BTC rate: what are the analysts saying?

The current situation on the BTC market

Bitcoin (BTC) fell from $ 13,737 to $ 13,550 during yesterday's session, a change of $ 187 or 1.4%, according to CoinMarketCap data. At the time of publication, the price of BTC is $ 13,510, approximately a 0.1% drop during the day and 2% from the beginning of November.

The slight decline followed last month's increase of 28%, which ended on Saturday with a 33-month high of $ 14,028. Interestingly, it happened exactly 12 years after the Bitcoin white paper was published by its creator - Satoshi Nakamoto.

It seems that the temporary drop in prices did not affect the sentiment among cryptocurrency users. Optimism in the BTC market remains high - it follows from the Crypto Fear & Greed Index, which continues to signal greed.

Chart for the Bitcoin cryptocurrency (BTC). Range: 7 days. Source: coinmarketcap.com

BTC rate: what's next?

According to some analysts, the recent failed break, combined with continued volatility in traditional markets, could lead to a major drop in the price of the main cryptocurrency in the short term. However, a price crash seems unlikely.

Rakesh Upadhyay, a Cointelegraph analyst, says in the short term the bulls may make one more attempt to raise the price of Bitcoin above the 13,973-14,102 resistance zone. "If they succeed, the uptrend could resume," which could open the way towards the $ 16,500 level.

Michael van de Poppe writes in turn that the likelihood of a new bull cycle has increased significantly in recent times as "Bitcoin's price continues to hit new higher highs and higher lows." According to the analyst, breaking through the resistance zone around the level of USD 14,000 would initiate further appreciation towards the next obstacle of USD 16,500-17,000.

"These two levels are the last obstacles to a possible new all-time high," van de Poppe believes. On the other hand, it is possible to retest the $ 11,400-11,800 area before increasing further.

He explains, "the beginning of a new bull cycle is usually accompanied by periods of accumulation during which previous resistance zones are retested and confirmed as support."