On November 26, the price of bitcoin dropped 5% in one hourly candle, triggering a brief panic in the cryptocurrency market. The fact that the world’s largest crypto currency sank below $ 53,500, a new monthly low, raised concerns about the situation. According to the analyst, the prolonged decrease throughout November disrupted the bullish attitude, and the low level of consolidation in the final few days did not help the image. Biraaj T, an analyst, expressed his thoughts on Bitcoin.
According to the analyst, the image in favor of the bull may continue after that and Bitcoin price in December may take a completely different direction after the end of November.
“The Chart Is Not As Bad As It Seems For Bitcoin,” says analyst.
The year 2021 will go down in history as a watershed moment for Bitcoin. The significance of this year became clearer as the Bitcoin price shattered records many times in an 11-month timeframe. However, it is important to note that there have been significant declines in the records in question. Leaving other periods of the year aside, the November drop is one of the most inconsequential movements seen thus far.
While Bitcoin’s price fell 21.8 percent from its all-time high this month, it fell 54 percent between May and July and 37.2 percent in September. These reductions, according to the analyst, prevented the BTC price from rebounding soon. As a result, the analyst believes that the November falls should not paint a bleak image.
Of course, whale investors were not inactive throughout this time. Willy Woo, a well-known Bitcoin expert, stated that owing to the price decline, whales made aggressive movements to grab BTC and withdraw these currencies out of circulation. Nayib Bukele was one of these whales, purchasing 100 Bitcoins.
According to the analyst, the chart below, while old, is still relevant in the current context. As the chart shows, the price of Bitcoin has managed to stay above its own barrier since the end of July. The level in question has been tested in both the September and November drops. However, owing to the bulls’ recent comeback, there was a 5% advance recently, and according to the expert, the aforementioned level was once again managed to be sustained.
BTC may now leave another bull trail if it breaks above its declining channel.