Bitcoin has been trading near $ 60,000 in the past few days. Photo by: STRF / STAR MAX / IPx … [+]
STRF / STAR MAX / IPx
Bitcoin prices have been trading near $ 60,000 lately and are hovering near this important psychological level as cryptocurrency markets benefit from a steady supply of bullish news developments.
Recently, the world’s most famous digital currency has repeatedly tested the $ 60,000 level, climbing to intraday highs of $ 59,379.99 and $ 59,835.39, respectively, on March 30th and 31st, CoinDesk data shows.
Yesterday, the cryptocurrency hit $ 60,101.75, but it quickly pulled back from that level and saw a rather modest decline, as additional CoinDesk figures show.
At the time of this writing, Bitcoin was trading near $ 59,200 after falling slightly from yesterday’s high but was still within a few percentage points of the $ 60,000 level.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
With these market conditions in mind, market experts offered some technical analysis for the world’s most valuable digital currency.
“Bitcoin tested $ 60,000 and will break through at some point,” said William Noble, chief technical analyst for cryptocurrency data provider Token Metrics.
“There has been a lot of institutional news and interest lately, so $ 60,000 is just another round number that Bitcoin will overtake,” he added.
“After that, I think $ 80,000 will be the short-term goal,” Noble predicted.
Tim Enneking, Managing Director of Digital Capital Management, also made some contributions on this topic.
“Bitcoin is clearly preparing for a major attack at levels above $ 60,000,” he noted.
“And this attack had a surprisingly consistent pattern: a rapid spike from $ 1.5 to $ 2,000 (first on March 27th and with one exception daily thereafter), followed by a ‘slow leak’ of $ 1 to $ 1.5,000 -Dollars and then another quick climb, “Enneking said.
“We are now in the sixth iteration of the pattern – although we saw the first such jump today, moving the price above $ 60,000 since this pattern began.”
“However, the movements are compressed because the price is $ 60,000,” he explained.
“The long series of higher lows indicates very strong support. The slowly compressing higher heights look like a spring. ”
Enneking made a forward-looking statement indicating that:
“We anticipate that once $ 60,000 is finally broken on this or the next iteration of the pattern, we’ll see a big pop and likely climb to just over $ 70,000.”
Disclosure: I own Bitcoin, Bitcoin Cash, Litecoin, Ether, and EOS.