The cryptocurrency market has been closely watching the “Trump trades” on the back of the election, with bitcoin gaining about 23% following Trump’s victory. Analysts have noted that the post-election rally in bitcoin has had a positive impact on the chart from a technical perspective, with a breakout to new all-time highs confirmed.
The weekly MACD is positive after flashing a timely “buy” signal a few weeks earlier, allowing overbought conditions to be absorbed for some time. The monthly chart has taken the shape of a bullish cup-and-handle formation, indicating a new wave higher in the cyclical bull trend.
Bitcoin’s breakout has raised questions about its upside potential, with an aggressive measured move price projection targeting approximately $98,100 based on the 2023-2024 upmove projected from the corrective low in August. Former resistance near $73.8K is now initial support following the breakout.
Investors are advised to welcome the breakout as an extension of the uptrend, while prospective investors should see it as a reason to revisit the chart. Analysts recommend letting bitcoin digest its strong gains in a short-term consolidation phase before adding exposure.
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Source: https://www.cnbc.com/2024/11/11/katie-stockton-says-bitcoin-could-be-headed-to-98000-next-after-some-short-term-consolidation.html