Predicting the Future: Bitcoin Price on the Rise to $63,000 | Bitcoinist.com
The Bitcoin price experienced a significant recovery over the weekend, pushing it back above $60,000. By early Monday morning, the price had surpassed $63,000. Bluntz Capital, a crypto analyst, utilized the Elliot Wave Theory to predict the potential direction of the BTC price following this recovery.
Significance of Bitcoin Price Crossing $60,000
In an analysis on Sunday, Bluntz Capital shared insights on where the Bitcoin price could go next. The analysis, conducted when the price was below $60,000, outlined an optimistic trajectory if bulls managed to stay in control.
During the analysis, the crypto analyst noted signs of accumulation in Bitcoin’s price action. Accumulation often precedes rallies as a significant amount of supply is removed from circulation, typically resulting in upward price movements.
Bluntz’s analysis emphasized the importance of Bitcoin reclaiming $60,000 as a key level that could determine a potential new all-time high. He expressed that surpassing $60,000 could trigger a new bullish trend.
At the time of writing, Bitcoin has successfully crossed $60,000 and established support above $62,000. This progress aligns with the analyst’s prediction, suggesting a possible new all-time high for the Bitcoin price.
Is BTC Price Heading Towards a New All-Time High?
With Bitcoin surpassing the analyst’s critical level, there is growing confidence in its future price trajectory. The analyst anticipates a price surge above $80,000 following this new impulse.
Reaching $80,000 would mark a new all-time high for Bitcoin, potentially happening later this year based on the chart’s timeline. This represents nearly a 20% increase from its existing peak of $73,000.
As of now, Bitcoin maintains a price above $62,700 following a minor drop from $63,000. Despite this decline, bulls continue to dominate the market and uphold the $60,500 support.
If the analyst’s forecast holds true, the current sideways movement could transition into a bullish uptrend shortly.
BTC price trending at $62,600 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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