Bitcoin (BTC) continued its trend of sudden price spikes on November 24 as a sudden momentum produced a brief trip above $ 57,400.
Analyst: 2021 is still in line with the uptrend
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD making skittish moves within a familiar range on Wednesday.
The pair has reached highs of $ 57,875 on Bitstamp in the past 24 hours as these did not hold for long with buy support still approaching the resistance of $ 60,000.
In a largely uninteresting market environment, some took the opportunity to point out the ongoing similarities between 2021 and previous bull market years.
The popular TechDev Twitter account has focused on Fibonacci levels and Bitcoin’s behavior around them – this year, so far, has followed the standard rubric exactly.
The 3 full #BTC cycles saw a “mid-cycle” rebound on the 1.272.
2013 faced resistance at 1.55.
2017 faced resistance at 1.618.
2021 faced him at both.
After that is historically when mania sets in. pic.twitter.com/VQ5bTQaY5H
– TechDev (@ TechDev_52) November 24, 2021
This analysis feeds into a current cycle forecast reaching $ 300,000.
In previous comments, TechDev agreed that it was “almost time” for Bitcoin’s Relative Strength Index (RSI) to see its own comeback, with the price following.
Meanwhile, the Pentoshi trader confirmed a belief that $ 60,700 should be recovered and held in order to plan long positions.
“So far sellers have looked low at the lows here,” he told Twitter followers.
Zcash Surpasses Top Ten Crypto Gains
While Bitcoin was playing a cool game, it was altcoins that saw more decisive moves on Wednesday.
Related: Sandbox SAND Token Raises 260% In November Ahead of Play-to-Earn Metaverse Launch
Ether (ETH) traded up 4.7% at time of writing to $ 4,290, the best performing of the top ten cryptocurrencies by market cap.
A notable outlier among the major tokens was Zcash (ZEC), which gained 26% after Twitter comments by Barry Silbert, founder and CEO of investment giant Digital Currency Group.
Bitcoin $ BTC https://t.co/WcwqGRzlu1
– Barry Silbert (@BarrySilbert) November 24, 2021
Known for hinting at his next potential buys, Silbert also attempted to raise the price of Bitcoin on Wednesday before the last spike.