Bitcoin managed to gain massive momentum recently. In fact, it looks like it’s on its way back to its previous all-time high of 65K. On the other hand, many skeptics are still finding it hard to witness such a high price for something that “doesn’t exist” in the physical world. This led to a high price fluctuation recently, and it’s the traders who are benefiting the most. Today, crypto enthusiasts are asking themselves if it’s even worth it to buy Bitcoin at the current prices. Should you buy Bitcoin today? Can prices still rise to their previous highs? Do we really have a Bitcoin 60K setup?
Bitcoin Prices are showing a healthy Uptrend
If we disregard the hearsay that happens around us and focus purely on the technical aspects, it seems as if prices are increasing in a healthy uptrend. Now you might be asking…what the hell is a healthy uptrend? Well, any heavy price increase comes with an adjustment afterward. This phenomenon comes from many factors such as day traders liquidating their positions for profit-taking, an overall consensus on an overbought price leading to short-selling…
In Bitcoin’s case, we can clearly see price adjustments along with the recent uptrend. Looking at figure 1, the occasional price adjustments are crystal clear. This is the perfect dream of a day trader, who usually uses those bottoms to place stop-loss orders.
Bitcoin Price Prediction – Can Bitcoin 60K happen again?
Psychological prices are very important when dealing with cryptocurrencies, and especially for Bitcoin. Today, we are nearing the 50K price mark. If prices manage to break this 50K area and consolidate for a while, we are most likely on our way to continue to 60K again. Of course, that’s provided if good fundamentals were also in place.
Looking at figure 2, we can see how a potential break of the 50K area signals another bullrun. On the other hand, day traders should plan for the worst and place stop-loss levels around the 45K following the Fibonacci Retracement.
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