Bitcoin has reached a new all-time high of $67,500, setting a new record. We had anticipated that the price would remain at $65k for a while before rising again, but instead we saw a much bigger consolidation. We didn’t receive nearly as much assistance from the ATH as we had wanted. Therefore, when Bitcoin’s price fell from $67,500 to $60,000, it was considered a success. In spite of the fact that the bitcoin weekly candle is bearish, the weekly closing candle has a little more than 24 hours to close, and analysts are sticking to their $250k price projections despite a shift in market attitude against the cryptocurrency.
Effect On Ethereum And Altcoins
In the meanwhile, Ethereum is trading at a tiny premium above $4000, and the price looks to have suffered as Bitcoin maintained its position over $60,000. While trading near its all-time high, the price seemed to have encountered substantial resistance, which it was unable to overcome even for a few dollars. Consequently, it will be critical to evaluate how well it performs in comparison to other choices. The bulk of the world’s other currencies are rising in waves as a result of this. Good altcoins are seeing double-digit gains, and after a few days of consolidation, they are on the rise once more. Ethereum, on the other hand, looks to be trapped at the same levels as before.
Bitcoin Crucial $60,000 Support
It is vital for Bitcoin’s ascent to continue if the price of the cryptocurrency remains over $60,000. It will also be critical to evaluate whether or not the weekly closing price is higher than this threshold. This is due to the fact that BTC had one weekly candle that was close to $60k and then crashed the last time. In order to overcome this obstacle, two candles will be required this time. Additionally, we should highlight that $60k is a psychologically significant support level that will be critical for the continuation of this bull run.
If the price falls below $60k, the $56k level will be a critical point to watch. At this point, Bitcoin will be a terrific investment, and the markets will almost certainly continue to rise from here.. However, I feel that if BTC is unable to hold $60k, then retaining $100k this year is a difficult chance. According to market activity and previous runs, this bull run will achieve a total value of $250,000. And, according to the fib-based targets, these prices will be attained within the next year or so, on average.