As Bitcoin ($BTC) technicals signal a potential bear market bottom, Crypto Patel anticipates the flagship coin to reach $116,000 before November 2026.
The crypto analyst said that Bitcoin price is on the verge of rallying more than 100% over the next 150 days, based on his analysis that Finbold verified on July 22.
As Bitcoin price rebounded from a crucial monthly support level around $58,577, this crypto analyst highlighted that $BTC could be forming a similar bullish reversal pattern to the 2022 crypto bear market. Specifically, this analyst argued that $BTC price has been forming a strong weekly bullish divergence, which was last seen in November 2022.
The weekly divergence is characterized by the rising Relative Strength Index (RSI) while $BTC price forms lower lows. After the 2022 crypto bear market bottom, it took 154 days to rally over 101% to the next major resistance.
As such, if history rhymes, Crypto Patel pointed out that Bitcoin price could rally over 100% to $116,000 by November 23, 2026. However, the analyst mapped key resistances around $82,749 and $97,693, before rallying towards the all-time high ($ATH).
“If history rhymes, Bitcoin could be on track for $116K before November 2026,” Crypto Patel noted.
Bitcoin price rebound backed by strong fundamentals
A potential Bitcoin price rally towards its $ATH over the coming months is bolstered by robust fundamentals. For instance, the clear regulatory framework in major jurisdictions – including in Japan, Russia, Europe, and the United States with the Clarity Act news – has contributed to the Bitcoin whale activity surge.
During the past three weeks, the United States spot $BTC ETFs (Exchange-Traded Funds) have registered a net cash inflow of approximately $703.13, holding total net assets worth roughly $80.94 billion at press time, as per metrics from SoSoValue.
As Bitcoin whales accumulate $BTC, the $116,000 target by November 2026 could be achieved, and vice versa.