Bitcoin’s price has been on the rise since its rocky start, reaching new all-time highs in recent months. This week brought another slight bump to bitcoin’s value as it climbs towards $74K. However, there is one major hurdle that could send bitcoin spiraling back into bear territory: breaking through the psychologically important $64K barrier. Experts say this will be a crucial test for Bitcoin’s ability to break free of these downtrends and continue moving up
Bitcoin has been on a rollercoaster ride for the past few years. The price of Bitcoin is currently sitting at $6,509 and could potentially break $64K and hit all-time highs. Read more in detail here: bitcoin plunges.
On Nov. 5, Bitcoin (BTC) remained rangebound, despite new research claiming that a break of $64,000 would result in a new all-time high.
1-day candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
BTC price all-time high is “so close but so far”
BTC/USD was attracting little interest, according to data from Cointelegraph Markets Pro and TradingView, as it moved sideways around $61,000.
Analysts’ emphasis remained firmly on cryptocurrencies after consecutive days of similar swings, as numerous tokens continued to climb to new record highs.
However, according Cointelegraph writer Michaal van de Poppe, it would only take a little shift in BTC price behavior to become optimistic.
Van de Poppe said in his last YouTube post for the day that if BTC/USD breaks beyond $64,000 decisively, it would create a springboard for bulls. Throughout the week, the level has persisted as resistance, despite repeated breakout efforts.
He continued, “We’re still chopping between $58,000 and $64,000, and that $64,000 region here is the critical range that we should be breaking over if we want to establish a new all-time high.”
He went on to say that if this happened, the next resistance zone would not be reached until Bitcoin had passed $72,000.
November was predicted to be a month of extremes, according to Cointelegraph, with a return to the mid-$50,000 range before closing on a high of $98,000.
Van de Poppe, on the other hand, doubted that $98,000 would be the “worst-case scenario” monthly close.
“I believe it will be difficult to reach that level, and I believe we are already understanding that the cycle will take longer than the previous four-year halves cycles,” he added.
For the apex of the cycle, January 2022 comes into play.
Meanwhile, the majority of respondents anticipate $288,000 would be reached before the start of 2022, according to a study conducted by PlanB, the company responsible for the minimum monthly closing series.
Bitcoin retests support, with a trader predicting a $55K price drop.
Survey on Bitcoin Price Predictions PlanB/Twitter is the source of this information.
While this may be difficult to believe at present levels, it is consistent with many findings that put 2021 in the same ballpark as earlier bull run years 2013 and 2017.
As a result, market players suggest that an order of magnitude gain for this four-year cycle’s peak cannot be ruled out.
“Mid-Dec to end-Jan remains my greatest likelihood window,” stated TechDev, a prominent Twitter account noted for similar comparisons, on Friday.
“Place your bets on the tale the cycle gives you until it tells you something different.”
A $300,000 cycle peak was previously characterized as “programmed” by TechDev.
The “bitcoin loss” is a problem that has been present for a while. The analyst believes that bitcoin will only need to break $64K before the price starts to rise once again.
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