BITCOIN Prices Hit 60K! Will Bitcoin Price BOOM HIGHER?

After a highly anticipated prediction by many, Bitcoin finally hits 60K this Saturday afternoon. The whole cryptocurrency market is on fire, and momentum seems pretty strong. Now that Bitcoin proved to reach the psychological price of 60K, can Bitcoin Prices reach a new milestone and BOOM HIGHER?

Bitcoin Price Prediction – Bitcoin Prices reach 60K!

After an extended consolidation, Bitcoin prices managed to escape the 40K range and reach the 50K mark this week. in our previous article, we specifically laid out a trading idea (A) that plotted Bitcoin’s price action. Not only did Bitcoin pass the 60K mark, but currently its trading volume is through the roof!

BTC/USD 4-hours chart showing BTC reach 60K. — **Fig.1** BTC/USD 4-hours chart showing BTC reach 60K – TradingView

Can Bitcoin reach 100K?

After the recent events, it became apparent that Bitcoin can indeed reach 100K. With its current prices surpassing 60K, prices need to increase by 66%. This price increase is very normal for Bitcoin. Now of course, it wouldn’t happen overnight. That’s why investors need to position themselves from now in order to benefit from this potentially high return.

Bitcoin 60K – Can Bitcoin Price Crash?

Everything is possible in investing. Crashes usually occur after extended price increases. For Bitcoin, this might indeed happen. Plotting the Fibonacci Retracement around the current prices shows a potential retracement to the 38.2% level of USD 53,600 or a heavier price crash to the 50% level of USD 51,640. Of course, the previous resistance price of USD 58,000 is also a new support area for the moment. breaching this price will lead to the other Fibonacci areas.

BTC/USD 4-hour chart showing potential retracement areas for Bitcoin Prices — **Fig.2** BTC/USD 4-hour chart showing potential retracement areas – TradingView

The Crypto Market as a Whole

In the past 24 hours, the entire cryptocurrency market is on fire, rising on an aggregated level by 5%. Despite this market rally, Binance Coin was still in the red and lagged compared to the entire market.

1- Bitcoin (BTC) : + 5.77 %

2- Ether (ETH) : + 6.08 %

3- Binance Coin (BNB): – 0.94 %

4- Tether (USDT) : 0 %

5- Cardano (ADA) : + 7.31 %

6- Polkadot (DOT) : + 4.80 %

7- Ripple (XRP) : + 1.02 %

8- Uniswap (UNI) : + 8.98 %

9- Litecoin (LTC): + 8.02 %

10- Chainlink (LINK) : + 3.56 %

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Rudy Fares