Bitcoin surges into US open as forecast points to attack on $60K

Bitcoin (BTC) met the start of U.S. trading with a bang on Dec. 1 as the Wall St. open sparked a run above $58,500. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewAnalyst: $56,000 may have been resistance flipData from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining 2% in an hour Wednesday, canceling out the majority of overnight losses.The pair had hit $59,000 the day before in a similarly-timed move before giving up progress to dive to local lows of $56,700 on Bitstamp.For Cointelegraph contributor Michaël van de Poppe, hope was back that Bitcoin would now challenge firm resistance at $60,000.Did you buy the $56K flip on #Bitcoin?Looking to attack the highs here at $60K. pic.twitter.com/nyx2XvE8Sw— Michaël van de Poppe (@CryptoMichNL) December 1, 2021As Cointelegraph reported, the area at and above $60,000 now represents the resistance level to beat and hold in order to secure bullish continuation.Recent events appeared to make such a scenario less likely in the short term, as resistance intensified and support at lower levels conversely evaporated.Much like what happened earlier in the year with the $30,000 floor, however, hope remains that $50,000 will continue to form the line in the sand.Wall’s been pulled. Either they’re done accumulating (30k wall was also pulled at the time), or VolQ is right. pic.twitter.com/sG6DdtFQzL— Material Scientist (@Mtrl_Scientist) November 30, 2021

The November close meanwhile marked the first failure in a longstanding Bitcoin price model to capture BTC price performance. The floor model from analyst PlanB predicted an end-of-month price of $98,000.Ethereum comes within 5% of all-time highsAltcoins took advantage of the latest Bitcoin increase, with the top ten cryptocurrencies by market cap posting as much as 6% gains on the day.Related: Ethereum approaches a new ATH, but derivatives data reflects mixed emotionsEther (ETH) returned to within striking distance of $5,000, this accompanied by continued strength against Bitcoin.ETH/BTC hit 0.083 BTC on Dec. 1, marking its highest since May and almost challenging levels from 2018.ETH/USD 1-week candle chart (Bitstamp). Source: TradingView”ETH is only +5% away from reaching new All Time Highs,” trader and analyst Rekt Capital noted.

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Bitcoin fails ‘worst-case scenario’ monthly close for the first time, starts December sub-$57K

Bitcoin (BTC) has failed to hit the November closing price demanded by one of its best-known models — but its creator is not giving up.In a Twitter post on Dec. 1, PlanB said that he would give his floor model one more month to prove itself.BTC floor model on probation BTC/USD should have rounded out November in a “worst-case scenario” of $98,000, but a combination of factors conspired to produce a much lower monthly close.At close to $57,000, the pair firmly missed its target, this translating to the first such failure of PlanB’s floor model in Bitcoin’s history.“Floor model first miss (after nailing Aug,Sep,Oct),” he wrote. “No model is perfect, but this is a big miss and the first in 10y! Outlier/black swan? I will give Floor model 1 more month.”$98K❌Floor model first miss (after nailing Aug,Sep,Oct). No model is perfect, but this is a big miss and the first in 10y! Outlier/black swan? I will give Floor model 1 more month.S2F model unaffected and on track to $100K.Watch out for trolls confusing Floor and S2F model! https://t.co/tj6SSwSzKR— PlanB (@100trillionUSD) December 1, 2021Most recently, the floor model correctly predicted the monthly closes for August, September and October, adding to hopes that six figures could enter in December.As more traders and analysts accept the fact that the 2021 bull market may take longer than anticipated to reach its peak, PlanB reiterated that his other BTC price forecasting models remain intact.Among them are the popular stock-to-flow-based tools, these calling for at least $100,000 as an average price between now and 2024. The expectation is still that Bitcoin will attract a six-figure price tag before the end of this year. Unfortunate bull timing?November’s close coincided with fresh downside pressure on Bitcoin.Related: Bitcoin correction weakest of 2021 so far as hopes of Santa Claus rally risePanic over coronavirus combined with Federal Reserve Chair Jerome Powell admitting that inflation will not be “transitory” in nature.Sentiment likewise took a hit, dropping from “neutral” to “fear” as per the Crypto Fear & Greed Index.Crypto Fear & Greed Index. Source: Alternative.mePlanB’s floor model, meanwhile, has its work cut out to remain a valid price guide — in just four weeks, it predicts a BTC/USD price of $135,000. 

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