{"id":370921,"date":"2021-11-23T01:00:00","date_gmt":"2021-11-22T22:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/analysts-pinpoint-bull-and-bear-scenarios-as-bitcoin-price-dips-below-56k\/"},"modified":"2021-11-23T01:00:00","modified_gmt":"2021-11-22T22:00:00","slug":"analysts-pinpoint-bull-and-bear-scenarios-as-bitcoin-price-dips-below-56k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/analysts-pinpoint-bull-and-bear-scenarios-as-bitcoin-price-dips-below-56k\/","title":{"rendered":"# Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3fe4ec7218f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3fe4ec7218f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-pinpoint-bull-and-bear-scenarios-as-bitcoin-price-dips-below-56k\/#Keep_an_eye_on_the_monthly_close\" >Keep an eye on the monthly close<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-pinpoint-bull-and-bear-scenarios-as-bitcoin-price-dips-below-56k\/#Mt_Gox_trustee_to_distribute_145000_BTC\" >Mt. Gox trustee to distribute 145,000 BTC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/analysts-pinpoint-bull-and-bear-scenarios-as-bitcoin-price-dips-below-56k\/#Historical_analysis_suggests_Bitcoin_price_may_have_bottomed\" >Historical analysis suggests Bitcoin price may have bottomed<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Cooler heads are calling for a collective deep breath and a step back to see the long-term outlook for the future of Bitcoin (BTC) price and the wider crypto market, but today&#8217;s drop back under $56,000 is raising eyebrows among traders.<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that after starting the week near $60,000, several days of bears hammering the price of Bitcoin resulted in a revisit to $55,600.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/bd00e1d0-5dd7-4ea5-92f9-3529edc59f2c.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s what analysts have to say about the latest price action from Bitcoin and what to look out for in the days ahead. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Keep_an_eye_on_the_monthly_close\"><\/span>Keep an eye on the monthly close<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A closer look at the monthly price action for Bitcoin was discussed by independent market analyst \u2018Rekt Capital\u2019, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1461712052553199617\">posted<\/a> the following chart showing that BTC is close to reclaiming an important monthly close level near $58,728. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/3274aed8-4366-4f26-ab56-c78f38a1bffa.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1- month chart. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>According to Rekt Captial, the price action for BTC has been \u201cpromising\u201d thus far and is now \u201creally close to reclaiming this monthly level as support (green),\u201d but the analys cautioned that there could still be plenty of volatility in the near term as the market closes out the month of November. <\/p>\n<p>Rekt Capital said, <\/p>\n<blockquote><p>\u201cBut it&#8217;s important to note that BTC could still easily see-saw like this for the remainder of the month. Monthly close is what matters.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Mt_Gox_trustee_to_distribute_145000_BTC\"><\/span>Mt. Gox trustee to distribute 145,000 BTC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Insight into the possible reasons behind the pullback was offered by David Lifchitz, managing partner and chief investment officer at ExoAlpha, who pointed to the Nov. 16 announcement that the trustee of Mt. Gox that will distribute around 145,000 BTC to retail investors who had purchased them on the exchange between 2013 and 2015. <\/p>\n<p>Lifchitz highlighted concerns some have that many of these \u201cmom \u2018n pop investors\u201d who stand to \u201creceive a windfall in the near future\u201d due to BTC being 100 times higher than their original purchase price \u201cwill probably cash them out at any price, which will probably hit pretty hard the market when the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> of the effective distribution will break.\u201d<\/p>\n<p>As for now, Lifchitz feels that \u201cthe selloff seems to be over at the $57,000 to $58,000 support level,\u201d and looks \u201cready to reach again toward $63,000 and above in the next few days.\u201d <\/p>\n<p>But caution is warranted moving forward, according to Lifchitz, as the threat of a future sell-off once the Mt. Gox BTC are released.<\/p>\n<p>Lifchitz said, <\/p>\n<blockquote><p>\u201cHowever, that Mt.Gox is a Damocles sword above the market&#8217;s head, and I don&#8217;t see BTC going to $100,000 next month with that threat hanging. Whales have been holding tight, but haven&#8217;t bought much more. I guess they are well aware of the Mt.Gox upcoming drama and are waiting to load up on the potential upcoming huge dip. Now once the Mt.Gox hurdle will be cleared, Bitcoin will have a clear path to reach new highs, barring some crazy regulations that could spoil the party.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Metaverse and blockchain gaming altcoins rally while Bitcoin looks for support<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Historical_analysis_suggests_Bitcoin_price_may_have_bottomed\"><\/span>Historical analysis suggests Bitcoin price may have bottomed<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A final bit of insight was offered by analyst and pseudonymous Twitter user \u2018TechDev\u2019 who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1461712052553199617\">posted<\/a> the following charts comparing the 2017 price action for Bitcoin with the current market. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/7bb06720-f6bf-4477-8f4b-726ec94269bb.jpg\"><figcaption style=\"text-align: center;\"><em>2017 BTC price action vs. 2021 BTC price action. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>According to TechDev, the current correction is \u201cfollowing 2017&#8217;s mid-Nov to near perfection\u201d with the \u201conly minor difference\u201d being \u201ca break of the 50-day simple moving average (SMA).\u201d<\/p>\n<p>TechDev <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TechDev_52\/status\/1461819260288835596\">said<\/a>, <\/p>\n<blockquote><p>\u201cWe may not have bottomed, but it is close. Everything I am seeing suggests a high probability the next 5-15 weeks will be massive (including BTC and alt mania).\u201d<\/p><\/blockquote>\n<p>The overall cryptocurrency market cap now stands at $2.51 trillion and Bitcoin\u2019s dominance rate is 41.9%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/analysts-pinpoint-bull-and-bear-scenarios-as-bitcoin-price-dips-below-56k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Analysts pinpoint bull and bear scenarios as Bitcoin price dips below $56K &#8221; Cooler heads are calling for a collective deep breath and a step back to see the long-term outlook for the future of Bitcoin (BTC) price and the wider crypto market, but today&#8217;s drop back under $56,000 is raising eyebrows among traders&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":370922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvNGIxZjNkYzYtMGE1Yy00M2UzLWJmNTQtMzBlZGE2MDk0ZThiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-370921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=370921"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/370921\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/370922"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=370921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=370921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=370921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}