Bitcoin Bounces to $59K; Immutable X, Harmony, Dvision Up, Here Is What Analysts See on BTC and Altcoins

Bitcoin continues in its rebound, reaching over $59,098 on Nov. 20 after dipping to lows of $55,625 on Friday. The Altcoin market saw a brief recovery which pushed ETH’s price to intraday highs at $4,338 as other Altcoin tokens notched significant gains.

At the time of writing, Enjin Coin (ENJ, +11.94%), Harmony (ONE, +17.45%), Zcash (ZEC, +11.73%), Immutable X (IMX, +20.65%), Oasis Network (ROSE, +10.17%), Dvision Network (DVI, +26.56%), Polymath (POLY, +18.19%), Powerledger (POWR, +42.47%), Gala (GALA, +48.66%), Cocos-BCX (COCOS,+255.33%) were significantly up in the last 24 hours.

Immutable X is an Ethereum NFT scaling platform that claims to offer Zero gas fees, instant trades, and scalability for games, applications, marketplaces, without compromise. IMX rose to all-time highs of $8.84 today after the price rallied by nearly 70% over two days.

Early in November, Harmony labs launched a new Narrative Observatory, a first-of-its-kind public interest data tool for anyone using narrative strategy. Harmony (ONE) is one of the day’s gainers, spiking to intraday highs of $0.30 today.

Dvision Network describes itself as an ultimate blockchain-based NFT metaverse platform. The Network recently announced the Dvision “LAND Sale” scheduled for 24th November in tripartite collaboration between Binance NFT, NFTb, and Dvision Marketplace. The land here refers to ”metaspace”. Dvision is one of the day’s gainers, spiking nearly 67% since Nov. 18 after the announcement to reach highs of $2.48 today.

Cocos-BCX (COCOS) describes itself as the next-generation digital game economy game engine, IDE, and blockchain for decentralized game development. The token is up nearly 300% over the last 24 hours after Cocos-BCX announced it will soon launch GameFi distribution services. With the vision of bringing games into the crypto world, Cocos-BCX will join hands with top partnerships to empower 400,000 game developers and enrich the GameFi ecosystem, bringing better games and more users into Metaverse, it says.

Here Is What Analysts See

Bitcoin traded near $58,000 as of press time. Maybe the latest bounce, which seems like a relief rally will result in further increases for the lead asset is yet to be seen.

Cryptoanalyst Will Clemente points to a major BTC support at $53k ”BTC short-term holder cost basis (VWAP) has historically served as a “bull market support band”. Currently at $53K” saying: ”Given other macro on-chain indicators are showing we are in a bull market, I’m betting this correction is almost over if it isn’t already”.

Bitcoin may see buying activity in the coming sessions as the RSI depicts oversold conditions similar to late September, which preceded a price recovery.

For a Twitter analyst, MK2 trading ”#Bitcoin Daily chart. If we regain the 60s, I believe we can start a new movement to 70K. As for now, patience”. On the daily charts, Bitcoin might need to flip the $60k level coinciding with the MA 50 back into support to sustain a breakout above $69,000 to yield an upside target toward $85,000.

For now, blockchain data show steady demand for Bitcoin. “Even after a near 20% correction of the all-time high, long-term BTC holders do not appear to be spending their coins in panic,” Glassnode, a crypto data firm, tweeted on Friday.

Michael McGlone of Bloomberg predicts a strong 2022 for Bitcoin ”Bitcoin is approaching 2022 in what we view as simply a bull market. The nascent technology/asset is experiencing increasing adoption vs. declining supply and showing signs of maturation”.

For Altcoins, the expectations aren’t lesser as most Bitcoin price drops in afore times drop were followed by a rotation into Altcoins. Analysts note that the present market conditions are similar to those seen in the past when Altcoins outperformed Bitcoin.

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