Bitcoin price is consolidating as it continues to trend sideways following its all-time high earlier this month. However, a technical pattern suggests that the retracement may soon be over, and the leading cryptocurrency’s next target appears to be at $88,000. After hitting a new all-time high in early November, analysts continue to bet on Bitcoin to double in value before the end of the year. Analyst Plan b believes that the flagship cryptocurrency will reach $98,000 by the end of November, and set a $135,000 target for December. Morgan Stanley also seems to be bullish on Bitcoin, as recent US Securities & Exchange Commission (SEC) filings reveal that it has increased its indirect exposure to the world’s largest cryptocurrency by market capitalization.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

The governing technical pattern suggests that Bitcoin price could be headed toward $87,912 next, tagging the upper boundary of the parallel channel, coinciding with the 161.8% Fibonacci retracement level.

However, before Bitcoin price is able to reach the optimistic target, BTC will confront its first hurdle at the 61.8% Fibonacci retracement level at $58,045. Conquering this level will see the flagship cryptocurrency aim for $61,168, where the 21- and 50-day Simple Moving Averages (SMA) meet.

Additional headwind will emerge at the 78.6% Fibonacci retracement level at $63,062, then at the middle boundary of the parallel channel at $66,433, corresponding to the resistance line given by the Momentum Reversal Indicator (MRI). The 127.2% Fibonacci retracement level could also act as the following hurdle for Bitcoin price at $77,578.

The MRI also printed a bottom signal on November 23, suggesting that Bitcoin price action is about to reverse the period of underperformance.

Bitcoin Expecting Support of Fundamentals

farhan fazal

Nov 25 2021