Tuesday, August 16

3 Reasons Traders Expect Bitcoin To Recover $ 60K Before The End Of November

The cryptocurrency market saw a boost in sentiment after the price of Bitcoin (BTC) surged above $ 58,000 in a long-awaited move that rejuvenated traders who have been eagerly awaiting the resumption of the uptrend.

BTC / USDT 4-hour chart. Source: TradingView

Here’s a look at what analysts and traders are saying about the November 29 price action and whether or not Bitcoin is likely to rebound to the $ 60,000 level.

A new test of $ 60,000 is “on the horizon”

Bitcoin’s sudden move to $ 58,000 may have caught some traders off guard, but according to independent market analyst and Cointelegraph contributor Michaël van de Poppe, current price action is going as expected.

BTC / USD 4-hour chart. Source: Twitter

According to van de Poppe, after the November 28 peak above $ 57,000, “a change in the $ 56,000 area is preferable” to establish a higher support level, which would be followed by a new breakout. of prices.

del Poppe said:

“If that happens, then I would assume there is a retest of $ 60,000 on the horizon.”

BTC is set for a strong monthly close

Twitter analyst pseudonym “Rekt Capital”, He suggested that the November price action for BTC is a retest of the recently established support zone near $ 58,750.

Similar bullish sentiments on the monthly price of Bitcoin were shared by “Nunya Bizniz”, who aware The charts below outline key support levels to watch out for as November ends.

1 month BTC / USD chart. Source: Twitter

The analyst said:

“The month closes tomorrow. A close above these two levels should be bullish. “

Related: Key data points suggest that the cryptocurrency market’s short-term correction is over

Comparisons with previous bull cycles

Pseudonymous Twitter user and analyst “Techdev”, who posted the following tweet analyzing Bitcoin’s price action in 2017 compared to today, provided a look at how the current price movement in BTC compares to previous bull markets, as well as gold price action in the 1970s.

As discussed in the tweet, current price projections put Bitcoin’s price at $ 150,000 in late December and $ 200,000 in early February 2022. The analyst further suggested that the price could top $ 250,000 in early February. of 2022 if it follows a price pattern similar to that seen. in gold in the 1970s.

The overall cryptocurrency market capitalization is now $ 2.609 trillion, and Bitcoin’s dominance rate is 42.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every trade and investment move involves risk, and you should do your own research when making a decision.