Bitcoin may see a bull run in the coming weeks with price hitting as high as $60,000 to $64,000. An independent analytics firm, TradingShot, known for predicting Bitcoin’s previous close above $50,000, noted the new $60k bullish prediction.
The firm noted that BTC/USD has been trading inside an Ascending channel range, defined by an upper trendline resistance, a median, and lower trendline support.
Their analyst noted a fractal pattern. They noted that Bitcoin, as of late, pulls back after testing the channel’s upper trendline to test the median line as support. Then, the coin breaks into a support base, before surging upward to retest the median as resistance.
Since the year started, Bitcoin has maintained this pattern. The benchmark cryptocurrency earlier bounced off the support base after correcting 21% from the channel’s upper trendline above $58,000.
TradingShot noted that a surge above the median line would put the coin on its way to testing the channel’s upper trendline. This could also occur as the cryptocurrency’s Relative Strength Indicator forms higher lows. At higher lows, there is a higher number of people buying the dip, creating room for further accumulation.
The analyst wrote:
All the parameters suggest that based on that Channel Up, the price has most likely found its
medium-termSupport. If the 4H MA50, but more importantly the Channel’s median, break, then an aggressive path may open towards the $60–64k zone. However, if the price gets rejected on or below the median, the Support base will most likely get tested again where consolidation below the median may follow for around 10 days until it breaks
What fundamentals show
It appears that since the pandemic began, Bitcoin has been in a constant struggle to maintain a bull run. The king cryptocurrency rose 1,200% in 11 months. In March 2020, the coin was at $3,858. By February 2021, it had already hit a whooping $58,000.
Also, the US dollar index was also pushed 12% down by the printing of trillions of dollars in stimulus. Investors rushed to Bitcoin for its
However, as bond yields recover to the levels they were before the pandemic, analysts fear that Bitcoin may experience a big downside correction.
Ben Lilly, an independent cryptocurrency analyst said in his Substack newsletter, Espresso:
That’s because as yields go on a run, then money will flow into government bonds, which also means the U.S. Dollar Index (DXY). These two types of flows can hurt bitcoin and crypto, as we saw late last week.
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