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Price Analysis

Bitcoin on a Tear, BTC/USDT May Break $67k



Whats next for Bitcoin Cover (2)

Bitcoin shoulders the crypto market. About right now, there is a lot of expectation from the broader community.

Traders want more.

$60k is not enough, and breaking above $67k might spark interest. At least that’s how the crypto market and sentiment across the board reveal.

Bitcoin Market Performance and Price Status

Presently, BTC prices are above H1 2021 highs of $64k, soaring to registering over $65k and likely to break $67k, adding more interest to the cryptocurrency.

Considering how steady prices have been and market confidence in the past few weeks following the approval of the Bitcoin Futures ETF by the SEC, every low represent entries for aggressive traders.

Bitcoin Daily Price Chart for November 8

The $67k level might be a level of interest for the risk-averse. However, there may be interest at present following the high volume surge above $64k which, without a doubt, is sparking demand, driving prices higher.

Following sharp gains on November 7 and the follow-through early Asian session, the immediate resistance lies at all-time highs. A break above that mark would be the foundation for another leg up towards $96k or six digits for Bitcoin prices—a record.

Visible from the chart, the BTC/USDT price is within a bullish breakout pattern, clearing $64k—shifting price action to favor buyers.

On the lower end, Bitcoin bulls have support at $58k. An unlikely dip—considering the trend of events—below $58k may be the beginning of a heavy correction back to $53k—the 38.2 percent Fibonacci retracement of the H2 2021 trade range.

Bitcoin History on Repeat, Path to $130k

On the daily chart, one trader on Twitter thinks there is an uncanny similarity between the current BTC/USDT setup with that of early 2020.

The brief consolidation at around $20k eventually broke upwards, lifting the coin to $64k before the recoil.

The same observation and near replica price action could see BTC prices blast once more to new all-time highs. Currently, BTC/USDT prices are breaking out after periods of lower lows inside a bull flag.

This series of lower lows became the base of the current swing that’s likely to lift BTC to $67k and even new all-time highs.

Per the trader’s forecast, the BTC price will build on the recent consolidation to blast above recent highs before soaring to $100k in upcoming sessions.

Bitcoin to $70k

On Trading View, another trader thinks Bitcoin prices will soar to $70k in the medium term.

Bitcoin Prices to $70k

However, there must be a solid close above the primary resistance line at $67k for this to be validated.

Currently, BTC/USDT remains bullish trading within a breakout pattern above the wedge, a foundation for an upswing that will take the coin to $70k.

Bitcoin Signs of Strength, back to $67k

One trader on YouTube thinks Bitcoin is at a critical juncture despite the solid gains over the weekend.

The analyst observes that while BTC/USDT prices inched higher, resulting in a market structure favoring buyers, trading volumes has been markedly low in lower time frames. Notably, the trader explains that the upswing, especially in the 1HR chart, has been with comparatively low participation levels to warrant longs.

Nonetheless, a close above $67k, he says, would be the foundation for more gains in the weeks ahead as BTC break away from the consolidation despite lower trading volumes.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!