Bitcoin Price Analysis: BTC/USD miles off cryptocurrency panel $8000 end November price target
- BTC/USD breaches a descending channel pattern to the upside, leaving door open for bulls to capitalize.
- Finder cryptocurrency report, expert panel median forecast sees Bitcoin at $8200 by the end of November.
The Bitcoin price was seen trading marginally in the green, towards the latter stages of trading on Monday. Upside momentum not proving to be stable at this current stage, a strong of commitment within this price region.
For the past 7 weeks now, BTC/USD price action is next to none. Trading within a tight range of $6600-6000, not the Bitcoin saw this time last year. Looking at the latest cryptocurrency report by finder, asking their nine cryptocurrency panel experts for a Bitcoin price forecast, the median is very much some distance away, $8200.
Technically, given a breakout to the upside from a descending channel pattern, it left the door open for further buying. A pullback is now currently being observed, towards the top of the pattern, $6300, this may trigger further buying. Looking further to the south, the next major demand zone is seen down within the $6200 territory. Price last seen here on 31st October, when the market commenced a short-term bull run. In terms of upside targets, chunky supply remains tracking from $6500-600 region.
BTC/USD 4-hour chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
