Mar 28, 2022 07:10
The cryptocurrency market is currently booming! Bitcoin and many other altcoins already made more than +10% gains in the past week. This market recovery confirmed the "end of the downtrend" for many traders. Crypto investors are already getting back into the crypto game. Now that Bitcoin is nearing $50,000, reaching a Bitcoin price 60K is inevitable. In this Bitcoin price prediction article, we're going to uncover why Bitcoin reaching 60K is very likely. Have a look at the chart below to understand.
Bitcoin Price broke Major Resistance
A few days ago, Bitcoin managed to break the resistance price area of around $44,400. Bitcoin price tested this area 4 times and only recently did it manage to break it higher. The daily chart of Bitcoin in figure 1 confirms this break and refutes a fakeout, as we can see more than 3 candles above that line to date.
Fig.1 BTC/USD 1-day chart showing BTC breaking an important resistance -
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Will Bitcoin go Down soon again?
It is not unlikely to see Bitcoin prices adjust a bit lower after an extended uptrend. For 7 straight days, Bitcoin prices managed to increase in price without any retracement. This theory comes especially at a time when BTC price broke the major resistance of $44,400. This area can soon turn into a support level, giving prices a breather to continue on their uptrend and reach higher price areas.
Keep in mind that when Bitcoin adjusts lower, many other altcoins will do the same. In figure 2, we can estimate where Bitcoin can go down towards. Hence, a sensible stop-loss for traders who just bought above that price would be around $44,300 or lower. This SL area depends on the trader's risk appetite.
Fig.2 BTC/USD 4-hours chart showing the potential retracement of Bitcoin -
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Bitcoin Price Prediction - Will BTC reach 60K?
If the crypto market as a whole continues to increase, there is no doubt that Bitcoin prices will follow as well. In fact, Bitcoin still has a significant dominance over the cryptocurrency market of around 42.1%. This means that from the total market capitalization of the entire crypto market being around $2.1 Trillion, Bitcoin's market cap accounts for more than $800 Billion.
On the other hand, breaching the psychological price of $50,000 and consolidating higher would hint at a potential future BTC price of $60,000. In figure 3, we can clearly see the trajectory of Bitcoin given that the uptrend continues.
Fig.3 BTC/USD 1-day chart showing BTC reaching 60K -
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The Crypto market is Moving UPWARDS!
Higher crypto prices help in pushing uptrends further. In the past 7 days, most altcoins were seen up. Cardano, Solana, and Dogecoin topped the performance in the list of the top 10 cryptos by market cap. Here is the performance of the top 10 cryptocurrencies by market cap:
#1 Bitcoin (BTC): + 14.33 %
#2 Ethereum (ETH): + 14.47 %
#3 Tether (USDT): + 0 %
#4 Binance Coin (BNB): + 10.39 %
#5 USD Coin (USDC): + 0 %
#6 Ripple (XRP): + 8.59 %
#7 Cardano (ADA): + 36.99 %
#8 Solana (SOL): + 22.25 %
#9 Terra (LUNA): – 0.94 %
#10 Avalanche (AVAX): + 0.25 %
Bitcoin Elon Musk Paradox
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