Bitcoin managed to gain massive momentum recently. In fact, it looks like it’s on its way back to its previous all-time high of 65K. On the other hand, many skeptics are still finding it hard to witness such a high price for something that “doesn’t exist” in the physical world. This led to a high price fluctuation recently, and it’s the traders who are benefiting the most. Today, crypto enthusiasts are asking themselves if it’s even worth it to buy Bitcoin at the current prices. Should you buy Bitcoin today? Can prices still rise to their previous highs? Do we really have a Bitcoin 60K setup?
Bitcoin Prices are showing a healthy Uptrend
If we disregard the hearsay that happens around us and focus purely on the technical aspects, it seems as if prices are increasing in a healthy uptrend. Now you might be asking…what the hell is a healthy uptrend? Well, any heavy price increase comes with an adjustment afterward. This phenomenon comes from many factors such as day traders liquidating their positions for profit-taking, an overall consensus on an overbought price leading to short-selling…
In Bitcoin’s case, we can clearly see price adjustments along with the recent uptrend. Looking at figure 1, the occasional price adjustments are crystal clear. This is the perfect dream of a day trader, who usually uses those bottoms to place stop-loss orders.
Bitcoin Price Prediction – Can Bitcoin 60K happen again?
Psychological prices are very important when dealing with cryptocurrencies, and especially for Bitcoin. Today, we are nearing the 50K price mark. If prices manage to break this 50K area and consolidate for a while, we are most likely on our way to continue to 60K again. Of course, that’s provided if good fundamentals were also in place.
Looking at figure 2, we can see how a potential break of the 50K area signals another bullrun. On the other hand, day traders should plan for the worst and place stop-loss levels around the 45K following the Fibonacci Retracement.
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Bitcoin Price TANKS back to 60K – Should you Start Day Trading?
- Bitcoin Price is STILL on an Uptrend! Here’s why Buying BTC is GOOD
- Conservative Cardano Prediction for 2023 – How high can Cardano go?
- Bitcoin Price Prediction – is BTC falling towards 42K?
- Bitcoin dips below 40K – Why is Bitcoin Price Down? Buy BTC ASAP?
- Breaking News – Bitcoin Price Falls below 60K, is the Bullrun Over?
- Ripple Price Prediction – How High will XRP reach in 2050?
- Bitcoin Price Prediction – BTC Price is looking for a Reversal, Here’s Why
- Ethereum Price Prediction – 3 Reasons Why ETHER is a Strong BUY
- Crypto Millionaire: Buy THESE Cryptos before they BOOM in 2023?
- Ethereum Price breaks USD 500 for the first time in 2 years! What’s next?
- Bitcoin Price Prediction – Will Bitcoin Price make Another BOOM?
- Bitcoin 60K SOON? This Chart HINTS for a +30% BTC Price increase
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- Bitcoin Price Consolidates! Did the Bullrun END for $BTC?
- Bitcoin Price Prediction – Will Bitcoin reach 60K again?
- XRP Price is about to BOOM if the crypto market recovers! Buy $XRP?
- Ethereum will SOAR to 5K after Doing THIS!
- Bitcoin price falls 16% in less than 24 hours – Is this the end of the Uptrend?
- Ethereum Price Prediction – Ether nears 2K, Should you BUY?
You might also like
More from Bitcoin
Will Bitcoin continue to rise in the coming weeks? In this article, we go over the top 3 reasons why …
What's next for Bitcoin now? Will Bitcoin reach $30,000 soon? Let's analyze in this Bitcoin price prediction article.