In the recent pullback, we saw Bitcoin hitting $62k, trading sideways for a few days, and going back up again. At present, it is just below $66k, and we could expect a new ATH pretty soon. In fact, technical analysis suggests that Bitcoin is due $90k in a few weeks. The recent pullback was a positive thing that happened, and this has just given more strength to the rally.
Market is bullish
Short-term consolidations don’t change the market sentiment when you switch to a longer timeframe. It is clear that the market is very bullish right now, and we are looking at very high targets. These consolidations just happen to push over leveraged traders out of the game and bring exchange funding rates back to normal. As prices recover, it will be important to look at a few levels. First is the $70k price point and then around $78k, which could pose some resistance to the price action.
After that, we have around $86k to $88k, which is nearly at the 1.618 fib retracement level. So, that will be another level where one needs to keep an eye out. Do note that if the market plummets from here again, it is not a big deal. But it is important that the $58k-$61k range should hold and push the price back up.
Drawing inferences from previous bull runs, we should also note that the price of Bitcoin surged parabolically in the last few weeks of 2013 and 2017. And so, if that happens this time too, we can expect Plan B’s model to give us accurate price predictions. The question that I will ask you all is that are you ready to see $10k Bitcoin candles in a day? If you are, the time might be just around the corner.
A bad news
Even though the entire market seems bullish, we should note that we do have bad news. The first Bitcoin spot ETF by VanEck was rejected by the US SEC. This is the ETF that would have mattered and added to the price movement. Therefore, I am sincerely hoping that in the future, a BTC ETF gets approved.
What are your thoughts on analysts predicting that Bitcoin is due $90k in a few weeks? And what kind of altcoin movement do you expect if this happens? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: The US has too many regulators, Coinbase wants just one.
