The bulls are on the move again, targeting a new all-time high for the price of Bitcoin (BTC) this time around, surprisingly far from the $ 67,000 mark.
Data from Cointelegraph Markets Pro and TradingView show that an overnight spike on November 7th catapulted the price to an intraday high of $ 66,557 and At this point in time, trading volume continues to rise as the bulls attempt to hit a daily close above $ 66,000.
Here’s a look at what analysts are saying about today’s rally and where the price of BTC could head in the short term.
There is only one final level of resistance
The independent market analyst Rect capital released The chart below underscores his view that “there is the last resistance left before BTC enters its parabolic phase of the cycle”.
As can be seen in the graphic above, the last major level of resistance that stands in the way of BTC is at $ 67,000.
David Liftchitz, Managing Partner and Chief Investment Officer of ExoAlpha informed about how long could this bullish breakout last who have indicated that Monday’s price move is a clear sign that “The cops are in control and will likely remain cops until the end of the year.”
Lifchitz, however, offered a warning, pThe Mt. Gox saga could reaffirm its impact on the cryptocurrency market in 2022 and possibly stop any upward momentum.
â € œWith the Mt.Gox sell-off sometime in January, in addition to a historically weak quarter (Q1), the bears could take revenge by then. That being said, the cops have taken over for the time being and I see no reason for them to turn around except for the usual breather unless there is drastic news on the regulatory front, which is always the wild card overhanging a bull market … “
The “strangulation” has only just begun
An upbeat second look at Monday’s price action was provided on Twitter by the options trader and cryptocurrency analyst. ‘John Wick’, the released The chart below shows a choke break towards a major resistance zone as the price of BTC approaches the “clear skies” above.
“The choke outbreak has only just begun and we are almost at ATH. After ATH there is no more resistance!”
Historical fractal suggests an imminent price spike
The cryptanalyst and Twitter user offered a final perspective TechDev, the released the graph below compares the price movement during Bitcoin’s previous bull cycles to the current market.
The current phase of the market versus previous cycles is highlighted by a yellow circle and the words “You Are Here”, suggesting the possibility of a parabolic breakout for Bitcoin in the coming months if the current cycle develops similarly to the last two.
The global market capitalization of cryptocurrencies is currently $ 2.877 trillion and the dominance index of Bitcoin is 43.3%.
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