On Nov. 24, Bitcoin (BTC) resumed its trend of unexpected price increases, with a short surge above $57,400.
2021 continues to follow a bullish pattern
During Wednesday, data showed BTC/USD making shaky swings within a similar range.
Over the last 24 hours, the pair achieved highs of $57,875 on Bitstamp, but they failed to hold as buyer support dwindled closer to the $60,000 barrier.
In the midst of an uninspired market, some saw an opportunity to draw parallels between 2021 and prior bull-market years.
TechDev, a popular Twitter account, focuses on Fibonacci levels and Bitcoin’s behaviour in relation to them. So far, this year has followed the normal guidelines to the letter.
Based on this research, the current cycle is expected to reach a high of $300,000.
TechDev previously stated that it was “nearly time” for Bitcoin’s relative strength index (RSI) to make a comeback, with price following suit.
Pentoshi, a fellow trader, concurred that $60,700 should be retrieved and held to build long positions.
“Sellers have been weak at the lows down here so far,” he said on Twitter.
Zcash outperforms the top 10 cryptocurrency gains
Altcoins saw more decisive moves on Wednesday than Bitcoin, which was playing a calm game.
Additionally, at the time of publishing, Ether (ETH) was trading at $4,290, up 4.7%, making it the best performer among the top ten cryptocurrencies in terms of market capitalization.
Silbert, who is famous for teasing his upcoming acquisitions, sought to raise the price of Bitcoin on Wednesday before the recent jump.