{"id":156724,"date":"2021-11-05T18:57:52","date_gmt":"2021-11-05T13:27:52","guid":{"rendered":"https:\/\/www.www.bullfrag.com\/bitcoin-only-needs-to-break-above-64000-to-hit-new-all-time-highs-says-analyst\/"},"modified":"2021-11-14T00:09:35","modified_gmt":"2021-11-13T18:39:35","slug":"bitcoin-only-needs-to-break-above-64000-to-hit-new-all-time-highs-says-analyst","status":"publish","type":"post","link":"https:\/\/www.bullfrag.com\/bitcoin-only-needs-to-break-above-64000-to-hit-new-all-time-highs-says-analyst\/","title":{"rendered":"Bitcoin only needs to break above $ 64,000 to hit new all-time highs, says analyst"},"content":{"rendered":"
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Bitcoin (BTC) remained in range on November 5, as a new analysis argued that hitting $ 64,000 would produce a new all-time high.<\/strong><\/p>\n


Daily candlestick chart for the BTC \/ USD pair (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n

“So Close Yet So Far” From All-Time Highest BTC Price<\/h2>\n

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

After several days of such movements, analysts’ focus remained firmly on altcoins<\/strong>, as multiple tokens continued to climb to new all-time highs.<\/p>\n

However, for the Cointelegraph contributor, Micha\u00ebl van de Poppe, it would take surprisingly little for BTC price action to turn bullish.<\/strong><\/p>\n

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<\/strong>. The level has held as resistance throughout the week, surviving multiple breakout attempts.<\/p>\n

“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.”<\/strong>, summarized.<\/p>\n

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

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.<\/p>\n

For van de Poppe, however, the probability that $ 98,000 would be the \u201cworst case\u201d monthly close now seemed unlikely.<\/strong><\/p>\n

“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.”<\/strong>, said.<\/p>\n

January 2022 comes into play for the upper cycle<\/h2>\n

Meanwhile, a poll<\/a> 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.<\/strong><\/p>\n<\/p>\n

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Bitcoin price prediction survey. Source: PlanB \/ Twitter<\/em><\/figcaption><\/figure>\n

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.<\/strong><\/p>\n

As such, an order of magnitude increase cannot be ruled out for the maximum of this four-year cycle<\/strong>market participants argue.<\/p>\n

“Mid-December to late January is still my highest probability window”<\/strong>, wrote<\/a> on Friday the popular Twitter account TechDev, known for such comparisons.<\/p>\n

“Bet on the story that the cycle tells you until it tells you a different one.”<\/p><\/blockquote>\n

TechDev previously described a top cycle of up to $ 300,000 as “scheduled.”<\/p>\n

Keep reading:<\/strong><\/span><\/p>\n<\/div>\n