Bitcoin Price Prediction: 3 Reasons BTC Can Reclaim $120k In November

The “Uptober” scenario didn’t play out for Bitcoin. US President Donald Trump’s trade war with China, as well as concerns regarding a potential liquidity crisis in the financial markets, created significant selling pressure on crypto prices. 

Still, experts believe “Moonvember” could make up for what “Uptober” missed.

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November has historically been Bitcoin’s best month, with an average return of 42.5%. Last November, Donald Trump’s re-election triggered a massive bull run, which saw the largest cryptocurrency surge by over 60% to $108k. 

Bitcoin price predictions from top analysts indicate another bullish November this year, which could see BTC reclaim $120k and even hit a new all-time high. 

Besides, BTC-themed altcoins like Bitcoin Hyper are also in high demand among whales that are hunting for multi-bagger plays. 

Bitcoin Price Prediction: Here’s Why BTC Will Hit $120,000 In November

According to Coinglass data, the Deribit call option with a $120,000 strike price expiring on November 28 shows one of the highest levels of open interest and trading volume. 

For the uninitiated, a call option gives traders the right to buy Bitcoin at a specific strike price by a set expiry date, allowing them to profit if the price rises. This indicates that traders are heavily positioning for a potential Bitcoin rally toward that level in the coming weeks.

Three core factors are driving smart-money conviction that Bitcoin could post strong gains this month.

US Fed’s Dovish Pivot

The US Federal Reserve has turned dovish and is expected to play a key role in Bitcoin’s rally this month. 

The central bank cut its target rate by another 25 bps, while also pausing its quantitative tightening. Together, these measures are expected to lower the borrowing costs for institutions and investors, which is always bullish for risk assets like crypto. 

The Fed also continues to inject liquidity into the financial markets, over $50 billion in just this week. 

Once the US government shutdown is over, spending from the Treasury General Account (TGA) is also expected to provide fresh capital to the financial markets. 

The broader macroeconomic outlook, which continues to play a key role in the crypto market, is finally turning bullish, and Bitcoin is expected to benefit from it considerably. 

Whales Continue To Buy The Bitcoin Dip

Whales continue to be bullish on Bitcoin. 

According to Coinglass data, call options continue to dominate Bitcoin’s derivatives market, signalling a clear bullish bias among traders. Calls account for over 60% of total open interest (240,013 BTC vs. 154,329 BTC in puts), showing that the majority of positions are betting on higher prices.

Similarly, top Binance traders remain firmly bullish on Bitcoin, with the long-to-short ratio at 2.03 by accounts and 1.85 by positions, indicating a clear preference for upside exposure.

Now, the OG Bitcoin whale is back to buying. Strategy co-founder Michael Saylor has hinted that the top Bitcoin treasury company will continue to accumulate in November. 

BTC’s Technical Analysis Suggests The Bottom Is Near

The Bitcoin price chart suggests that the largest cryptocurrency is on the cusp of a bullish reversal. 

BTC has formed a hidden bullish divergence with its on-balance volume (OBV), which indicates growing buying pressure. 

Notably, investors should be open to the possibility of a correction to its 50-week Simple Moving Average, which is currently at $100k. A successful retest here would be an excellent buying opportunity for sidelined investors. 

On the contrary, a weekly close above $112,000 could invalidate all bearish scenarios and pave the way for a rally to new highs. 

Bitcoin Hyper Tipped As The Next 10x Crypto

Bitcoin’s rally is highly bullish for BTC-themed altcoins, especially since they show a strong correlation. 

For instance, BTC’s layer-2 coin Stacks (STX) was one of the top performers of last November’s bull run. In a span of a month, its market cap surged from $2.2 billion to $4.1 billion. 

A year before that, STX’s valuation surged from $900 million at the start of November to over $2.3 billion in January. 

This year, a new BTC layer-2 coin is in the spotlight. Bitcoin Hyper (HYPER) has caught the attention of the whales. Behind a string of six-figure buys, it has already raised nearly $26 million in presale funding. 

Powered by the Solana Virtual Machine and zero-knowledge architecture, Bitcoin Hyper is designed to make Bitcoin scalable, efficient and programmable. In fact, experts believe it could emerge as the hub for new DeFi apps, payment protocols and even meme coins that are looking to enter the BTC ecosystem.

Considering that the top layer-2 coins tend to reach multibillion-dollar valuations, it is no surprise that many early HYPER buyers are eyeing up to 100x returns. 

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