Bitcoin (BTC) declined and reversed on November 18, but maintained critical support to maintain the chance of new all-time highs.
1 hour BTC/USD light chart (bit print). Source: TradingView
$90,000 is still on the table
Cointelegraph Markets Pro and TradingView data followed the BTC/USD range of $59,000-$60,000 on Thursday and the $1,000 fluctuation occurred in minutes.
As the general range of the pair became tighter and tighter, there was talk of a possible “short squeeze” that pushed the spot price to new higher levels.
“Based on the structure of the futures market, funding rates and OI dynamics form the ideal basis for a ‘short squeeze’ scenario,” a member of the analysis firm CryptoQuant said on Wednesday.
“Then the question arises, what price range will act as a support level?”
A similar incident occurred at the end of September when Bitcoin suddenly surged into a week of almost uncontrollable gains that peaked at $55,000.
For the popular Crypto Ed trader, there was a possibility that the lows of the last few days at $58,400 were more gender specific.
“Posting may be a little early because the bottom may not be reached yet, but I’m thrilled when I check out the next target, which doesn’t seem to be too far!” immersed on Wednesday.
“If I really had a bottom, or about $57,000, the target would be more or less the same… $90,000 and a little bit.”
BTC/USD scenario. Source: Crypto Ed / Twitter
Analyst warns investors against inaction
These price targets are becoming increasingly controversial as Bitcoin’s bullish rally stalls below $70,000, with just under two weeks left before PlanB’s “worst case scenario” hits the end of November at $98,000.
Related Topics: Bitcoin Holders Who Bought for $20,000 Refuse to Sell BTC to All-Time Highs – Latest Data
This week, PlanB confirmed the difference between those predictions and its Bitcoin pricing models without affecting it and leaving the latter as is.
In the short term, some felt that the market was still not ready to support the new bitcoin price rally.
A trader and analyst at Rekt Capital confirmed that there was no “fear” in the mood and assessed the possibility of a full trend reversal.
He cautioned that “it appears that BTC investors are not scared enough of the price to prevent this reversal from ending.”
“Maximum economic opportunity is preceded by extreme fear, not neutrality.”
Thursday’s Crypto Fear & Greed Index was 54/100 – “neutral” – after hitting a local high of 84/100 on November 9.