The bulls marched again, and this time they set their sights on Bitcoin’s all-time high (Bitcoin) The price is near the $67,000 level.
Data from Cointelegraph Markets Pro with Transaction view Shows that the late night surge on November 7 pushed the price to an intraday high of $66,557. At the time of writing, trading volume continued to increase as the bulls tried to ensure that the daily closing price was above $66,000.
The following are analysts’ views on today’s rebound and where the BTC price may go in the short term.
There is only one final resistance level
Independent market analyst Rekt Capital Post The chart below emphasizes his point that “before BTC enters the parabolic phase of its cycle, there is one final resistance left.”
As shown in the chart above, the last major resistance level for BTC is close to $67,000.
David Lifchitz, ExoAlpha’s managing partner and chief investment officer, provided insights into how long this bullish breakout could last. He said Monday’s price action was a clear sign that “the bulls are in control In, and may remain in this state a year ago-the end.”
However, Lifchitz issued a warning because the legend of Mt. Gox may re-establish its influence on the cryptocurrency market in 2022 and may prevent any bullish momentum.
“With the Mt.Gox liquidation imminent sometime in January above the historically weak quarter (first quarter), the bears may then retaliate. Having said that, the bulls have now taken over, except for the usual respite. , I don’t think they have any reason to turn back, unless there is some fierce news on the regulatory front, which always hangs above the bull market…”
The “run” has just begun
Options trader and crypto twitter analyst “John Wick” provided a second bullish view on Monday’s price movements. He Post The chart below highlights that as the BTC price approaches the “clear sky” above, the squeeze breaks into the main resistance zone.
“The squeeze breakthrough has just begun, we are almost ATH. There is no resistance after ATH!”
Historical fractals indicate impending price spikes
The last point is provided by a crypto analyst and pseudonymous Twitter user “TechDev”, who Post The chart below compares the price movements of the previous Bitcoin bull market cycle and the current market.
Compared with the previous cycle, the current market phase is highlighted with a yellow circle and the words “You are here”, which indicates if the current cycle is proceeding in a similar way to the previous two.
The overall cryptocurrency market value is now $2.877 trillion, and Bitcoin’s dominance rate is 43.3%.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.