Investor Chris Burniske Says Bitcoin Could Issue 'One of Those Candles' Next Month – This Is What He Means

Venture capitalist and crypto veteran Chris Burniske believes Bitcoin (BTC) may be just days away from a big breakout.

Berniske said on social media platform

“If BTC holds ‘one of those candles’, November would be a good candidate month…

I mean…come on. ”

Looking at his monthly chart, Bitcoin is trading above multiple simple and exponential moving averages that have served as support during previous bull market cycles. In technical analysis, assets that are trading above their moving averages are usually considered bullish, especially on weekly and monthly time frames.

Berniske reposted a tweet to X that hinted at a massive rally for Bitcoin, quoting the phrase “one of the candles.” He also predicts that Bitcoin is on the verge of a breakout that will cause increased market interest.

“After the breakout happens, that’s when we’re just riding, and that’s when all the newfound bulls with momentum on their backs do all the bullposting.”

The analyst also notes that stablecoin adoption has skyrocketed in recent years, increasing the purchasing power of crypto market participants.

“People say cryptocurrencies are just a speculative 100x shot, but what about the 100x increase in stablecoin adoption over the past five years?”

At the time of writing, Bitcoin was trading at $71,138, up 3.66% in the past 24 hours.

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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. Additionally, The Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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