Bitcoin retests support, with trader forecasting BTC price dip to $55K

The odds are on for a contemporary Bitcoin price dip, and Ether could take part, evaluation warns.

Bitcoin retests support, with trader forecasting BTC price dip to $55K

Bitcoin (BTC) denied bulls their huge break on Nov. 4 as sideways motion dragged the market ever nearer to $60,000.

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BTC hodlers in “buy the dip” mode

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD again under $62,000 at 8 am UTC.

The pair noticed a troublesome 24 hours after hitting native highs above $64,000, lastly bouncing at $60,000 in a short however vital dip. 

While some steered the price motion was a present to traders wanting to add to their BTC stash earlier than additional upside, analysts have been extra centered on longer timeframes.

“BTC retest has been successful for three weeks in a row thus far,” Rekt Capital famous in regards to the energy of the $60,000 mark.

“It’s unfolding exactly as I expected: BTC completed its bounce to 64k and ETH’s cycle reached 4600+,” fellow analyst Crypto Ed, in the meantime, stated in a extra cautious word on present price strikes.

“Pulling back now, has to be seen if we indeed go that deep. When right, BTC to ~55k and ETH 37-3800.”

While unpalatable as an consequence, a visit to the $50,000 vary has lengthy been on the desk — with Bitcoin nonetheless in a position to hold its general bullish trajectory in consequence.

Altcoin all-time highs hold coming

Altcoins, in the meantime, continued to tag-team to hit new all-time highs in a curious departure from Bitcoin’s uninspiring short-term efficiency.

Related: Friday’s $540M Ethereum choices expiry favors merchants with targets at $5K

On Thursday, it was the flip of Ether (ETH) to cool from its new peak, whereas Solana (SOL) surged greater to outperform the remainder of the highest 10 cryptocurrencies by market capitalization.

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Polkadot (DOT) additionally returned after consolidation Wednesday, hitting $54.55 to mark an additional file of its personal.

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Alex Sanders/ author of the article

Expert in marketing and investment project management, financial analyst. Cryptocurrency trader, private consultant, as well as the author of a number of analytical articles on effective work in the cryptocurrency market.

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