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Bitcoin Weekly Forecast: BTC price at key support screams ‘buy the dip’

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FX Street

Fri, Nov 26, 2021

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Aliens TLDR

Bitcoin price looks to be facing a momentary downturn on a short-term time frame while the higher time frame looks indecisive as it consolidates.

From a higher time frame perspective, things look to be stationary as BTC continues to consolidate.

The flings of US investment bank, Morgan Stanley, revealed that it has increased its exposure to BTC by purchasing more shares of Grayscale Bitcoin Trust (GBTC).

Meanwhile, Indian exchanges saw BTC price tank 9% to 15% as Lok Sabha posted a draft bill that calls for the ban of certain private cryptocurrency transactions.

While the sudden downswing was noted only in Indian exchanges, it presented a good opportunity for arbitraging, with traders buying BTC on Indian exchanges and selling abroad.

As Bitcoin price hovers just below $60,000 technicals and on-chain metrics present an ambiguous and indecisive outlook for the big crypto while fundamentals are signaling steady growth.

A daily close above that zone will invalidate any bearish outlook and trigger the start of a new bull rally that could propel BTC to the 161.8% Fibonacci extension level at $77,908, a new all-time high.

BTC/USDT 1-day chart While the above scenario may seem like ‘all rainbows and unicorns’, certain on-chain metrics suggest it is possible.

BTC all exchanges reserve chart On a similar note, the all exchanges netflow chart shows that Bitcoin has seen three consecutive days of large outflows, which also indicates that investors are bullish.

BTC all exchanges netflow chart A 4-hour chart reveals that an uptrend is possible for BTC, but that the mid-to-long-term future of BTC remains indecisive.

BTC/USDT 4-hour chart The above scenario is cautiously optimistic and expects BTC to reverse its bullishness and head to $53,000.

This on-chain metric is used to determine the average profit/loss of investors that purchased BTC over the past year.

If these investors decide to sell, it could push BTC price lower and allow the MVRV indicator to head to zero or lower.

Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.

FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

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