Crypto market sentiment has improved after the bitcoin (BTC) price topped $ 58,000 in a highly anticipated move that has rekindled traders eagerly awaiting a renewed trend.
4-hour BTC / USDT chart. Source: TradingView
Here’s what analysts and traders have to say about the price movement on November 29 and whether Bitcoin is likely to return to the $ 60,000 level.
Re-testing $ 60,000 “Looming”
Bitcoin’s sudden rise to $ 58,000 may have surprised some traders, but according to independent market analyst and Cointelegraph contributor Michael van de Poppe, the current price action is going as expected.
4-hour BTC / USD chart. Source: Twitter
After a rally of more than $ 57,000 on November 28, van de Poppe said, “it’s better to see a $ 56,000 reversal that happens” to create a higher level of support, followed by an additional jump in price.
Van de Poppe says:
“If that happens, I guess a new $ 60,000 test is just around the corner.”
Bitcoin Prepared For Strong Month Closing
A Twitter analyst under the pseudonym “Rekt Capital” indicated that the November price movement for BTC is a retest of the recently established support area of around $ 58,750.
The corresponding bullish sentiment for the monthly price of Bitcoin was shared by Nunya Bizniz, which has released the following charts showing the key support levels that we will see as we approach the end of November.
BTC / USD chart for 1 month. Source: Twitter
The analyst said:
“The month closes tomorrow. The proximity above these two levels should be optimistic. ”
On the subject: Key data indicates that the short-term correction of the crypto market is over.
Comparison with Previous Bullish Cycles
A glimpse of how the current BTC price movement compared to previous beef markets was given by analyst and Twitter user pseudonym “Techdev”, who posted the following tweet, which looked at the Bitcoin price change in 2017 compared to the present, as well as the behavior gold prices in the 1970s.
As discussed in the tweet, current price predictions for Bitcoin are $ 150,000 at the end of December and $ 200,000 at the beginning of February 2022. The analyst also suggested that the price could surpass $ 250,000 in early February 2022 if the same pricing model follows what we are seeing. In seventies gold.
The total market value of the cryptocurrency is now $ 2.609 trillion, with bitcoin dominance at 42.1%.