We have seen many price analyses of Bitcoin after the May crash. Some say it is going to be $25k; some say $20k and even $10k. But the senior Bloomberg analysts have a very different take on the price action of Bitcoin. They say that Bitcoin is more likely to hit $60k than $20k. This is a very positive statement in favour of BTC as the markets are still bearish overall. The analyst at Bloomberg thinks the dip to $30k could be similar to the one when Bitcoin fell to $4k and saw a rally.
Going to $60k?
The Bloomberg analyst said that Bitcoin generally holds about 30% below its 20-week MA, where people buy and hold. This suggests that $30k could be important support that could push the price of Bitcoin back to new highs. Previous patterns do suggest that Bitcoin could fall to $15k and touch the 200-week simply moving average before jumping back up as it has happened since 2017. But there is also a chance for an early rebound due to many positive developments in the sector.
As of now, things seem a little bullish after the price has jumped in the last few days and is slowly treading towards $36k. There is a strong resistance of 100-day moving average in the 4-hour chart of Bitcoin. And this will be an important level to cross in order to continue the upward movement. Let’s see if Bitcoin is able to hit $35k after crossing the $34,300 resistance.
Should you buy it now?
Well, if you don’t care to take losses for a while and are okay to HODL the buying anytime is okay. But to play it safe, the best would be to wait for Bitcoin crossing and making support at $42k. A good buying point was $29k, which is strong support which we might not see again. So, for now, you can watch the markets or do a SIP to averag the buying price of Bitcoin on a regular basis. This is an easy way to make sure you don’t buy high.
What are your thoughts on the fact that Bitcoin is more likely to hit $60k than $20k? And do you think that this is a good time to buy? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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