Bitcoin (BTC) goes on the attack again at the level of $ 60,000


Bitcoin (BTC) has been fighting the $ 59,500 resistance area for seven days now. Its final breakout is expected and the price will rise to a new all-time high.

Bitcoin is consolidating

Bitcoin (ВТС) rebounded on March 25 and has been growing since then. Despite the impressive rates of this growth, the market continues to stall on the approaches to the $ 60,000 barrier. The price has not been able to overcome it since March 30.

However, technical indicators are giving bullish signals. The MACD warns of a bullish reversal, the RSI has risen above the 50 mark, and the Stochastic Oscillator has formed a bullish crossover.

In this regard, we expect that the BTC rate will eventually make a bullish breakout of the current minor resistance.

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Graphsto VTWITH A source: TradingView

The short term schedule also supports this scenario. On this timeframe, you can clearly see resistance in the $ 59,500 area, which the price has touched five times since March 18.

The more often the market tests resistance, the weaker it becomes. Accordingly, we expect a breakout in this area.

As with the daily chart, the RSI and MACD indicators also support a breakout potential.

However, it remains unclear whether Bitcoin will make a short-term drawdown first before a bullish breakout, or if things will happen quickly.

Graphsto VTWITH Source: TradingView

Wave analysis of MTC

The most likely wave analysis results suggest that BTC is in an extended sub-wave 5 (orange) of long-term wave 5 (white).

The most likely target and top of this move is the $ 83,500- $ 90,000 area. We calculated this range using the Fibonacci projection levels for waves 1-3 and sub-waves 1-3 (white and orange). In addition, the external expansion also helped us allocate a target of $ 83,500.

Graphsto VTWITH Source: TradingView

Conclusion

Thus, Bitcoin is expected to reach a new all-time high soon. After that, the price could potentially rush towards the $ 83,500- $ 90,000 range.

However, it remains unclear whether the currency will face a short-term drawdown before a bullish breakout.

Read previous Bitcoin forecast can here

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Karice Dabule

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