Bitcoin tests the nerves of traders as analysts reissue a BTC price forecast of $ 400,000

Bitcoin (BTC) repeated itself on December 2nd when the markets saw another attack on $ 60,000 that ended in failure.

“Nothing changes”

Data from Cointelegraph Marketplaces Pro and TradingView show that BTC / USD fell back to $ 57,000 after 24 hours on Thursday.

The pair briefly hit $ 59,000 on Wall St’s opening day.

As a result, Bitcoin fell while stocks reacted and apparently continued to have concerns about the Omicron variant of the new coronavirus. The S&P 500 ended the day down 1.2%.

With a sense of disappointment permeating the crypto markets, the analysts took the opportunity to reaffirm their view for a longer period of time.

“It’s very simple. Below $ 60,000 I’m still cautious / bearish as I would like to see this range change,” said Cointelegraph employee Michaël van de Poppe summary.

“Levels to watch to buy a zone from 53,000 to 54,000 USD and a zone from 47 to 50,000 USD for Bitcoin. When to buy altcoins? December, nothing has changed in the last few weeks. “

These buy target lows come along with new predictions for the bullish spike of this cycle that will push BTC / USD as high as $ 400,000 in April this year.

Remember, predict peak cycle #Bitcoin up to $ 350,000-450,000# Ether up to $ 10,000-17,500#Speckle up to $ 250-350#Chain link up to $ 250-350#Cardano up to $ 10-20#Zilliqa up to $ 5-7#Elrond to $ 1,500-1,750 (reached -> now changed)#SLIDE up to $ 50-75

Some may be conservative. https://t.co/rgZOEyljC0

– Michaël van de Poppe (@CryptoMichNL) December 1, 2021

Analyst TechDev is also tracking Fibonacci levels on the two week chart description Thursday is “another day to shrink”.

Open interest remains near all-time high

On exchanges, open interest remains a source of interest because of its sheer volume relative to price movement.

Related: Bitcoin fails in the “worst-case scenario” with the first month-end closing, December starts below USD 57,000

Data from online chain analytics firm Glassnode shows that widespread interest in Bitcoin futures recently hit an all-time high for a second and was approaching an all-time high in April.

“At some point this open interest will be washed in one direction or the other,” says analyst William Clemente commented.

With the cyclical price action characteristic of the week, the mood remains for a possible exit up or down, with the result that derivative structures “reset”.

Funding rates were largely neutral between the exchanges on Friday.