Traders expect Bitcoin to close above $ 60,000 in November – here’s why
Bitcoin flashed a few bullish signals on November 29th, prompting analysts to voice their opinion on why it should close above $ 60,000 in November.
The crypto market has seen sentiment bounce back after Bitcoin price surged above $ 58,000 in a long-awaited move, causing excitement among traders eagerly awaiting the trend.
BTC / USDT 4-hour chart | Source: TradingView
Here’s what analysts and traders say about the November 29 price action and whether Bitcoin is likely to reclaim $ 60,000.
Bitcoin is about to retest $ 60,000
Bitcoin’s sudden surge to $ 58,000 may have surprised some traders, but according to independent market analyst Michaël van de Poppe, the current price action is going as expected.
BTC / USDT 4 hour chart | Source: Twitter
Van de Poppe said that after rising above $ 57,000 on Nov. 28, there will be “a shift in the range of $ 56,000” for higher support, followed by a breakout in price.
“If that happens, I think there will be a $ 60,000 re-test in the works.”
Bitcoin set for strong month-end closing
The analyst “Rekt Capital” has suggested that Bitcoin’s price action in November is a re-test of the newly established support near USD 58,750.
And just like that #BTC has returned above the green monthly level (~ $ 58,750)
Bitcoin positions itself for a great monthly candle close
October was the breakout candle beyond the old resistance
– Rekt Capital (@rektcapital) November 29, 2021
And BTC is back over the blue month ($ 58,750)
Bitcoin is positioning itself for a great month-end closing
October is a breakout candle that breaks the old level of resistance
November looks like another test of new support. “
“Nunya Bizniz” shared similarly bullish views on the monthly price of Bitcoin, pointing to key levels of support to watch at the end of November.
“The November close above these two levels will confirm the upward trend.”
BTC / USD Price Chart 1 Month Framework | Source: Twitter
Comparison with previous bull cycles
Analyst “Techdev” gave a look at the current price movement of Bitcoin compared to previous bull markets. In particular, he compared the current Bitcoin price action with 2017 and the gold price action of the 1970s.
Update on 3 #BTC Models I am currently following:
1⃣ 2017 #BTC anchored & aligned from 1.272
At the end of December – 150,000 CZK
2⃣ 2017 #BTC anchored & aligned from 1.618
At the beginning of February – 200,000 CZK
3⃣ 1970s gold
Early February – $ 250,000 +
December will be enlightening and indicators will be crucial. pic.twitter.com/1HEXlL5yus
– TechDev (@ TechDev_52) November 29, 2021
“Update on the 3 BTC models that I am currently following:
- BTC 2017 fixed and aligned from 1,272 (end of December – 150,000 USD)
- BTC 2017 fixed and targeted from 1,618 (early February – $ 200,000)
- 1970s Gold (early February – over $ 250,000)
December will be announced and the metrics will be critical. “
As discussed in the tweet, the current price forecast puts the Bitcoin price at $ 150,000 by late December and $ 200,000 by early February 2022. Techdev added that the price could top $ 250,000 in early February like gold in the 1970s.
The total crypto market cap is currently $ 2.583 billion and the dominance of Bitcoin is 41.7%.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Cointelegraph