Bitcoin Price Confirming a Breakout: A 30% Bullish Rally is Fast Approaching in November

The crypto markets are consolidating ahead of the U.S. elections as the spectaculars see Donald Trump as the next President, which is expected to induce a strong bullish momentum. Meanwhile, another set of people still believe Bitcoin doesn’t care who wins, as the markets have become largely dependent on the institutions. However, they are also closely monitoring the elections, but in the longer time frame, the impact of the U.S. election result may not have a prolonged impact. 

In the last few days of October, the ETF inflows marked extraordinary levels as the institutions accumulated BTC worth more than a billion. Meanwhile, the ETF outflows have also marked eye-catching levels since the start of the month, which suggests it may be a good time to accumulate BTC. On the other hand, one of the important indicators has just turned bullish after a fortnight, which suggests the price may undergo a fresh bullish action soon.

Will Bitcoin Price Mark a New ATH in November? 

Regardless of the bearish influence over the token, the BTC price continues to trade just 7% away from its highs. The U.S. elections are expected to have a major influence on the BTC price rally, as it did in 2016 and 2020, triggering a strong bull run within a year. Besides, the traders also do not appear to be confident about the next price action as the open interest has dropped significantly. Meanwhile, the crypto whales have reportedly placed major bets on a Trump victory and hence the token may trigger a strong ascending trend after the results. 

The BTC price rose above the descending broadening wedge and is consolidating along the resistance-turned-support, suggesting the bulls are holding enough dominance over the rally. Recently, the price just knocked the ATH and before surpassing faced a pullback, which indicated the bulls are well in position to initiate a fresh rise in a short while from now. The MACD shows a growth in the buying pressure, while the upper Bollinger band is trying to validate a bullish reversal while the lower one remains largely unchanged. 

Therefore, now that the BTC descending broadening wedge breakout is already confirmed and retest is in play on the weekly timeframe, a breakout may result in a 30% bullish rally in November-December, forming a new ATH at around $88,000 to $90,000.