Bitcoin price fluctuates below USD 60,000 as a forecast form for BTC’s new “short short” 11/18/2021

Bitcoin (BTC) took cuts and swings on November 18, but it holds important support levels to maintain its chances of hitting a new all-time high.

$ 90,000 is still on the table

Cointelegraph Marketplaces Professional and TradingView data follows BTC / USD as it fluctuated between $ 59,000 and $ 60,000 and fluctuated $ 1,000 in minutes on Thursday.

As the pair’s overall range narrows, there is talk of a potential “short squeeze” to push spot prices to new, higher levels.

“Based on the futures market structure, the financing rate and the OI momentum trend form a perfect setup for a ‘short squeeze’ scenario,” argued an employee of the online chain analysis company CryptoQuant on Wednesday.

“Then the question arises, which price range should serve as support?”

A similar event occurred in late September when Bitcoin unexpectedly skyrocketed to $ 55,000 in a week of near-uncontrollable profits.

For popular trader Crypto Ed, chances are that the lows of $ 58,400 in the past few days could be a more solid exchange.

“It’s probably a little early to post as the final point may not be here yet, but I look forward to seeing the next goals that don’t seem that far away!” he risky Wednesday.

“If I’m already right about the bottom at or around $ 57,000, the goal is more or less the same … $ 90,000 and a little more.”

Analyst warns against complacency among investors

Such price targets are becoming increasingly controversial as Bitcoin’s bull run stops below $ 70,000, less than two weeks away from PlanB’s “worst-case scenario” of $ 98,000 in November.

Related: Bitcoin Holders Purchased for $ 20,000 Refuse to Sell BTC at All-Time High – Latest Data

This week, PlanB reiterated the divergence between that prediction and its stock-to-flow Bitcoin pricing models as it failed to hit them and left that prediction intact.

To clarify: The November 98K forecast is NOT based on the S2F model, but on my soil model.
As I said (in the latest tweets and podcasts) I use 3 models:
1) S2F
2) floor model
3) chain pattern
For example, if the November 98K soil model prediction fails, it does NOT mean that S2F or On-Chain failed. https://t.co/tj6SSwSzKR

– PlanB (@ 100 trillion USD) November 17, 2021

However, in the short term, some argue that the market is not yet ready to support a new BTC bull run.

The trader and analyst Rekt Cash emphasized the lack of “fear” in the mood and was very vigilant about the possibility of a complete trend reversal.

grandfather warning.

“It is the extreme that fears the maximum financial opportunity, not the neutral.”

The Crypto Fear & Greed Index stood at 54/100 – “neutral” area – on Thursday after hitting a local high of 84/100 in November.