Wednesday, May 25, 2022

3 reasons why traders expect Bitcoin to retake $60K before November ends

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The cryptocurrency market noticed a lift in sentiment after the value of Bitcoin (BTC) surged above $58,000 in a long-awaited transfer that rejuvenated merchants who’ve been anxiously ready for a resumption of the uptrend.

BTC/USDT 4-hour chart. Supply: TradingView

Right here’s a have a look at what analysts and merchants are saying about Nov. 29’s worth motion and whether or not or not Bitcoin is more likely to reclaim the $60,000 stage.

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A $60,000 retest is “on the horizon”

Bitcoin’s sudden transfer to $58,000 might have had caught some merchants off guard, however in line with unbiased market analyst and Cointelegraph contributor Michaël van de Poppe, the present worth motion goes as anticipated.

BTC/USD 4-hour chart. Supply: Twitter

In line with van de Poppe, following Nov. 28’s spike above $57,000, “You’d ideally need to see a flip of the $56,000 space to be going down” to determine a better assist stage, which might be adopted by an additional worth breakout.

Van de Poppe said:

“If that occurs, then I’d assume a retest of $60,000 is on the horizon.”

BTC is about up for a robust month-to-month shut

Pseudonymous Twitter analyst “Rekt Capital,” suggested that November’s worth motion for BTC is a retest of the newly established assist zone close to $58,750.

Related bullish sentiments on Bitcoin’s month-to-month worth have been shared by “Nunya Bizniz,” who posted the next charts stating the important thing assist ranges to control because the month of November involves an finish.

BTC/USD 1-month chart. Supply: Twitter

The analyst stated:

“The month closes tomorrow. A detailed above these two ranges needs to be bullish.”

Associated: Key data points suggest the crypto market’s short-term correction is over

Comparisons to earlier bull cycles

A have a look at how the present worth motion seen in BTC compares with previous bull markets was supplied by analyst and pseudonymous Twitter consumer “Techdev,” who posted the next tweet wanting on the worth motion for Bitcoin in 2017 as in contrast with now, in addition to the Nineteen Seventies worth motion for gold.

As mentioned within the tweet, the present worth projections place Bitcoin worth at $150,000 by late December and $200,000 by early February 2022. The analyst additional steered that the value may probably surpass $250,000 by early February 2022 if it follows an identical worth sample to that seen in gold within the Nineteen Seventies.

The general cryptocurrency market capitalization now stands at $2.609 trillion, and Bitcoin’s dominance fee is 42.1%.

The views and opinions expressed listed here are solely these of the writer and don’t essentially mirror the views of Cointelegraph. Each funding and buying and selling transfer entails threat, and it’s best to conduct your individual analysis when making a choice.