Bitcoin recently broke its all-time high and reached $67k. I hoped that the price would hold at its previous top of $65k and jump back again, but we saw a much bigger consolidation. The ATH didn’t give much support as we expected. Therefore, the price touched $60k after Bitcoin retraced from $67k. And even though the market sentiment has become a little less bullish, analysts are staying strong on their $250k price targets.
What will be important here?
For Bitcoin to continue its rally, it is very important that the price holds above $60k. It will also be important to see if we have the weekly closing above this level. This is because the last time BTC had one weekly candle close above $60k and then broke down. So, this time 2 candles will be very important. We should also note that $60k is a very important support in a psychological way and will hold importance for this bull run.
If the price retraces below $60k, then $56k will be an important level. BTC will be a good buy at this price, and the markets can again move upwards from thereon. But I think if BTC is unable to hold $60k, $100k this year is very unlikely. The price action and previous runs suggest that $250k is happening in this bull run. And the fib-based targets are pointing to these prices in the next 1 year or so.
Ethereum and other altcoins
Ethereum is just trading above $4000 at the moment, and the price seems to have taken a hit after BTC consolidated to $60k. The price seems to have a serious resistance at its ATH, and was unable to cross it just for a few dollars. So, it will be important to see how it does against other alts. Most other coins are rising in waves. Good altcoins are seeing double-digit gains, and after consolidating for a few days, they rise again, but Ethereum seems to have been stuck at the same levels.
What are your thoughts on the $250k price target Bitcoin analysts have given? And as Bitcoin retraced from $67k, do you think the market sentiment will take a hit? 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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