Bitcoin Triggers Buy Signal After Price Hits Second Green Month Candle

TradingShot mentioned in a TradingView post that it is always a good signal to buy whenever the Bitcoin price closes two consecutive green monthly candles.

The Bitcoin price closed October with a 10% price gain, marking its second consecutive green candle on the monthly chart. According to crypto analyst TradingShot, this development is a positive sign for those looking to buy BTC.

As per a TradingView post, it is always a good signal to buy whenever the Bitcoin price closes two consecutive green monthly candles, as per TradingShot. This assertion is based on the multi-year chart, which shows that the market continues to rally whenever Bitcoin records these two straight green candles.

Three straight green candle occasions and a clear accumulation phase were recorded by the Bitcoin price in the 2021 bull run. In the 2017 bull run, on the other hand, the Bitcoin price recorded several straight green candle occasions. This market cycle appears to be replicating the 2021 bull run pattern, with BTC recording three straight monthly green candles between January and March earlier this year before entering an accumulation phase.

Hence, as TradingShot explained, this could be a good buying opportunity, as the Bitcoin price might close a third straight monthly green candle in November. Another reason why Bitcoin is likely to close the month in the green is because the flagship crypto has enjoyed monthly positive returns most of the time it closed October in the green.

The Bitcoin price outlook for November is also bullish due to the upcoming US elections. The aftermath of the elections is expected to bring certainty to the market, which could cause Bitcoin to rally. According to economist Alex Krüger, the BTC could rally quickly to $90,000 if Donald Trump wins. However, he mentioned that there is a chance that the flagship crypto could drop to as low as $65,000.

Price Needs To Stay Above $69,000 In The Meantime

In an X post, popular analyst Justin Bennett noted that the drop in Bitcoin’s price below $70,000 isn’t a good look, but the Bulls’ last line of defense is $69,000. He stated that the $65,000 lows are next if that price level fails to hold on the high time frames.

Bennett added that he doubts that the equal highs from March and October near $73,700 will go unchallenged. However, before that happens, he suggested that the Bitcoin price could retest the lows at around $65,000.

According to crypto analyst Ali Martinez, the Bitcoin price needs to hold above $69,000 to reach a new all-time high (ATH). He predicted that BTC could rally to $78,000 if the $69,000 level holds.

At the time of writing, the BTC price is trading at around $69,700, up almost 1% in the last 24 hours, as per data from CoinMarketCap.