The flagship cryptocurrency was reduced to the lowest price in months in the aftermath of the latest COVID variant scare. However, technical analysts claim that bullish sentiment is developing for the top coin based on several indicators. The independent crypto market analyst Michael Van De Poppe recently shared that owning to the boost in sentiment towards BTC price, a $60K retest is highly likely to happen.
Van De Poppe claims that many BTC investors seem surprised by the price action reaching below $58K, but according to technical indicators, the price action is within the expectations. He further added that a new flip around the $56K level is going to launch Bitcoin into a new bullish development route that will result in a higher support level development and a significant price breakout.
Rekt Capital is an independent and pseudonymous cryptocurrency market analyst posting regular updates about Bitcoin on Twitter. The analyst recently claimed that Bitcoin has managed to develop a new retest support zone at $58K. The analysis by Rekt Capital is in agreement with the observation shared by Michael Van De Poppe.
Further elaborating his position, Rekt Capital claimed that October was a month for massive price breakouts for Bitcoin. Meanwhile, November has been a month for the retest candle of new support for the top coin. Another market analyst who goes by the pseudonymous Nunya Bizniz reiterated the claim that investors should keep an eye on the November close, adding that a two-level ascend could be a major bullish development.
Cryptocurrency market analyst who goes by the name TechDev has recently posted some interesting updates on his Twitter account. The analyst has ventured to share the price of Bitcoin for 2017 during December and February. The third price that TechDev added as a comparison was the Gold price during the 1970s.
According to the recent projections, Bitcoin is poised to gain $150K to $200K during February in the next year. However, if the price movement of flagship cryptocurrency can retrace the 1970 Gold market patterns, it can reach as high as $250K in the second month of 2022. Investors need to accumulate more information regarding the cryptocurrency markets to make the best decisions.