Bitcoin has been consolidating around the Fib level that triggered its all-time high in 2013. The question is whether this will be a reversal or if it’s just another consolidation phase before an imminent breakout above $20,000.
Bitcoin has been consolidating right below the Fib level that triggered the 2013 all-time highs. The price is expected to bounce off this level and reach a new high in 2021. Read more in detail here: bitcoin fibonacci levels 2021.
On Nov. 7, Bitcoin (BTC) continued to trade sideways, despite warnings that now is “not the time” to sell the cryptocurrency.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
“Now is not the time to sell.”
BTC/USD remained at $62,000 on Sunday, according to data from Cointelegraph Markets Pro and TradingView.
Over the weekend, the pair remained flat as market players awaited indications of upward or downward volatility.
While there was a tangible sense of frustration as the week came to a conclusion, experts looking at longer periods and historical pricing trends cautioned.
“What happens when BTC is in a sideways trend, like it is right now? Coins are being exchanged between buyers and sellers. Buyers purchase a little amount. Sellers make a little profit “To Twitter followers, Rekt Capital stated.
“However, if you consider where $BTC will go in the next months, you’ll see that now is not the time to sell.”
Others looked for signals of bullishness in the weekly closing. A two-week closure above a key Fibonacci level for other prominent Twitter account TechDev would suggest BTC/USD was replicating its success over the previous two weeks.
“What completely sent 2013 was the closing of a 2-week candle above the 1.618. Right now, we’re consolidating below, “Saturday, he mentioned.
At the same time, as Cointelegraph observed, the price performance between 2017 and 2021 is uncannily comparable, firmly putting this year within historical norms.
A comparison between BTC and USD. Source: Twitter/TechDev
Attention is drawn to price highs and lows.
Beyond the immediate market movement, the attitude remained unquestionably favorable – not only for Bitcoin, but also for Ether (ETH), Solana (SOL), and other altcoins.
Bitcoin’s consolidation is ‘natural,’ according to analysts, who have set a price objective of $80K BTC.
ETH/USD continued to build on recent all-time highs amid sustained sky-high price expectations, while others in the top ten cryptocurrencies by market size maintained record peak levels.
BTC is about to explode.
The price of ETH is going to skyrocket.
Your shitcoin is most likely to rise in value.
November 6, 2021 — Galaxy (@galaxyBTC)
Only consumer interest trailed behind market pace, as it had done before. The absence of activity relating to price action was emphasized by Google Trends data for “Bitcoin.”
Search activity for “Bitcoin” on Google. Google Trends is the source of this information.
Bitcoin has consolidated right below the Fib level that triggered its all-time highs in 2013. The cryptocurrency is now trading at $6,600. Reference: whats btc all-time high.
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