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According to analysts, it is ‘almost time’ for a rally in the price of Bitcoin

On November 24, Bitcoin (BTC) continued its pattern of sudden price spikes when sudden momentum resulted in a brief visit above $ 57,400.

BTC / USD hourly chart (Bitstamp)
BTC / USD (Bitstamp) hourly chart. Source: TradingView

Analyst: 2021 still follows the bullish pattern

Data from Cointelegraph Markets Pro and TradingView show that BTC / USD tracked undecided moves within a familiar range on Wednesday.

Over the past 24 hours, the pair has hit a high of $ 57,875 on Bitstamp, which has not held up for long as buyer support weakens as the resistance at $ 60,000 approaches.

In an overall uninspiring market environment, some took the opportunity to highlight the similarities between 2021 and previous bull markets.

Analyst TechDev focused on the Fibonacci levels and the behavior of Bitcoin around them, noting that this year, so far, it has exactly replicated the historical pattern.

“All 3 cycles of BTC have seen a“ mid-cycle ”rebound from Fib 1.27. After that, 2013 faced resistance at 1.55. 2017 faced resistance at 1.618. 2021 faced resistance at both levels. Historically, the craze begins after these levels. “

This analysis presents a forecast of the current cycle high at approximately $ 300,000.

In previous comments, TechDev agreed it was “almost now”Of a recovery in Bitcoin’s relative strength index (RSI), followed by that of the price.

Well-known trader Pentoshi, meanwhile, he confirmed he believes the $ 60,700 needs to be regained and defended in order to plan long positions.

So far sellers have looked weak at these lows,”He explained to his followers on Twitter.

Zcash exceeds earnings in the top 10 crypto

While Bitcoin remains flat, altcoins are making more decisive moves on Wednesday.

Related: SAND earns 260% in November ahead of launching a play-to-earn metaverse

Ether (ETH) currently stands at $ 4,290 after growing 4.7%, the most positive performance in the top 10 cryptocurrency by market cap.

ZEC / USD hourly chart (Coinbase)
ZEC / USD hourly chart (Coinbase). Source: TradingView

A notable exception among the large altcoins was Zcash (ZEC), which climbed 26% after i comments on Twitter of Barry Silbert, founder and CEO of the investment giant Digital Currency Group.

Known for his suggestions on upcoming potential purchases, Silbert tested a theory on Wednesday by trying to push Bitcoin’s price up before the most recent peak.

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Zach Shipman

Zach is 47 years old and writes gaming technology and entertainment news for us. Every news of him is very true, so he is our writer. Suhail has 5 years of writing experience. Zach Email: zach@d1softballnews.com

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