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

After Bitcoin (BTC), the price soared to $58,000, the cryptocurrency market experienced a surge in sentiment. This was a long-awaited event that energized traders who had been waiting anxiously for the uptrend to resume.

BTC/USDT 4-hour chart. TradingView

Below is a list of what traders and analysts have to say about Nov. 29, and whether Bitcoin will regain the $60,000 level.

Retests of $60,000 are “on the horizon”.

Although Bitcoins sudden rise to $58,000 may have caught traders off guard at first, independent market analyst Michael van de Poppe says that the current price action is as expected.

BTC/USD 4-hour chart. Source: Twitter

Van de Poppe stated that after Nov. 28s rise above $57,000, “You would prefer to see a flip in the $56,000 area” to establish a higher support level. This would then be followed by a price breakout.

Van de Poppe said:

“If that happens, then I would assume a $60,000 retest is on the horizon.”

BTC is setup for strong monthly close

Pseudonymous Twitter analyst, “Rekt Capital,” stated that Novembers price action in Bitcoin is a retest the newly established support zone of $58,750.

“Nunya Bizniz” also expressed bullish sentiments about Bitcoins monthly prices. She posted the following charts, which highlight the important support levels to watch out for as November ends.

BTC/USD 1-month chart. Source: Twitter

According to the analyst:

“The month ends tomorrow. Bullish should be a close above these levels.

Related: Key data points indicate that the short-term correction in crypto markets is over

Comparative analysis of previous bull cycles

Analyst and pseudonymous Twitter User “Techdev” posted the following tweet, which compares the current price movement in Bitcoin with previous bull markets. He also included a comparison of the price action in Bitcoin in 2017 with the 1970s price action in gold.

Update on 3 #BTC models: 1 2017 #BTC anchor & aligned starting at 1.272 Late December – $150K 2 2017 #BTC anchor & aligned starting at 1.618 Early February – $200K 3 1970s gold Early Feb. – $250K+ December will provide revealing information and indicators will be key. pic.twitter.com/1HEXlL5yus
— TechDev (@TechDev_52) November 29, 2021

The tweet explains that the current price projections for Bitcoin are $150,000 in December and $200,000 in February 2022. If the current price pattern is similar to golds in the 1970s, the analyst suggested that Bitcoin could rise to $250,000 by February 2022.

The total cryptocurrency market capitalization is now at $2.609 trillion. Bitcoins dominance rate of 42.1%.

You should research all aspects of trading and investment before making any decisions.

https://cointelegraph.com/news/3-reasons-why-traders-expect-bitcoin-to-retake-60k-before-november-ends