Coincidentally, Bitcoin (BTC) resumed its habit of rapid price increases on Nov. 24, with surprising momentum resulting in a fleeting journey above $57,400 for a limited period.
Analyst: 2021 still conforms to bullish pattern
During the day on Wednesday, data from Cointelegraph Markets Pro and TradingView revealed that the bitcoin/dollar pair was making erratic fluctuations within a familiar range.
Despite reaching highs of $57,875 on Bitstamp during the previous 24 hours, the pair was unable to maintain these levels for long as buyer support dwindled closer to the $60,000 resistance level.
In the midst of a generally dismal market environment, some have used the opportunity to draw attention to continued parallels between 2021 and earlier bull-market periods.
During the previous year, the popular Twitter account TechDev concentrated on Fibonacci levels and Bitcoin’s behavior around them — this year, so far, has followed the normal rubric exactly.
All 3 full #BTC cycles saw a “mid-cycle” bounce off the 1.272.
2013 faced resistance at the 1.55.
2017 faced resistance at the 1.618.
2021 faced it at both.
After this is historically when mania sets in. pic.twitter.com/VQ5bTQaY5H
— TechDev (@TechDev_52) November 24, 2021
Based on this estimate, it is predicted that the current cycle will reach a peak of around $300,000.
In prior comments, TechDev concurred that it was “nearly time” for Bitcoin’s relative strength index (RSI) to make a comeback of its own, with the price of the cryptocurrency following closely behind.
“So far, selling have appeared to be weak at the lows down here,” he wrote on Twitter.
Zcash outpaces top 10 crypto gains
While Bitcoin continued to play it safe, it was altcoins that made the most significant moves on Wednesday.
At the time of writing, Ether (ETH) was trading up 4.7 percent at $4,290, making it the best-performing cryptocurrency among the top ten cryptocurrencies by market capitalization.
With Zcash (ZEC) being the most notable outlier among major tokens following comments made on Twitter by Barry Silbert, the founder and CEO of investment company Digital Currency Group, the cryptocurrency experienced a 26 percent rise following his comments.
Bitcoin $BTC https://t.co/WcwqGRzlu1
— Barry Silbert (@BarrySilbert) November 24, 2021
Silbert, who is well-known for dropping hints about his upcoming purchases, sought to raise the price of Bitcoin on Wednesday, just before the recent jump.