Bitcoin may Experience Yet another Major Correction Going Close to $53,000

Although the start of the month of November was promising was Bitcoin, things didn’t turn out how the analysts had hoped considering its November beginning. From the beginning of November till the end, the largest cryptocurrency has experienced a 7% decline in its price.

Surprisingly, it was completely opposite to one of the major models for stock-to-flow created by PlanB. PlanB had predicted that BTC may adopt a high-trend and would end the month at a price of $98,000 per BTC. Unfortunately, the performance chart for BTC seems to be a disappointing performance in contrast with the predictions made by PlanB.

With a $58079.61 figure by the end of November, it seems that BTC only managed to achieve the lowest growth predicted by PlanB. Even with the below-expectations performance of BTC in November, the PlanB analysts are keeping their hopes high.

The PlanB analysts have stated that they will carry on with the same model for another month. They will monitor the price for Bitcoin by the end of December 2021.

On the other hand, Glassnode has also shared satisfactory remarks on the performance of Bitcoin. According to the analysts at Glassnode, the price achieved by Bitcoin in the month of November is the least severe compared to other months in 2021.

The analysts at Glassnode are still going with a high-performance prediction for Bitcoin. As per them, BTC’s trend-line seems to be falling in line with the Santa rally graph. The particular graph shows that in the month of December, Bitcoin will be able to gather a 47% rally.

The analysts stated that none of the graphs show that Bitcoin will not be able to match the 80% rally it demonstrated in December 2020 or December 2017.

When it comes to the exponential moving average (EMA) for the past 20-days, Bitcoin has been revolving around the figure of $58,463 (EMA). It has maintained the same EMA in the past couple of days but the support from bulls doesn’t seem to be increasing for Bitcoin.

However, with the latest activities taking place around Bitcoin, it is expected that investors will start buying Bitcoin. If the buying figure increases for Bitcoin, then the simple moving average (SMA) for Bitcoin for the past 50-days is expected to hit $60,828.

If Bitcoin manages to fight off this trend, and keep its head high, then it will be able to go for a rally. It will then find its next resistance at a price range between $67,000 and $69,000

However, it is expected that if Bitcoin loses to the resistance at $67,000 or $69,000, it will go for another correction, which may drag it down to around $53,256.64 per BTC.