| | | | Is a Bitcoin Breakout for the Record Books on the Horizon?
Consumer Price Index numbers for November are out in the premarket. Is the reaction a pop or a drop?
Come join me as we dive in and see what’s moving!
Plus, as always, we have stocks popping and dropping so come find out what is moving this morning as I look for stocks and do some live premarket analysis on SPX, SPY, NDX, QQQ, Russell, IWM and other stocks that are potential plays for the day.
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Is a Bitcoin Breakout for the Record Books on the Horizon?
Bitcoin has been on an absolute TEAR since the election, and I’d say we’re right in the middle of a crucial breakout period. If you’ve followed my calls for any length of time, you know I’ve had this time frame marked on the calendar.
The setup has been building as we approach significant milestones, and with a strong tailwind from the election adding fuel to the fire, we might just be primed for a rally that could really turn heads.
For starters, we’re seeing strong signals on the technical side. Historically, we’ve observed Bitcoin hitting critical Fibonacci levels on its cycles — the 1.618 level has capped each major rally going back to previous cycles (check out my video here if you’re not familiar with these levels, right around the 31:30 mark).
This level served as a ceiling during past runs, and we’re about to test it again. If Bitcoin extends past the 1.618 Fibonacci retracement, the next level up is 2.272, which could mean a staggering continuation into six-figure price territory. It sounds ambitious, but looking at Bitcoin’s history, it isn’t far-fetched.
Looking further at timing, we’re also heading into a period of heightened political and economic tension, which tends to drive interest toward alternative assets. The looming halving event in the first half of 2028, and the possibility of broader economic instability have only bolstered this rally.
There’s a sense that more market participants are taking Bitcoin seriously as a hedge — and the price action reflects that. People are positioning themselves, and some of the biggest whales are already stacking up their bets.
Now, I know many traders are cautious about this rally — some are even skeptical it can last. But if we hit the 1.618 and extend, that momentum alone could attract a whole new wave of buyers.
The psychological barriers in this market are real, and each level we break tends to fuel even more interest. Traders who’ve watched the crypto market for years understand this pattern — the “climbing the ladder” effect, where each support and resistance level hit brings in a new batch of participants, drives demand, and fuels the next leg up.
But I don’t want to understate the importance of caution...
We’re likely to see some pullbacks as Bitcoin grinds higher. These retracements can shake out the weak hands, and you need to be ready to weather them if you’re in for the longer haul.
It’s not about jumping in at every small dip, but rather understanding that the big moves in this market come in waves — and Bitcoin’s current trajectory suggests the biggest ones could be on the horizon.
If we keep moving at this pace, it’s possible we could see Bitcoin targeting six figures in the not-too-distant future. It’s going to be a test of patience and fortitude.
If you’re willing to ride it out, this breakout could be one for the books.
Today’s Daily Chart Setup: Signet Jewelers (SIG)
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