After breaking through a barrier, the price of Bitcoin could be heading to $60,000 after breaking beyond a “crucial” support zone between $75,000 and $76,000, according to crypto market analyst Michaël van de Poppe.
Bitcoin broke through the resistance zone last Friday. saidMarket corrections on Fridays are not excluded “flip back bullish quite often.”
You can also find a variety of other “multiple” Chicago Mercantile Exchange Bitcoin Futures are trading above spot prices, with the highest price being over $79,000. He continued:
“That said, if Bitcoin doesn’t grind back upwards to $76,600 [or more], then there’s clearly no argument to assume that we are going to get into new highs and just remain within this range.”
Bitcoin falls below critical support zones around $75,000 Source: Michaël van de Poppe
It comes in the midst of macroeconomic uncertainty surrounding newly appointed Federal Reserve chairman Kevin Warsh interest rate policiesWhile the Bitcoin bear-market drags on, it is now in its seventh month.
Related: Bitcoin longs soar despite weak US macroeconomic data: Is $82K BTC next?
Bullish, or bearish? BTC analysts weigh in with their predictions for the future.
The Polymarket odds At the time this article was published, the probability of Bitcoin reaching $55,000 by 2026 is 51%. The odds that it will fall to $45,000 were 31%.
71% of the supply in circulation is owned by long-term owners. making a break below $60,000 unlikely……………?????????????????????????????????????????????????????????????????????????????????????????????????
Bitcoin is up about 90 percent since the beginning of 2017. the $60,000 low Reached in February signaling a bull market rallyMatthew Hyland is a crypto analyst and trader.
“There has never been a rally that trended upward for 89 days ever in a bear market in BTC history,” Hyland said, adding, “The break of high time frame resistance has also marked the start of a bull market rally the prior three times.”
Source: Matthew Hyland
Bitcoin’s failure to maintain critical support levels, despite the recent rally in price could be a concern. signal months of consolidationOther analysts agree.
TradingView’s data indicates that Bitcoin has continued to trade below its 365 day and 200 days exponential moving and support averages. The 50-day EMA was also below on Friday.
Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt
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Source: cointelegraph.com
