The bulls are on the march once more and this time they’ve set their sights on a brand new all-time excessive for Bitcoin (BTC) value which is inside placing distance of the $67,000 stage.

Information from Cointelegraph Markets Pro and TradingView exhibits {that a} late-night surge on Nov. 7 catapulted the value to an intraday excessive at $66,557 and on the time of writing buying and selling quantity continues to extend as bulls try to safe a each day shut above $66,000.


BTC/USDT 4-hour chart. Supply: TradingView

Right here’s a have a look at what analysts are saying about at the moment’s rally and the place BTC value would possibly head within the short-term.

There’s only one ultimate resistance stage

Unbiased market analyst Rekt Capital posted the next chart highlighting his point-of-view that there’s “one ultimate resistance left earlier than BTC enters its parabolic section of the cycle.”

BTC/USD 1-week chart. Supply: Twitter

As seen within the above chart, the final main resistance stage standing in BTC’s manner is close to $67,000.

Perception into how lengthy this bullish breakout may maintain was offered by David Lifchitz, managing associate and chief funding officer at ExoAlpha, who indicated that Monday’s value motion is a transparent signal that “the bulls are in management and can most likely stay as such by year-end.”

A phrase of warning was provided by Lifchitz, nonetheless, because the saga that’s Mt. Gox may reassert its affect on the cryptocurrency market in 2022 and probably carry a halt to any bullish momentum.

Lifchitz mentioned,

“With the Mt.Gox liquidation looming someday in January on high of a traditionally weak quarter (Q1), the bears might take their revenge by then. That being mentioned, the bulls have taken over for now and I do not see any cause for them to show again, apart from the same old breathers, until there may be some drastic information on the regulation entrance which is at all times the wild card hanging over a bull market…”

“The squeeze” is simply starting

A second bullish tackle Monday’s value motion was offered by choices dealer and crypto Twitter analyst ‘John Wick’, who posted the next chart highlighting a squeeze get away into a significant resistance zone as BTC value approaches the “clear skies” above.

BTC/USD 1-day chart. Supply: Twitter

Wick mentioned,

“Squeeze breakout simply began & we’re nearly at ATH. After ATH no resistance left!”

Associated: Bitcoin flippens Tesla and Facebook — will Amazon be next?

Historic fractal suggests an approaching value spike

One ultimate perspective was provided by crypto analyst and pseudonymous Twitter person ‘TechDev’, who posted the next chart evaluating the value motion throughout earlier Bitcoin bull cycles to the present market.

Bitcoin value efficiency throughout 2013, 2017 and 2021 bull markets. Supply: Twitter

The present section of the market as in comparison with earlier cycles is highlighted by a yellow circle and the phrases “You Are Right here,” suggesting the chance {that a} parabolic blow-off-top may come throughout the subsequent couple of months for Bitcoin if the present cycle performs out in a similar way because the final two.

The general cryptocurrency market cap now stands at $2.877 trillion and Bitcoin’s dominance charge is 43.3%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially replicate the views of Each funding and buying and selling transfer includes danger, you must conduct your individual analysis when making a choice.