dailyhodl.com
29 October 2024 14:30, UTC
Venture capitalist and crypto veteran Chris Burniske believes Bitcoin ($BTC) may be just days away from a massive breakout.
Burniske says on the social media platform X that Bitcoin could have an explosive move in November, suggesting that the monthly timeframe chart of the flagship digital asset is turning bullish.
“If $BTC were to have ‘one of those candles,’ November would be a good candidate month…
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Looking at his monthly chart, Bitcoin is trading above multiple simple and exponential moving averages, which have acted as support in prior bull market cycles. In technical analysis, an asset trading above moving averages is typically viewed as bullish, especially in the weekly and monthly time frames.
Referring to his phrase ‘one of those candles,’ Burniske reposts a tweet on X hinting at a massive Bitcoin upside move. He also predicts that Bitcoin is on the cusp of a breakout that will ignite increased market interest.
“After the breakout happens is when we just riding, and all the newly found bulls with momentum at their backs do all the bull posting.”
The analyst also says that stablecoin adoption has surged over the years, providing an increase in the buying power of crypto market participants.
“People say crypto’s just about hunting speculative 100xs – well how about stablecoin adoption growing 100x in the last five years?”
Bitcoin is trading for $71,138 at time of writing, up 3.66% in the last 24 hours.
Generated Image: Midjourney
