Bitcoin (BTC) was cut and reversed on November 18, but held a critical support level to preserve the possibility of new all-time highs.
$ 90,000 remains on the table
Data of Cointelegraph Markets Pro and TradingView it followed BTC / USD as it ranged between $ 59,000 and $ 60,000 on Thursday, with changes of $ 1,000 in minutes.
With the overall range of the pair getting narrower, the conversation turned to a possible "short pressure" entry to push its spot price to new higher levels.
"Based on the structure of the futures market, the funding rate and OI momentum trends are forming a perfect scenario for a 'short squeeze' scenario," said a contributor to on-chain analytics firm CryptoQuant. argument Wednesday.
"So the question is, what price range would act as a support level?"
A similar event occurred in late September when Bitcoin suddenly turned into a week of near-uncontrolled gains, surpassing $ 55,000.
For popular trader Crypto Ed, there was a chance that the lows of $ 58,400 from the past few days could be a more definitive bottom.
"Maybe it's a little early to post as the bottom may not be in yet, but I'm excited to see the next goals that don't seem that far off!" he risky Wednesday.
"In case you're right with the fund already or around $ 57k, the target is pretty much the same ... $ 90,000 and a little."
Analyst warns of investor complacency
Such price targets have become increasingly controversial as Bitcoin's bull run stalls below $ 70,000, with less than two weeks to go to PlanB's "worst case scenario" at the November close of $ 98,000.
Related: Bitcoin Holders Who Bought at $ 20K Refuse to Sell BTC at All-Time Highs - Latest Data
This week, PlanB reiterated the difference between that prediction and its stock-to-flow Bitcoin pricing models, and if it failed, the latter was intact.
To clarify: the November 98K prediction is NOT based on the S2F model but on my floor model.
As I said before (in tweets and latest podcasts), I use 3 models:
1) S2F
2) Soil model
3) Chain model
If, for example, the 98K Nov floor model prediction fails, that DOES NOT mean that S2F or chain fails. https://t.co/tj6SSwSzKR- PlanB (@ $ 100 trillion) November 17, 2021
However, in the short term, some felt that the market is not yet ready to withstand a further rise in BTC prices.
Highlighting the lack of "fear" in sentiment, trader and analyst Rekt Capital was sober on the likelihood of a full trend reversal.
"It doesn't seem like BTC investors are scared enough of the price for this pullback to end just yet," he said. warned.
"It is extreme fear that precedes maximum financial opportunity, not neutrality."
the Crypto Fear & Greed Index it stood at 54/100 on Thursday - "neutral" territory - having reached local highs of 84/100 on November 9.
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