BlockBeats News, November 28th, BTIG analyst Jonathan Krinsky stated in a client report on Wednesday that following a peak-to-trough decline of -36% earlier this month, Bitcoin is now poised to continue its reflexive rebound, at least back to $100,000. According to Coin Metrics data, the latest Bitcoin transaction price is $92,451.30, up nearly 10% in the past five days but still down 20% over the past month.
The analyst pointed out that despite recent pullbacks, cryptocurrency mining companies Cipher Mining and Terawulf have performed well during the cryptocurrency retracement. Since Monday, Cipher Mining has risen by 35% and Terawulf by 31%. Barclay’s Crypto Mining Index has held its support level, with an expected 15% upside potential before facing stronger resistance. In addition, the second-largest cryptocurrency by market capitalization, ETH, appears poised to reclaim the $3,400 price level after a 24% decline over the past month, with the latest transaction price at $3,075.62, up nearly 13% in the past five days. Solana and XRP have risen by 12% and 15%, respectively, during the same period. (CNBC)
