Bitcoin (BTC) starts a new week with a race for all-time highs as bulls save the day – and the whole week – at the last minute.
A week of sideways BTC price action ended at the end of the week and Bitcoin bounced back towards $ 66,000.
It’s a classic move that has become all too well known in the past few weeks, and attention is now turning back to the bullish results.
With Wall Street still open, Monday has yet to set the bar for the third week of Moonvember, a week that still has a month-end target of $ 100,000.
Can Bitcoin Get There? Cointelegraph looks at five factors that could help shape BTC price history in the coming days.
For those concerned about what will happen on Sunday weekend, there is no need – Bitcoin did not disappoint.
After BTC / USD moved sideways for most of the week, BTC / USD rebounded on vintage-style occasions to seal an all-time high for the weekly candle, bringing it to $ 65,500.
Literally $ 1,000 was raised in the last hour, which is characteristic of the behavior of the last few weeks.
You saved the week-end price
– Will Clemente (@WClementeIII) November 15, 2021
As a result, Bitcoin’s weekly closing price many months ago over a trend is seen as an important test of overall strength.
For renowned analyst TechDev, the closing price was notable for another reason as it exceeded the Fibonacci level of 1.618, replicating the action that acted as a stepping stone during both the 2013 and 2017 bull runs.
#BTC just opened and closed a week on the 1.618 protocol.
That was very important in the past. pic.twitter.com/DBsq4OwI8X
– TechDev (@ TechDev_52) November 15, 2021
“Are you ready for what’s to come? Personally, at this point I am not betting that the difference will apply to Bitcoin, ”he added in one Individually Lessons Fibonacci.
At the time of writing, BTC / USD is trading just below USD 66,000 and briefly touching this zone as an overnight high.
Others argue that the implementation of the Taproot soft fork on Sunday is still underestimated. As Cointelegraph noted, major upgrades bring significant price spikes, as was the case with Segregated Witness (“SegWit”) in 2017.
“The market is not pricing in the massive upgrade from Bitcoin Taproot,” said Charles Edwards, CEO of investment firm Capriole. Written.
Say what you want about Analyst PlanB’s “worst-case scenario” series of bitcoin price predictions at the end of the month – he stands by his estimates.
After PlanB estimated BTC’s month-end closing almost exactly right for three consecutive months, PlanB now says that $ 98,000 can still hit targets on December 1, and $ 135,000 on January 1, 2022.
The predictions of $ 98,000 for November and $ 135,000 for December continue pic.twitter.com/Df9CsxTdEj
– PlanB (@ 100 trillion USD) November 14, 2021
He’s not alone – as Cointelegraph reported, multiple sources are targeting at least $ 85,000 in the coming weeks.
Zoom out even further and PlanB’s stock-to-flow models are joined by another study that shows how cyclical Bitcoin actually was – even before 2013.
No matter how you feel #bitcoin have been following these trend lines for 9 years.
Once it breaks the midline, it actually moves up. pic.twitter.com/sU4NytFlel
– Jordan Lindsey (@jclcapital) November 13, 2021
However, a prediction from last week said that Bitcoin will hit a whopping $ 250,000 in January, but will also ultimately disprove one of the inventory flow patterns.
Could it be the beginning of the end for the Bitcoin bull market this cycle?
When you look at what long-term (LTH) holders are doing, it looks like Bitcoin has entered its final – but most volatile – bullish chapter.
Data from online chain analysis company Glassnode emphasize by analyst William Clemente shows that LTH investors have stopped net accumulation and are now selling.
This rallied “sell to strength” marks the first net decline in LTH holdings since April, when BTC / USD peaked at $ 64,900 and the cap remained unchanged for six months.
“Long-term owners buy BTC from the weak and sell from the strong,” commented Clemente.
“We have just received the first red print of LTH’s net position change in over 6 months, indicating that the bull market distribution has begun.”
Last time, in the fourth quarter of 2020, LTH started selling before Bitcoin’s price skyrocketed, with the distribution peaking and then falling before reaching its all-time high of $ 64,900.
One aspect of Bitcoin that is actually making an all-time high this week is its hash rate.
After a quick, but still protracted, recovery from the crash 5 months ago, the underlying core network is now measuring what it did in late April through early May.
According to data from the live monitoring resource MiningPoolStats, with no peaks and troughs in the raw data, the hash rate is around 168 exahashes per second (EH / s).
The attached graph shows the progress since the start of the miners’ exodus from China.
Although the hash rate, which describes the mining-specific computing power, can be estimated rather than measured precisely, the metric has now started its first business in unknown territory for almost half a year.
#Bitcoin Last week’s hash rate: 160.6 EH / s
160,600,000,000,000,000,000,000 hashes per second pic.twitter.com/yA1GSvn52x
– Dylan LeClair (@DylanLeClair_) November 13, 2021
As Cointelegraph reported, Difficulty, arguably the most important indicator of Bitcoin’s core strength, continues to return to all-time highs.
Sunday added another 4.7%, marking the ninth consecutive increase in difficulty.
When you turn away from Bitcoin, traditional markets begin to anger – and not just investors.
Related: Top 5 Cryptocurrencies You Should See This Week: BTC, LTC, LINK, VET, AXS
In a meeting last week, Raghuram Rajan, the former governor of the Reserve Bank of India, raised the alarm over the overgrowth in stocks.
He spoke of the Nomura Wolfe basket of popular US stocks, which is quoted by the Financial Times, among others.
In a time of rapid price increases, the options will be more like Bitcoin – and the leverage that comes with it.
“Things seem crazy, there are bubbles here, bubbles there, everywhere,” the FT quoted Erik Knutzen, Chief Investment Officer of Chief Investment Officer Neuberger Berman.
“It’s becoming a cliché, but we are actually in uncharted territory, very unusual terrain.”
While November has traditionally been a stable month for both traditional crypto and financial markets, the tone feeds existing doubts about the “only up” nature of the stock.
For bitcoiners, the problem depends on the overall correlation between the two – even though BTC has emerged on its own in recent months, BTC can still be hit by sudden mood swings elsewhere.
One example is Tesla, which last week cut the price of Bitcoin by 10% after a sell-off in CEO Elon Musk’s shares.
.
.
Bybit Proof of Reserve reveals BTC holdings at 50,412 (-8.55%), ETH at 525,641 (+8.11%), and…
Key Points: Bitcoin Spot ETF Inflows totaled $449M, led by BlackRock’s $1.45B contribution. Ethereum Spot…
Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…
Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…
VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…
President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.
This website uses cookies.