Bitcoin Price aims for 60K – What is driving BTC prices up?

Bitcoin has been on an extended uptrend, with occasional price corrections for the past year. Many skeptics kept on insisting that prices will soon crash, and this price increase is unsustainable. Despite all the naysayers, Bitcoin is sitting close to its ATH price of USD 56,000 and eying USD 60,000. The question is not IF, but rather WHEN will Bitcoin reach 60K?

Bitcoin Price Prediction – Will Buyers prevail?

So far, buying power has been very powerful, and made a snowball effect in crypto prices, especially for Bitcoin. For a cryptocurrency that had a price of USD 3,000 last year and grows all the way to USD 56,000 with no resistance in sight, it means that many people are buying and holding, and very few are selling to cash in. This is due to many geopolitical factors:

• The worldwide COVID-19 crisis made a big negative impact on financial markets. Small businesses are closing with little to no help from the government, and their only resort would be to invest in something that can’t be dragged down from the physical world
• Most governments are bailing out big companies and throwing out a lump-sum amount of money as a small help in COVID times, and this devalues their national currencies, as they start to print more money, making the latter lose its value.
• The new generation is thrown into the working class, and they notice that their savings are meaningless, and most of them found a home in the cryptocurrency sphere
• Big Tech is noticing this fast and evolving crypto market and jumped on board (like the recent TESLA buy)

For a selling power to overthrow the current buying wave, it needs many technical and fundamental changes in the cryptocurrency market, especially in a time where technological advancements are making new headlines on a weekly basis.

Bitcoin Technical Analysis

Currently, the main anticipated target for Bitcoin prices is the reach of a psychological price of USD 60,000. With a current price of USD 56,000 Bitcoin needs a mere USD 4,000 push upwards in prices or an increase of 7%. This is very likely to happen soon, as Bitcoin growth as seen daily 5-10% increases on average.

On the other hand, potential retracement levels lie around USD 55,000, which might signal a change in the market direction in the short-term. Prices might reach 60K and retrace back to consolidate around 55K to take a breather.

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Rudy Fares

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