Bitcoin sees fresh split-second spikes as analysts say ‘almost time’ for BTC uptick

Bitcoin is still conforming to classic bull market years but a BTC rebound needs to reclaim $60,000 and higher, says trader.
William Suberg
Posted by William Suberg November 24, 2021 2 Mins Read
Bitcoin is still conforming to classic bull market years but a BTC rebound needs to reclaim $60,000 and higher, says trader.

Bitcoin (BTC) continued its pattern of sudden price spikes on Nov. 24 as sudden momentum produced a brief trip above $57,400.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Analyst: 2021 still conforms to bullish pattern

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD making skittish moves within a familiar range during Wednesday.

The pair reached highs of $57,875 on Bitstamp over the past 24 hours, these failing to hold for long as buyer support still waned closer to $60,000 resistance.

Amid an overall uninspiring market environment, some took the opportunity to highlight ongoing similarities between 2021 and previous bull-market years.

Popular Twitter account TechDev focused on Fibonacci levels and Bitcoin’s behavior around them — this year, so far, has conformed exactly to the standard rubric.

That analysis feeds into a prediction of the current cycle topping out at around $300,000.

In previous comments, TechDev agreed that it was “almost time” for Bitcoin’s relative strength index (RSI) to see a comeback of its own, with price following.

Fellow trader Pentoshi, meanwhile, confirmed a belief that $60,700 should be reclaimed and held in order to plan long positions.

“So far sellers have seemed weak at the lows down here,” he told Twitter followers.

Zcash outpaces top 10 crypto gains

As Bitcoin played a cool game, it was altcoins seeing more decisive moves during Wednesday.

Related: Sandbox token SAND rallies 260% in November ahead of play-to-earn metaverse launch

Ether (ETH) traded up 4.7% at the time of writing at $4,290, the strongest performer in the top 10 cryptocurrencies by market capitalization.

ZEC/USD 1-hour candle chart (Coinbase). Source: TradingView

A noticeable outlier among major tokens was Zcash (ZEC), which gained 26% after Twitter comments from Barry Silbert, founder and CEO of investment giant Digital Currency Group.

Known for hinting at his potential next purchases, Silbert also attempted to hike the price of Bitcoin Wednesday before the latest spike.

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