On Nov. 17, Bitcoin (BTC) bounced at the pivotal $58,400 level amid volatile price movement.
Analyst: This isn’t the “real” bear market
According to data from Cointelegraph Markets Pro and TradingView, the Bitcoin/USD pair reversed quickly after reaching its fourth wick below $59,000 in less than 24 hours.
The $58,400 level had been declared a critical line in the sand for bulls on Tuesday, and it was imperative that it be maintained in order to avoid more losses.
Following the retest, Bitcoin swiftly regained its previous high of $60,000, reaching a new high of $60,890 on the Bitstamp exchange.
“The genuine Bitcoin Bear Market will not occur for several months,” a bullish Rekt Capital said.
Pentoshi, a fellow trader, predicted a recovery to a zone between $62,000 and $63,000 “within the next 1-3 days,” but also advocating caution in the face of current swings.
One thing to not lose sight of. Corrections like this happened in 2017 constantly. And one in every month from January to May on alts. Where else can you get these wild swings? Have to have a healthy mindset and view it as opportunity https://t.co/bIrvq3TC6S
— Pentoshi Won’t Dm You. hates Dm’s. DM’s are scams (@Pentosh1) November 17, 2021
With the comparisons to prior bull markets still very much in the forefront of people’s minds, the Twitter account TechDev estimated that Bitcoin in 2021 is behaving almost exactly like it did in 2017, although with a slight delay.
As part of his latest assessment, he stated that Pennsylvania has been 5-8 days behind the 2017 calendar year since July.
If Bitcoin’s relative strength index (RSI), which is a critical feature in bull cycles, is able to return above a trendline it lost during this week’s drop, a price objective of $80,000-$90,000 by the end of November is still achievable, he added.
Tesla gains as altcoins stay flat
The range sort of price movement, on the other hand, was seen across a number of significant altcoins.
In the 24 hours leading up to the time of writing, none of the top ten cryptocurrencies by market capitalization had major increases or decreases in value.
Ether (ETH) was virtually unchanged at roughly $4,230, while other cryptocurrencies cooled after suffering weekly losses of 10-15 percent.
Following its drop to new lows on Monday, which coincided with the collapse of Bitcoin and other cryptocurrencies, Tesla (TSLA) appeared to be on its way to extending its comeback.