Bitcoin price increases rule out “significant declines” before $150,000

Bitcoin (BTC) gained 4.5% daily on November 11 as an unlikely uptrend continued over the weekend.

The BTC price is at $85,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC price momentum surpassed $84,000 after the open on Wall Street.

BTC/USD is up nearly 25% in the last seven days and showed no signs of a major decline or consolidation as bulls broke selling barriers and continued price discovery.

“In the short term, capo bears will help drive Bitcoin price higher as they continue to add short positions to allow the market to liquidate,” popular analytics account Bitcoindata21 responded in a post to X.

“Unless we start getting daily God Candles, I don’t expect any significant setbacks (20-30%).”

Bitcoindata21 pointed to market participants betting on a strong capitulation in BTC price, including trader known as Il Capo of Crypto, who has predicted a crash to as low as $12,000 over the course of the current bull market.

“My target remains at $150,000 for the first peak (which may change if my indicators tell me so), but I still have plenty of time to watch and enjoy for now,” the post continued.

“It’s a bull market, stop being so nervous about selling.”

Data from monitoring resource CoinGlass showed that bid liquidity in exchange order books thickened to over $81,000, which could potentially help boost the spot price.

Given the likelihood of BTC/USD pushing even further into uncharted territory, commentators noted, among other things, low funding rates in derivatives markets – something atypical of breakouts through all-time highs.

Veteran trader Peter Brandt pared things down and gave another reason to remain bullish on BTC: a clear reversal of long-term resistance in the form of an inverted head and shoulders pattern.

“Big weekend buy signal for Bitcoin,” he told X Followers, an accompanying chart suggesting the path to $200,000 and beyond was open.

MicroStrategy buys $2 billion worth of BTC with all eyes on ETFs

Meanwhile, the spot buying was joined by a new commitment from business intelligence firm MicroStrategy, which announced a BTC acquisition worth over $2 billion that day. As Cointelegraph reported on November 10, the company’s holdings exceeded a 100% return on investment.

Related: $80,000 BTC price chases gold – 5 things to know about Bitcoin this week

Attention also turned to spot Bitcoin exchange-traded funds (ETFs), which saw net inflows of more than $1.5 billion the week before.

“The path to $80,000 Bitcoin was paved by steady ETF demand. No retail FOMO. “Little fanfare,” commented Cameron Winklevoss, co-founder of the Gemini exchange, over the weekend.

“People buy ETFs, they don’t sell them. This is sticky HODL-like capital. The ground continues to rise. Where are we in the cycle? We just won the coin toss, the inning hasn’t started yet.”

Previously, Cointelegraph reported inflows into the largest Bitcoin ETF, BlackRock’s iShares Bitcoin Trust (IBIT), which surpassed inflows into its gold ETF, which has been trading for 20 years.

This article does not contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their own research when making their decision.