETH): Overcame the symmetrical triangle’s resistance line and the $2,850 resistance on Nov. 7, this could signify a trend change.
– Solana (SOL): Gained momentum after overcoming the $180 overhead resistance on Nov. 6.
– Binance Coin (BNB): Reached the $612 level on Nov. 7 where the sellers are putting up a strong defence.
– Ripple (XRP): Broke and closed above the 50-day moving average ($0.55) on Nov. 7 but has shown selling at higher levels.
– Dogecoin (DOGE): Found resistance at $0.22 on Nov. 6 but managed to maintain its price above the breakout level of $0.18.
– Toncoin (TON): Its relief rally faced headwinds at the 20-day moving average ($4.95) which points at bears selling on rallies.
– Cardano (ADA): Surged and closed above the $0.40 resistance on Nov. 7 which showed that consolidation had resolved in the buyers favour.
– Shiba Inu (SHIB): Hit the overhead resistance of $0.000020 on Nov. 6 but couldn’t clear it.
– Avalanche (AVAX): Closed above the 50-day moving average ($26.89) on Nov. 6 which points to a potential comeback.

Please remember though, this article isn’t investment advice or a recommendation. Every investment and trading move involves risk, you should always do your own research prior to making any decisions.