The level of $70K BTC can be the next
Bitcoin rose to $64,863 yesterday. Another ATH from the king of cryptocurrencies does not surprise anyone nay more If the BTC exceeds $65,000, the momentum could push it to $70,000.
BTC consolidation continues
According to CoinMarketRate, the price of Bitcoin has reached the highest level of value, rising to a high of $64,863. As the data tracked by Documenting Bitcoin shows, at $64,000, Bitcoin becomes the 6th largest currency in the world, and surpasses the British pound in size.
The price of Bitcoin remains above $62k on most major exchanges, and the bulls are largely in control as sentiment continues to have a bullish trend. As Coinbase COIN shares start trading on the Nasdaq, interest in Bitcoin and other cryptocurrencies is only fueling.
Crypto trader and technical analyst Josh Rager believes that the value of Bitcoin is far from peaking. According to him, the growth of the Cue Ball at 220% above the peak of 2017 pales in comparison with the growth observed between the peaks in 2011, 2013 and 2017. In 2013, the BTC / USD exchange rate increased by 3590% compared to the maximum two years earlier, and in 2017, the increase was obtained. an impressive 1.578% higher than the previous peak.
The analytics platform Glassnode is also predicting another step up in the price of BTC, as the data shows that the peak is not yet there.
“Bitcoin is trading at levels similar to those of 2013, but still well below the peak of 2017. This suggests that the old holders did not distribute the coins in the same volume as in the previous cycle”.
Jason Lau, chief operating officer of OKCoin, suggested that the next target for the bulls is $66K, but the technical picture suggests that prices above $70k are possible in the short term.
BTC/USD Technical Forecast
BTC/USD is trading in an ascending channel on the daily chart. Currently, the bulls are trying to break through to the middle line of the channel, as a result of which the Bitcoin price can reach levels from $66,300 to $68,700 in the next three to four candles.
A parabolic rally could push prices above $70,000, with the next target likely to be $74,549. This is a resistance level around 127.2% of the Fibonacci level of growth from $28,722 to $64,895. From here, further positive shifts (interrupted by pullbacks) can push BTC / USD to the upper limit of the ascending channel, which extends to $80 thousand.
Daily chart of BTC/USD. Source: CoinMarketRate
On the other hand, Bitcoin has reliable support levels of $61,168, $58,800, and $57,600. Channel support and the Ichimoku daily cloud support this technical perspective.
However, if the bears do break the demand boundaries mentioned above, the 50 SMA at $55,298 and 61.8%, the $51,059 Fibonacci level will provide strong reset zones in the short term.
At the moment, the king of cryptocurrencies is trading at $61, 743.