Could Bitcoin (BTC) Price Hit $100k This Month? Here's What the Charts Say

As Bitcoin continues its upward trajectory, analysts are increasingly discussing the possibility of it reaching $100k in November.

Bitcoin price recently hit a record high of $93,434 as optimism returns to the global cryptocurrency market, which is now valued at over $3 trillion.

The new milestone comes amid anticipation of Donald Trump's re-election as U.S. President. Trump's policies have historically supported the crypto industry, and his pro-crypto views appear to have encouraged both retail and institutional investors, driving Bitcoin to its latest high.

As Bitcoin continues to rise, analysts are increasingly discussing the possibility of it reaching $100k in November. Recent charts and technical indicators suggest that this milestone is within reach, but it depends on key market movements and sustained momentum.

Here's what the charts are saying:

Three key charts provide evidence that Bitcoin could reach $100k this month. Analysts are focusing on technical patterns, momentum indicators, and specific price levels that must be breached for this prediction to come true.

Bitcoin Breaking Inverse Head and Shoulders Pattern

A recent analysis shows the breakout of an inverse head and shoulders pattern on Bitcoin's weekly chart. This technical formation signals a reversal from bearish to bullish sentiment. Once the price breaks above the resistance level, called the neckline, it often indicates the start of a strong upward trend.

BTC recently broke above the neckline of this pattern with increased trading volume, showing a robust bullish momentum. This breakout positions Bitcoin for potential gains, with analysts identifying $100k as the next major resistance level. If the current buying pressure persists, Bitcoin could move closer to this target in the coming weeks.

Momentum Indicators Signal Strength

Momentum indicators, such as the Moving Average Convergence Divergence (MACD), are commonly used to assess the strength and direction of a trend. When the MACD line crosses above the signal line, it suggests that buying activity is increasing.

According to Tony Severino, a market technician, Bitcoin's MACD on shorter time frames indicates bullish momentum. This means buyers are gaining control, which could push BTC higher. Severino argues that if this momentum continues, Bitcoin may not only maintain its current gains but could also reach $100k soon. Historical price movements show that similar MACD signals often precede significant price rallies.

The TD Sequential Indicator

The TD Sequential is a tool used to predict potential trend reversals or continuations. It identifies exhaustion points in a trend by analyzing a sequence of candlesticks. Recently, Bitcoin's daily chart showed a sell signal based on this indicator. However, analysts believe that this signal could be invalidated if BTC closes above $91,900.

If BTC achieves a daily close above this level, the indicator suggests a price target of $100,680. This makes $91,900 a critical level to watch in the short term. A successful close above it would demonstrate strong market confidence and could trigger further buying activity.