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.
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:
As #Bitcoin is back in the range, you’d preferably want to see a flip of the $56K area to be taking place.
If that happens, then I’d assume a retest of $60K is on the horizon. pic.twitter.com/gjKFAhnfNa
— Michaël van de Poppe (@CryptoMichNL) November 29, 2021
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.
Update on the 3 #BTC models I am currently tracking:
1⃣ 2017 #BTC anchored & aligned from 1.272
Late Dec – $150K2⃣ 2017 #BTC anchored & aligned from 1.618
Early Feb – $200K3⃣ 1970s Gold
Early Feb – $250K+December will be revealing and indicators will be key. pic.twitter.com/1HEXlL5yus
— 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 $2.569 trillion, and Bitcoin’s dominance rate is 41.5%.
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