As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and price movements in Bitcoin. The recent recovery trend of Bitcoin’s price above $60,000 is a welcome sight for many of us in the community, especially after the sharp correction we witnessed in May.
Over the weekend, Bitcoin‘s price displayed a notable uptrend and surpassed $60,000 once again. By early Monday morning, the cryptocurrency had climbed above $63,000. This upward trend has piqued the interest of crypto analyst Bluntz Capital, who applied the Elliot Wave Theory to project Bitcoin’s potential future movements based on this recovery trend.
Why Bitcoin Price Clearing $60,000 Is Important
As a crypto analyst at Bluntz Capital, I conducted an in-depth analysis on Sunday, and I’d like to share my insights on where Bitcoin’s price could be headed next. At that time, the Bitcoin price was still hovering around $60,000. Based on our analysis, a bullish trend seems imminent if bulls manage to maintain control of the market.
As a crypto investor, I’ve observed that during my analysis, the Bitcoin market appeared to be exhibiting signs of accumulation. This is significant because historically, price rises have followed this stage as a substantial portion of the existing supply gets absorbed by investors.
According to Bluntz’s assessment, reaching the $60,000 mark is crucial for Bitcoin as it could be an indicator of a fresh push towards a new record high. If Bitcoin manages to surpass this level, then we might witness an aggressive upward trend unfolding.
Currently, as I pen this down, Bitcoin’s value has surpassed $60,000 and set a new support level above $62,000. This trend implies that the crypto analyst’s forecast could become a reality, potentially leading Bitcoin to reach another record-breaking price peak.
BTC Price Headed For New All-Time High?
According to the analysis discussed previously, the Bitcoin price has surpassed a significant threshold, increasing confidence in potential further growth. The analyst predicts that Bitcoin’s price may exceed $80,000 based on this new upward trend.
Reaching the peak of this upward trend would signify a new record high for Bitcoin’s price, as indicated by the chart. A jump to $80,000 could occur this year, resulting in nearly a 20% price increase from its current all-time highest point of $73,000.
Currently, Bitcoin’s price hovers around $62,700, having experienced a minor dip from $63,000. Despite this setback, the bulls continue to dominate the market, ensuring the price stays above the crucial support level of $60,500.
If the crypto analysis holds true, the present price range may persist for a limited time before a robust uptrend takes over and pushes the price upward.
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2024-07-15 22:11