Bitcoin (BTC) continued its pattern of sudden price increases on November 24, when sudden momentum produced a short trip above $ 57,400.
Analyst: 2021 is still following a bullish pattern
The pair peaked at $ 57,875 on Bitstamp over the past 24 hours, and these did not last long as buyer support still declining closer to $ 60,000 resistance.
In the midst of a generally uninspiring market environment, some took the opportunity to highlight ongoing similarities between 2021 and previous bull market years.
The popular Twitter account TechDev focused on Fibonacci levels and Bitcoin’s behavior around them – this year has so far been in line with the standard rubric.
All 3 full #BTC bikes saw a “mid-cycle” jump of 1,272.
2013 met resistance of 1.55.
2017 met resistance of 1,618.
2021 faced it on both.
Hereafter, it is historically when the mania sets in. pic.twitter.com/VQ5bTQaY5H
– TechDev (@ TechDev_52) November 24, 2021
This analysis provides the basis for a prediction that the current cycle will peak at around $ 300,000.
IN previous comments, TechDev agreed that it was “almost time” for Bitcoin’s relative strength index (RSI) to see its own comeback, with price following.
Deals Pentoshi, meanwhile, confirmed a belief that $ 60,700 should be recovered and held to plan long positions.
“So far, sellers have seemed weak at the low point down here,” he told Twitter followers.
Zcash surpasses top 10 cryptocurrencies
When Bitcoin played a fat game, it was altcoins that saw more crucial moves over the course of Wednesday.
Eat (ETH) was trading at 4.7% to $ 4,290 at the time of writing, the strongest performer in the top 10 cryptocurrencies measured by market value.
– Barry Silbert (@BarrySilbert) November 24, 2021
Silbert, known for hinting at his potential next purchase, also tried to raise the price of Bitcoin on Wednesday before the recent rise.
Disclaimers for mcutimes.com
All the information on this website - https://mcutimes.com - is published in good faith and for general information purpose only. mcutimes.com does not make any warranties about the completeness, reliability, and accuracy of this information. Any action you take upon the information you find on this website (mcutimes.com), is strictly at your own risk. mcutimes.com will not be liable for any losses and/or damages in connection with the use of our website.