Bitcoin (BTC) Price Analysis: BTC Eyes $125K as Analysts Debate Whether Market Will Close Year in a Bear Market

Bitcoin (BTC) has been on a roll and shows no signs of slowing down. The latest leg of the rally above $84,500 pushed Bitcoin's total market capitalization above $1.67 trillion for the first time.

Bitcoin (BTC) price analysis for Nov. 13

Bitcoin has not looked back since breaking out of the overhead resistance at $73,777 on Nov. 6. However, the rally in the past few days has been vertical, which has pushed the relative strength index (RSI) into the overbought territory. This suggests that the BTC/USDT pair may soon enter a minor correction or consolidation.

BTC/USDT daily chart. Source: TradingView

The critical support on the downside is at $80,000 and then at $77,000. A shallow pullback will improve the prospects of a rally to the pattern target of $93,554.

The short-term advantage will tilt in favor of the bears if they sink and sustain the price below the breakout level of $73,777.

A glance at the four-hour chart shows that Bitcoin has been trading inside an ascending channel for the past three days.

BTC/USDT 4-hour chart. Source: TradingView

The bulls valiantly defended the lower trendline of the channel on Nov. 12, preventing a deeper correction. Now, the bulls will try to push the price above the upper trendline of the channel, which could propel the pair to $88,000.

If the bulls can drive the price above the upper trendline of the channel, the next leg of the rally could be to the pattern target of $93,554.

Conversely, if the bears sink and sustain the price below the lower trendline of the channel, it will suggest that the bulls are losing their grip. The pair may then drop to the 20-day exponential moving average (EMA).