bullish

Bitcoin

when

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) reached an all-time high of $75,358 after rallying 7.23% in a single four-hour candle. The bullish momentum accompanied the lead-up to Donald Trump’s United States presidential election victory on Nov. 5.
With the US elections concluding with a “pro-crypto” president on deck, one crypto analyst reiterated a Bitcoin price target above $100,000 in the coming weeks. 
<h2 id="bitcoin-cup-and-handle-pattern-is-unfolding">Bitcoin cup-and-handle pattern is “unfolding”</h2>
A few hours after the US election results, Titan of Crypto, an independent trader, <a data-ct-non-breakable="null" href="https://x.com/Washigorira/status/1854101541411520790" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/Washigorira/status/1854101541411520790">highlighted</a> a long-term cup-and-handle pattern for Bitcoin, which is currently undergoing a successful bullish breakout. 
<figure>
 <img alt="Bitcoin price rally to $110K ‘incoming’ after positive Coinbase premium, Trump victory — Analyst" src="https://s3.cointelegraph.com/uploads/2024-11/019301ba-0167-7abc-9eec-0b2025149135" title="">
 <figcaption style="text-align: center;">
 Bitcoin Cup and Handle pattern analysis. Source: Titan of Crypto/X
 </figcaption>
</figure>
A cup-and-handle <a data-ct-non-breakable="null" href="https://www.equentis.com/blog/cup-and-handle-pattern-understand-with-an-example/#:~:text=What%20is%20the%20success%20rate,can%20be%20tricky%20to%20identify." rel="nofollow noopener" target="_blank" text="null" title="https://www.equentis.com/blog/cup-and-handle-pattern-understand-with-an-example/#:~:text=What%20is%20the%20success%20rate,can%20be%20tricky%20to%20identify.">pattern has a high success rate</a> of 95% during bullish market conditions, and it can yield an average profit of 54% from the breakout range. 
In line with that, the trader mentioned that the “incoming” price target for BTC is $110,000, a 47% return on investment (ROI) of the current breakout price range of $75,000.
Meanwhile, Follis, an affiliated Bitcoin trader on the WOOX exchange, shed light on a peculiar market occurrence. In an <a data-ct-non-breakable="null" href="https://x.com/follis_/status/1854026717741916602" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/follis_/status/1854026717741916602">X post</a>, the trader explained that BTC demonstrated a three-month high in trading volume during the four-chart candle, which exhibited a new all-time high. 
<figure>
 <img alt="Bitcoin price rally to $110K ‘incoming’ after positive Coinbase premium, Trump victory — Analyst" src="https://s3.cointelegraph.com/uploads/2024-11/019301c3-9338-7d1e-a5c1-855b69d38c94" title="">
 <figcaption style="text-align: center;">
 Bitcoin 4-hour trading volume spike. Source: Follis/X
 </figcaption>
</figure>
The trader added: 
<blockquote>
 “Last time we saw this much volume was at a multi-month low ($49k). BTC rallied +50% from this inflection point.”
</blockquote>
As noted by Follis, the significance of this type of market behavior often leads to pivot points, where the price aggressively exits range-bound conditions.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-short-positions-liquidated-btc-all-time-high-75k-crypto-analysts" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-short-positions-liquidated-btc-all-time-high-75k-crypto-analysts">Bitcoin shorters ‘are getting rekt’ after new $75K high</a>
<h2 id="coinbase-premium-turns-positive-for-q4">Coinbase premium turns positive for Q4</h2>
One key metric to estimate the pulse of US retail investors is the Bitcoin Coinbase premium index. Data from CryptoQuant <a data-ct-non-breakable="null" href="https://cryptoquant.com/asset/btc/chart/market-data/coinbase-premium-index?window=DAY&amp;sma=0&amp;priceScale=linear&amp;metricScale=linear&amp;chartStyle=line&amp;ema=0" rel="nofollow noopener" target="_blank" text="null" title="https://cryptoquant.com/asset/btc/chart/market-data/coinbase-premium-index?window=DAY&amp;sma=0&amp;priceScale=linear&amp;metricScale=linear&amp;chartStyle=line&amp;ema=0">highlighted</a> that the index turned green for the first time in Q4 after a strong selling period in October. 
<figure>
 <img alt="Bitcoin price rally to $110K ‘incoming’ after positive Coinbase premium, Trump victory — Analyst" src="https://s3.cointelegraph.com/uploads/2024-11/019301d1-5a3f-7e6e-9709-4fafa63a4208" title="">
 <figcaption style="text-align: center;">
 Bitcoin Coinbase premium index. Source: CryptoQuant
 </figcaption>
</figure>
It is also important to note that the index registered a yearly low value on Oct. 25, when BTC dropped to $66,000. However, the index has recovered rapidly since then, indicating a potential surge in BTC spot demand from US retail investors. 
Additionally, the spot delta <a data-ct-non-breakable="null" href="https://x.com/exitpumpBTC/status/1853994171196920217" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/exitpumpBTC/status/1853994171196920217">turned positive</a> on other exchanges during the late hours of Nov. 5, with Binance and Bitfinex spot markets exhibiting positive spot volumes. Thus, there was a collective buying spree for Bitcoin before the US election results were out, as investors braced for positive price action.
<figure>
 <img alt="Bitcoin price rally to $110K ‘incoming’ after positive Coinbase premium, Trump victory — Analyst" src="https://s3.cointelegraph.com/uploads/2024-11/019301d6-04cd-70c2-95fc-e63dc04266e0" title="">
 <figcaption style="text-align: center;">
 Bitcoin spot volumes on exchanges. Source: X
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/why-is-the-crypto-market-up-today" rel="" target="_self" text="null" title="https://cointelegraph.com/news/why-is-the-crypto-market-up-today">Why is the crypto market up today?</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price rally to $110K ‘incoming’ after positive Coinbase premium, Trump victory — Analyst

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