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Bitcoin price flashed a few bullish signals on Nov. 29, leading analysts to share their opinions on why BTC should close November above $60,000.
The cryptocurrency market saw a boost in sentiment after the price of Bitcoin (BTC) surged above $58,000 in a long-awaited move that rejuvenated traders who have been anxiously waiting for a resumption of the uptrend.
BTC/USDT 4-hour chart. Source: TradingView
Hereâs a look at what analysts and traders are saying about Nov. 29âs price action and whether or not Bitcoin is likely to reclaim the $60,000 level.
A $60,000 retest is âon the horizonâ
Bitcoinâs sudden move to $58,000 may have had caught some traders off guard, but according to independent market analyst and Cointelegraph contributor MichaĂ«l van de Poppe, the current price action is going as expected.
BTC/USD 4-hour chart. Source: Twitter
According to van de Poppe, following Nov. 28âs spike above $57,000, âYouâd preferably want to see a flip of the $56,000 area to be taking placeâ to establish a higher support level, which would be followed by a further price breakout.
Van de Poppe said:
âIf that happens, then Iâd assume a retest of $60,000 is on the horizon.â
BTC is set up for a strong monthly close
Pseudonymous Twitter analyst âRekt Capital,â suggested that Novemberâs price action for BTC is a retest of the newly established support zone near $58,750.
Similar bullish sentiments on Bitcoinâs monthly price were shared by âNunya Bizniz,â who posted the following charts pointing out the key support levels to keep an eye on as the month of November comes to an end.
BTC/USD 1-month chart. Source: Twitter
The analyst said:
âThe month closes tomorrow. A close above these two levels should be bullish.â
Related: Key data points suggest the crypto marketâs short-term correction is over
Comparisons to previous bull cycles
A look at how the current price movement seen in BTC compares with past bull markets was provided by analyst and pseudonymous Twitter user âTechdev,â who posted the following tweet looking at the price action for Bitcoin in 2017 as compared with now, as well as the 1970s price action for gold.
Update on the 3 #BTC models I am currently tracking:
1⣠2017 #BTC anchored & aligned from 1.272
Late Dec - $150K
2⣠2017 #BTC anchored & aligned from 1.618
Early Feb - $200K
3⣠1970s Gold
Early Feb - $250K+
December will be revealing and indicators will be key. pic.twitter.com/1HEXlL5yusâ TechDev (@TechDev_52) November 29, 2021
As discussed in the tweet, the current price projections place Bitcoin price at $150,000 by late December and $200,000 by early February 2022. The analyst further suggested that the price could potentially surpass $250,000 by early February 2022 if it follows a similar price pattern to that seen in gold in the 1970s.
The overall cryptocurrency market capitalization now stands at $2.609 trillion, and Bitcoinâs dominance rate is 42.1%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.