After Bitcoin (BTC), the price soared to $58,000, the cryptocurrency market experienced a surge in sentiment. This was a long-awaited event that reenergized traders who had been waiting anxiously for the uptrend to resume.
BTC/USDT 4-hour chart. TradingView
Below is a list of what traders and analysts have to say about Nov. 29, and whether Bitcoin will regain the $60,000 level.
Retests of $60,000 are “on the horizon”.
Although Bitcoin’s sudden rise to $58,000 may have caught traders off guard at first, independent market analyst Michael van de Poppe says that the current price action is as expected.
BTC/USD 4-hour chart. Source: Twitter
Van de Poppe stated that after Nov. 28’s rise above $57,000, “You would prefer to see a flip in the $56,000 area” to establish a higher support level. This would then be followed by a price breakout.
Van de Poppe said:
“If that happens, then I would assume a $60,000 retest is on the horizon.”
BTC is setup for strong monthly close
Pseudonymous Twitter analyst, “Rekt Capital,” stated that November’s price action in Bitcoin is a retest the newly established support zone of $58,750.
“Nunya Bizniz” also expressed bullish sentiments about Bitcoin’s monthly prices. She posted the following charts, which highlight the important support levels to watch out for as November ends.
BTC/USD 1-month chart. Source: Twitter
According to the analyst:
“The month ends tomorrow. Bullish should be a close above these levels.
Related: Key data points indicate that the short-term correction in crypto markets is over
Comparative analysis of previous bull cycles
Analyst and pseudonymous Twitter User “Techdev” posted the following tweet, which compares the current price action in Bitcoin with previous bull markets. He also included a comparison of the price action in Bitcoin in 2017 with the 1970s price action in gold.
Update on 3 #BTC models: 1 2017 #BTC anchor & aligned starting at 1.272 Late December – $150K 2 2017 #BTC anchor & aligned starting at 1.618 Early February – $200K 3 1970s gold Early Feb. – $250K+ December will provide revealing information and indicators will be key. pic.twitter.com/1HEXlL5yus
— TechDev (@TechDev_52) November 29, 2021
The tweet explains that the current price projections for Bitcoin are $150,000 in December and $200,000 in February 2022. If the current price pattern is similar to gold’s in the 1970s, the analyst suggested that Bitcoin could rise to $250,000 by February 2022.
The total cryptocurrency market capitalization is now at $2.609 trillion. Bitcoin’s dominance rate of 42.1%.
You should research all aspects of trading and investment before making any decisions.