The cryptocurrency market saw a heave in sentiment after the price of Bitcoin (BTC) surged above $58,000 in a long-awaited motility that rejuvenated traders who have been anxiously waiting for a resumption of the uptrend.

BTC/USDT 4-hour nautical chart. Source: TradingView

Here's a expect at what analysts and traders are saying most Nov. 29's price action and whether or non Bitcoin is likely to reclaim the $60,000 level.

A $60,000 retest is "on the horizon"

Bitcoin's sudden move to $58,000 may take had defenseless some traders off guard, simply according to independent market analyst and Cointelegraph correspondent Michaël van de Poppe, the current price action is going equally expected.

BTC/USD four-hour nautical chart. Source: Twitter

Co-ordinate to van de Poppe, following Nov. 28's spike above $57,000, "You'd preferably want to run into a flip of the $56,000 area to be taking place" to constitute a higher support level, which would be followed by a further price breakout.

Van de Poppe said:

"If that happens, and then I'd assume a retest of $threescore,000 is on the horizon."

BTC is set up for a stiff monthly close

Pseudonymous Twitter annotator "Rekt Capital," suggested that November's cost action for BTC is a retest of the newly established support zone near $58,750.

Similar bullish sentiments on Bitcoin's monthly price were shared by "Nunya Bizniz," who posted the following charts pointing out the key back up levels to continue an eye on as the month of November comes to an end.

BTC/USD i-calendar month chart. Source: Twitter

The annotator said:

"The month closes tomorrow. A shut above these 2 levels should be bullish."

Related: Key data points suggest the crypto market place'southward brusque-term correction is over

Comparisons to previous balderdash cycles

A look at how the electric current toll motion seen in BTC compares with past bull markets was provided past analyst and pseudonymous Twitter user "Techdev," who posted the post-obit tweet looking at the price action for Bitcoin in 2022 as compared with now, as well as the 1970s price action for gold.

As discussed in the tweet, the electric current toll projections place Bitcoin price at $150,000 by late December and $200,000 by early on Feb 2022. The analyst further suggested that the price could potentially surpass $250,000 by early on February 2022 if information technology follows a similar price design to that seen in golden in the 1970s.

The overall cryptocurrency marketplace capitalization now stands at $2.609 trillion, and Bitcoin's potency rate is 42.1%.

The views and opinions expressed hither are solely those of the author and exercise not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves take chances, and you should conduct your own enquiry when making a decision.