We have come to the end of November and it has not been like the rising periods of the past. This November has been one of the worst of the bullish year compared to previous cycles. Investors panicked in altcoins as the king cryptocurrency suddenly dropped by tens of thousands of dollars. However, risk appetite has been recovering since yesterday. So what are analysts’ current market readings?
Will Bitcoin Reach $100,000?
100 thousand dollars is a frightening level in the rise but a promising level in the fall. What price zones mean in investors’ minds changes periodically. For example, while 91 thousand dollars was a difficult dream to achieve in 2021, today it is an important support point that must be protected. Michael Poppe of BTC He says that it is approaching the shaded area below and if it breaks, it will return to six-digit levels again.
“Here we go. A very important level is approaching for BTC. If this level is broken, Bitcoin
$91,270.62 It will rise to $100,000 again. All in all, a pretty strong upward bounce. I would like to see some consolidation here before breaking through this resistance level.
A retest of $88,000 would not be a problem, but if this level is broken, the chances of a low increase significantly. The cycle is not over yet.”
Cryptocurrencies Important Levels
Poppe is hopeful and Phoenix thinks we can see good days again with the recovery of the 93 thousand to 96 thousand dollar range. In terms of investor costs, gaining and maintaining these levels means a decrease in selling pressure. Therefore, the effect of the new demand on the price becomes evident and the rise occurs more easily. As a matter of fact, Anıl also says that the negativity on the Coinbase Premium side is now almost neutral, meaning that we may soon feel the support of the US investor.
Sharing the graphic above, Phoenix reminded us of May.
“For me, the $93-$96k range is KEY. It was the turning point in May when we got over $100k and stayed there. Also, of BTC That’s where it stalled for a while after falling below $100k recently. And of course the broader Gold Pocket resistance.”
Finally, Jelle says that the recovery may continue as the daily MACD has entered an upward trend. Like many other analysts, his eyes are on the threshold of 93 thousand dollars, while BTC is at the threshold of 91,400 dollars at the time of writing.
