Greed

Future

Bitcoin

Trillion

<p><strong>Bitcoin is currently trading above $70,000</strong>, and analysts believe a major breakout is imminent. The bulls are poised to take control of the market, continuing a trend that has been predicted over the past several weeks. <a href="https://coinpedia.org/price-analysis/btc-price-crosses-71k-poised-for-90k-by-novembers-end/" target="_blank" rel="noreferrer noopener">Recent price movements</a> have been largely influenced by a short squeeze, hinting at a strong buying activity.</p>   
<h2 class="wp-block-heading" id="h-understanding-the-short-squeeze"><strong>Understanding the Short Squeeze</strong></h2>   
<p><a href="https://www.youtube.com/watch?v=P3LSRnw7A60" target="_blank" rel="noreferrer noopener nofollow">On Crypto Banter’s Kyle Doops Trading Show,</a> the analyst said that yesterday’s market dynamics showed that <strong>$178.6 million</strong> worth of short positions were liquidated. This means many traders who bet against Bitcoin had to buy back into the asset, which adds upward pressure on the price. The key question now is whether the bulls can maintain this momentum or if there will be a temporary pullback before a breakout.</p>   
<h2 class="wp-block-heading" id="h-key-levels-to-watch"><strong>Key Levels to Watch</strong></h2>   
<h4 class="wp-block-heading" id="h-2-trillion-market-cap"><strong>$2 Trillion Market Cap</strong></h4>   
<p>Analysts believe it’s crucial for bulls to defend the <strong>$2 trillion market cap</strong>. This level serves as an order block, typically leading to significant price movements. If the market can hold above this level, it may pave the way for a surge towards <strong>$2.5 to $2.7 trillion</strong>.</p>   
<h4 class="wp-block-heading" id="h-upcoming-trends"><strong>Upcoming Trends</strong></h4>   
<p>As we look forward to the end of the month, the analyst warned that volatility is possible. However, he remains optimistic that if Bitcoin closes strongly, November could bring major breakout opportunities. There is also potential for a <strong>cup and handle</strong> formation that could drive prices close to <strong>$110,000</strong>.</p>   
<h4 class="wp-block-heading" id="h-monthly-performance-review"><strong>Monthly Performance Review</strong></h4>   
<p>Bitcoin's performance in October has been somewhat lackluster, with only a <strong>7% gain</strong> so far, compared to an average of <strong>22%</strong> for the month historically. However, this could change rapidly in the last days of October as bulls try to make a comeback.</p>   
<h4 class="wp-block-heading" id="h-future-predictions"><strong>Future Predictions</strong></h4>   
<p>November is historically a bullish month, with an average increase of <strong>46.81%</strong>. This, coupled with <a href="https://coinpedia.org/news/why-ethereum-price-is-surging-today-what-next-for-eth-price/" target="_blank" rel="noreferrer noopener">Ethereum’s strong performance</a> typically seen in the first quarter, sets up a favorable environment for altcoins as well.</p>   [post_titles_links postid="373777"]   
<h4 class="wp-block-heading" id="h-market-sentiment-fear-and-greed-index"><strong>Market Sentiment: Fear and Greed Index</strong></h4>   
<p>The fear and greed index currently sits at <strong>72</strong>, meaning that the market is in a greedy phase. This sentiment can stay for extended periods, leading to price advancements. Historical data shows that when the index is in this range, prices can rally substantially.</p>

Bitcoin Breaks $70K: Will Bulls Hold the $2 Trillion Market Cap as November’s 46% Surge Beckons?

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