Why Bitcoin price should close November above $60,000?

The crypto market has seen an uptick in sentiment after Bitcoin price surged above $58,000 in a long-awaited move, leaving traders impatiently waiting for the uptrend to return. But at the time of writing, BTC is changing hands at $56,462.

why-bitcoin-price-should-close-november-above-60000

BTC/USD 4-hour chart | Source: TradingView

Reasons why traders expect Bitcoin price to retake $60,000 before November ends

Bitcoin’s sudden rise to $58,000 may have caught some traders off guard. But BTC has dropped to the $56,000 zone, and the current price action is going as expected. After the November 28’s spike above $57,000, you should preferably want to see a flip of the $56,000 area to be taking place to establish a higher support level, which a further price breakout would follow.

The independent market analyst and Cointelegraph contributor Michaël van de Poppe stated:

Meanwhile, in November, BTC’s price action is forecast as a retest of the newly established support area near $58,750. Also, according to analyst Techdev, who has provided a look at BTC’s current price movement relative to past bull markets, this forecast is likely.

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 $2.569 trillion, and Bitcoin’s dominance rate is 41.5%.

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