The cryptocurrency market saw a boost in sentiment after the price of Bitcoin (BTC) surged above $ 58,000 in a long-awaited move that rejuvenated traders who have been eagerly awaiting the resumption of the uptrend. .

4-hour chart of the BTC / USDT pair. Source: TradingView

Here’s a look at what analysts and traders are saying about today’s price action and whether Bitcoin is likely to rally to $ 6.

A retest of $ 60,000 is “on the horizon”

Bitcoin’s sudden move to $ 58,000 may have caught some traders off guard, but according to the independent market analyst and Cointelegraph contributor, Michaël van de Poppe, the current price action is going as expected.

3 Reasons Traders Expect Bitcoin to Hit $ 60,000 Again Before the End of November
4-hour chart of the BTC / USD pair. Source: Twitter

According to van de Poppe, after Sunday’s peak above $ 57,000, “A change in the $ 56,000 area is preferable” to establish a higher support level that would be followed by a further price breakout.

van de Poppe said,

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

BTC is set for a strong monthly close

The pseudonymous Twitter analyst, “Rekt Capital” suggested that the November price action for BTC is further proof of the support zone recently established near $ 58,750.

3 Reasons Traders Expect Bitcoin to Hit $ 60,000 Again Before the End of November

“Nunya Bizniz” shared similar bullish sentiments on the monthly price of Bitcoin, who public The charts below outlining key support levels to watch out for as November draws to a close.

3 Reasons Traders Expect Bitcoin to Hit $ 60,000 Again Before the End of November
1-month chart of the BTC / USD pair. Source: Twitter

The analyst said:

“The month closes tomorrow. A close above these two levels should be bullish. “

Comparisons with previous bull cycles

The analyst and pseudonymous Twitter user “Techdev “provided a look at how the current price movement seen in BTC compares to previous bull markets, who posted the following tweet analyzing the price action of Bitcoin in 2017 compared to now, as well as the 1970 price action for gold.

As discussed in the tweet, current price projections put Bitcoin’s price at $ 150,000 in late December 2021 and $ 200,000 in early February 2022. The analyst further suggests that the price could exceed $ 250,000 in early February 2022 if it follows a similar price pattern to that seen in gold in the 1970s.

Read:  PlanB's pricing model misses the monthly close of BTC, cryptocurrencies with upside potential, follows the metaverse fever and the end of the corrective phase of the crypto market

The total cryptocurrency market capitalization currently stands at $ 2.609 trillion and Bitcoin’s dominance index is 42.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade move involves risk, you should do your own research when making a decision.

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