Bitcoin (BTC) Price Prediction: Will the Rally Continue?

Bitcoin (BTC) was trading at $91,200 on Thursday, Nov. 14, bringing its year-to-date gains to 115%.

Bitcoin (BTC) continued to trade in a tight range on Thursday, Nov. 14, showing little directional bias after a strong rally earlier this week. However, several analysts remain bullish on the apex coin, expecting it to hit new all-time highs in the coming months.

BTC was trading at $91,200 on Thursday, up 1.65% in the past 24 hours and showing a year-to-date gain of 115%. It outperformed popular assets like the Dow Jones, Nasdaq 100, and S&P 500 indices, which were all down on the day.

Bitcoin’s price has surged over 40% since the US election on Nov. 8. Pro-crypto candidates performed well in the election, and several crypto-friendly officials were appointed by President Donald Trump. These include Matt Gaetz, J.D. Vance, Vivek Ramaswamy, Elon Musk, and Tulsi Gabbard.

Moreover, several newly elected officials in the House of Representatives made pro-crypto statements.

“The crypto narrative is gaining steam in the mainstream.”

Earlier this week, several analysts predicted that Bitcoin’s price could continue to rally and hit new all-time highs in the coming months.

Matthew Sigel, the head of digital assets at VanEck, told CNBC that the Bitcoin price rally had more room to run. He noted that several top indicators his firm tracks were still flashing green.

“We expect that the coin will make repeated all-time highs in the next few quarters now that the election is over.”

Sigel added that several key indicators had not yet turned bearish, despite Bitcoin’s price surging over 40% in the past week. He predicted that the coin’s price could rise to $180,000, almost double its current trading value.

A poll by Polymarket with over 724,000 in assets shows that BTC has a 56% chance of hitting $100,000 this month.

Still, not everyone is bullish on Bitcoin. In an X post, Ali, who has over 81,000 followers, predicted that the coin could see a short-term pullback. He attributed this to the TD Sequential indicator, which has a sell signal on the daily chart.

Similarly, Ki Young Ju, the founder of CryptoQuant, warned that the perpetual market was overleveraged, which could lead to a sharp retracement.

“$BTC-USDT perp market is overleveraged—2.7x higher than early this year, hitting an all-time high. I double-checked the data; it’s accurate. Stay cautious.”

Bitcoin Price Analysis: BTC-USDT Daily Chart

BTC-USDT Daily Chart

The daily chart suggests more Bitcoin upside in the near term. It has already crossed the important resistance level at $73,777, the previous all-time high, and the neckline of the inverse head and shoulders pattern.

Bitcoin has formed a golden cross pattern, which often leads to substantial gains. Most notably, the MVRV indicator has risen to 2.7. Sell signals are usually triggered when the MVRP indicator jumps to 3.5.

Therefore, the path of least resistance for Bitcoin’s price is higher, with the next target being $100,000. This outlook will become invalid if the price falls below the support at $85,000.