Bitcoin's Potential Steady Growth Despite Recent Dips

Bitcoin's price surge halted on November 9, 2023, failing to reach the $38,000 mark. However, industry experts suggest that this pause doesn't necessarily signify the end of the bullish market cycle. Analysts view the subsequent price retracements as "deep and short-lived." According to technical analysis, this signals sustained demand and a "buying the dip" strategy within a consolidation phase, possibly indicating an accumulation phase for the next growth stage.

Senior market analyst at FxPro, Alex Kuptsikevich, highlighted that Bitcoin was moving within an ascending channel and surpassed a three-week resistance at $37,800. While increased selling pressure hindered attempts to fuel the price, the retracements became less deep, hinting at growing bullish sentiment. Kuptsikevich assured that BTC's price could surpass $40,000 with a potential breakout of the "ascending triangle."

Market strategist at Matrixport, Marcus Tilen, echoed similar sentiments, suggesting Bitcoin's price could exceed $45,000 by December, citing seasonal trends that historically yield an average 12% return in December. As of November 24, 2023, Bitcoin's market capitalization stood at $37,480, with a trading volume of $13.74 billion. The digital currency was 46% down from its all-time high, maintaining a dominance level of 51.4% in the crypto market.