Bitcoin Price Analyst: 'Second Phase' of Bull Market Triggers at $14K

Bitcoin was trending higher on Nov. 4 as sideways behavior gave way to more purposeful upward momentum across markets.

Data from Coin360 reveals BTC/USD tackling $9,300 on Monday, rising to a 24-hour high of $9,310 on exchanges after dipping as low as $9,080.

The latest action continues the weekly trend for Bitcoin, which has seen the largest cryptocurrency range between just under $9,000 and just over $9,500.

Those levels effectively formed support and resistance, respectively.

According to statistician Willy Woo, the coming few months for Bitcoin will first see a dip to $8,600, filling in a gap in futures markets.

Bitcoin needs a monthly close above $14,000 in order to then secure a longer-term bull market.

"Once we get a monthly close above $14k, we'll be in the second phase of the bull market; a steady, lowish volatility, run in price. Should happen by the start of 2020, that's the best time to deploy capital," he summarized in a series of tweets on Monday.

Altcoins meanwhile took the chance to deliver moderate gains in line with Bitcoin's slight uptick.

Out of the top twenty cryptocurrencies by market cap, many rose by up to 4% on the day, with only Bitcoin SV seeing losses of 1.6%. Ether, the largest altcoin, saw gains of 1.7% to trade $184. Both NEO and Litecoin performed strongly, with 4.5% advances.

The overall cryptocurrency market cap was $247 billion at press time, with Bitcoin's share at 67.3%.Keep track of top crypto markets in real time here.