Bitcoin price gains see ‘significant pullbacks’ ruled out before $150K

Bitcoin (BTC) took daily gains to 4.5% on Nov. 11 as an unlikely weekend of upside held firmly in place.

BTC price knocks on $85,000

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

Now up nearly 25% in the past seven days, BTC/USD showed no signs of a major retracement or consolidation as bulls ripped through sell walls and continued price discovery.

“In the short term, capo-bears are going to help drag the bitcoin price higher, as they keep adding shorts for the market to liquidate,” popular analytics account Bitcoindata21 reacted in part of a post on X. 

“Until we start getting daily god candles, i’m not entertaining significant pullbacks (20-30%).”

Bitcoindata21 referred to market participants betting on a major BTC price capitulation, among whom is the 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 $150k for the first top (which is subject to change, if my indicators tell me), but there is plenty of time to sit and watch and enjoy right now,” the post added. 

“It’s a bull market, stop getting so antsy to sell.”

Data from monitoring resource CoinGlass showed bid liquidity thickening above $81,000 on exchange order books, potentially helping force the spot price higher.

Considering the odds of BTC/USD heading even further into uncharted territory, commentators noted, among other things, low funding rates across derivatives markets — something uncharacteristic of breakouts through all-time highs.

Zooming out, veteran trader Peter Brandt offered another reason to stay bullish on BTC: a clean flipping of long-term resistance in the form of an inverse head-and-shoulders pattern.

“Major buy signal over the weekend in Bitcoin,” he told X followers, an accompanying chart implying that the path was open to $200,000 and more.

MicroStrategy buys $2 billioin in BTC with all eyes on ETFs

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

Related: $80K BTC price chases gold — 5 things to know in Bitcoin this week

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