Bitcoin only needs to break above $ 64,000 to hit new all-time highs, says analyst

Bitcoin only needs to break above $ 64,000 to hit new all-time highs, says analyst

Bitcoin (BTC) remained in range on November 5, as a new analysis argued that hitting $ 64,000 would produce a new all-time high.


Daily candlestick chart for the BTC / USD pair (Bitstamp). Source: TradingView

“So Close Yet So Far” From All-Time Highest BTC Price

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair attracted little attention as it tracked sideways around $ 61,000.

After several days of such movements, analysts’ focus remained firmly on altcoins, as multiple tokens continued to climb to new all-time highs.

However, for the Cointelegraph contributor, Michaël van de Poppe, it would take surprisingly little for BTC price action to turn bullish.

In your last YouTube update of the day, van de Poppe argued that $ 64,000 would provide a springboard for the bulls if BTC / USD convincingly outperforms it. The level has held as resistance throughout the week, surviving multiple breakout attempts.

“We’re still cutting between $ 58,000 and $ 64,000, and that $ 64,000 area here is the crucial area that we should go through if we are to hit a new all-time high.”, summarized.

He added that if such an event were to occur, the next resistance zone would not come until Bitcoin has settled $ 72,000.

As Cointelegraph reported, November was already expected to be a month of extremes, including a return to the mid-zone of $ 50,000 before ending at a high that could top $ 98,000.

For van de Poppe, however, the probability that $ 98,000 would be the “worst case” monthly close now seemed unlikely.

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“I think it’s going to be quite difficult to get to that level, and I think we might be realizing that the cycle could take longer than the previous four-year halving cycles.”, said.

January 2022 comes into play for the upper cycle

Meanwhile, a poll of PlanB, responsible for the minimum monthly closing series, revealed that the majority of those surveyed believe that $ 288,000 will arrive before the start of 2022.

Bitcoin only needs to break above $ 64,000 to hit new all-time highs, says analyst
Bitcoin price prediction survey. Source: PlanB / Twitter

While perhaps difficult to imagine at current prices, this is related to multiple observations, which place 2021 completely in line with previous bullish years 2013 and 2017.

As such, an order of magnitude increase cannot be ruled out for the maximum of this four-year cyclemarket participants argue.

“Mid-December to late January is still my highest probability window”, wrote on Friday the popular Twitter account TechDev, known for such comparisons.

“Bet on the story that the cycle tells you until it tells you a different one.”

TechDev previously described a top cycle of up to $ 300,000 as “scheduled.”

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