Is This The Beginning Of A New Bull Run In Crypto

While Bitcoin’s price valuations might not be cheap, they don’t seem overstretched either. Bitcoin’s price rose by over 40% last month, reaching a new record of $66,900 with the expectations that the recently unveiled ProShares ETF connected to crypto futures will bring more cash to the market.

Such a steep rise in prices often has investors wondering whether the party is ending soon, with others reading bitcoin gambling guides at BitcoinGG.com to try and add more cryptos in their portfolio. That’s especially true when major market indicators like the RSI (relative strength index) signal overbought conditions like in Bitcoin. However, blockchain metrics such as MVRV (market value-to-realized value), Z-score and Mayer Multiple (a chart-based indicator) suggest there’s plenty of steam left in the bull market.

Over the last week, bitcoin’s price has remained in a tight range, and it appears like extreme bullish sentiments are starting to cool off following BTC’s all-time high of $66,900 two weeks ago. Nonetheless, traders are getting ready for a strong November, and they expect positive cryptocurrency trends heading as the year ends.

Some analysts are predicting a slight pullback with the open interest on Bitcoin’s futures market rising. Rising open interest indicates a bearish signal, meaning there’s more leverage in the market. That increases the chances of liquidation events where traders must sell their digital assets, and their prices cascade lower.

According to digital assets sales trader Marcus Sotiriou, the euphoria witnessed from the growth in meme coins like Shiba Inu in the last week could contribute to a short-term leverage flush. That’s all thanks to the increase of retail traders in the crypto market.

Seasonal Strength for Bitcoin Pushes the Market to a Record High

Bitcoin normally gains 11%-18% in the last quarter of the year, which explains why some experts are predicting a bullish trend on cryptocurrency prices for the remaining part of the year. Bitcoin seems to follow a seasonal trend with its sell-off earlier this year, followed by the volatile September. However, the downside was limited, thanks to traders entering to buy the dip.

Despite the wild price swing this year, bitcoin’s long-term growth in price remains intact. Various analysts are also viewing digital currencies as an early-stage investment. According to crypto trading company QCP Capital, the industry is gaining traction rapidly among professional investors, with gains from the leading cryptocurrencies helping push the market to a new record high.

Ether hit an all-time high this month, trading at a price above $4600 for the first time. The price growth came amid a surge in the use of the Ethereum blockchain network, which supports various applications online. Besides ether, Polkadot (DOT) hit a new peak to trade above $53, rising by 18% in less than 24 hours alongside Solana (SOL).

Last month’s gains by meme coins Shiba Inu and Dogecoins have been sustained in November, with both holding out firmly at the beginning of the month. However, some market experts believe that more records will be broken during the last two months of 2021, with a popular price model predicting that bitcoin will be on track for six figures by Christmas.

Crypto Assets Ready for a Bull Run in November

DOGE has shown some meme-coin strength in early November, solidly retaining its October gain. The reason behind this might be the cash flow from SHIB to DOGE. As such, the battle between these meme coins will prove to be an exciting sideshow amid the November bull run. Additionally, the continued strength of these coins shows that the investors behind them are still strong.

SHIB has already taken over DOGE in market cap, and the two are still competing hard for the position. ADA might also be part of the November bull run, although its price chart hasn’t shown much lately. However, its blockchain has been improving and frequently adding a new feature to encourage its mass adoption. That indicates that ADA might be moving soon as it’s been consolidating symmetrically over the last month.

According to technical analysis by experts, Solana will also remain among the best players in the altcoin market with great strength in the trend. As such, traders can expect a solid performance this November, reaching all-time highs on its price cards. Traders can expect this digital coin to hit $260 in the first two weeks and $300 before the end of November, meaning that any retracement supporting the lines would be an excellent opportunity to buy more.

BNB is another coin on its way to the top in the second run of the bitcoin rally. BNB seems to have broken from its inverse head and shoulder pattern, and its exponential moving average is showing a decent strength. Additionally, the trading dynamics indicate resistance; hence we can expect an upward trend this month.