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Bitcoin - New All-Time Highs In Sight

Dec. 02, 2021 7:46 PM ETGBTC, BTC-USD9 Comments
Florian Grummes profile picture
Florian Grummes


  • After a six-month breather, the crypto bull market has been clearly confirmed with the new Bitcoin all-time high in November!
  • Technical analysis shows that it is currently much more likely that bitcoin will gradually push to the upper end of the broad resistance zone over the coming weeks.
  • In the bigger picture, the three pullbacks during this year each more or less completely cleared the sentiment and did create a contrarian buying opportunity.

Glowing dark background with bitcoin symbol.

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Year-to-date, Bitcoin is currently up more than 100% against the USD. Despite the first few months until April, Bitcoin has been mainly caught in a consolidation over the course of this year. However, since the low on July 19th, the bulls have

This article was written by

Florian Grummes profile picture
Florian Grummes is an independent financial analyst, advisor, consultant, trader & investor as well as an international speaker with more than 25 years of experience in financial markets. Via Midas Touch Consulting he is publishing weekly gold, silver, bitcoin & cryptocurrency analysis for his numerous international readers. Florian is well known for combining technical, fundamental and sentiment analysis into one often accurate conclusion about the markets. www.midastouch-consulting.com

Analyst’s Disclosure: I/we have a beneficial long position in the shares of BTC-USD either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (9)

TraderTech profile picture
I think what people missed is that after the move down to $30,000 earlier this year, the return to ATH area actually marked a double top. And that lead to the move down to $42K, and will probably lead to lower prices, perhaps back in the 30s. Never good to get all excited at new highs and pay the most expensive price for FOMO - charts always look so GREAT at that point, but usually a trap. Better to be buying when the charts look the WORST. This pullback is probably not over yet. Patience, wait until the charts look really bad, then pull the trigger.
Florian Grummes profile picture
Quite a strong liquidation event in crypto over the last 24 hours. The leveraged guys got killed.. once again.. That´s also why you see this sector falling like a stone..

The over-all weakness in nearly all markets (besides the US-Dollar) and the fact that so many people in crypto are way too heavily leveraged caused the sell-off.. Stopps below the last BTC low at 53.5k triggered the sell-off and then margin calls were ringing all over the place… Exchanges then liquidated the positions at any price right at the market..

This is a wash out and in the longer run actually healthy.. As long as you don´t use leverage you can sit through these pullbacks and shake-offs.. I think this might be the text book pullback laying the ground for the next big wave up towards 100k in BTC. All the weak hands and all the overleveraged ones are out now.

But certainly could take a few days or weeks to sort this mess out, hence expect a confusing consolidation between 45 and 50k... My favorite alts Solana (SOL) and Polygon (MATIC) have held up rather well..
I guess Saturday AM was the ‘pause that refreshes’ and a golden opportunity. (You may wish to wait until Dec 8 Congressional Inquiry to take full advantage).
BTC just touched a hair above $42,000--I don't think that really qualifies as a "new high". Can anyone say "bloodbath"?
Another bloodbath for bitcoin miners today. $BITF is down over 14% as I type.
There were some big drops for some of the bitcoin miners today. $HUT was down nearly 11% for the day.
Seeking AIpha profile picture
This is the beginning of a bear market. Bitcoin will go down along with other assets, i.e., no new all-time highs in sight 🔻🔻🔻
@Seeking Aipha This ^ btc is going to be at 30k sooner or later. As soon as those rates go up and all of this loose money gets pulled away that whole market is going to crater. If the entire crypto market is in a bubble and should crash (bcuz ya know, it’s a super bubble atm….) then why would btc continue to rise when Shib, doge, and the other useless coins almost go to $0
Mozman profile picture
magic 8 ball says" Concentrate and ask again."
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