See More

Will Bitcoin (BTC) Reach $60,000? Analysts Weigh in on the Trend

2 mins
Updated by Ryan James
Join our Trading Community on Telegram

In Brief

  • Bitcoin's (BTC) price moved above $53,000 on February 20, the highest price since November 2021.
  • While the daily time frame readings are undetermined, the six-hour chart support the upward trend.
  • Despite the bullish BTC price prediction, a breakdown from the channel can cause a significant drop.
  • promo

The Bitcoin (BTC) price reached a high of $53,015 on February 20 but has corrected since.

Bitcoin trades in the upper portion of a short-term corrective pattern. Can it break out, or has the price reached a local top?

Bitcoin Shows Weakness

The technical analysis of the daily time frame shows the BTC price has moved upwards since January 23. In 28 days, it increased by 40%, leading to a high of $53,015 on February 20. This was the highest Bitcoin price since 2021.

While the BTC price has fallen slightly since it still trades above $51,000. However, due to the rapid ascent, there is no horizontal support below the current price.

Bitcoin Price Movement
BTC/USD Six-Hour Chart. Source: TradingView

While the price action is positive, the daily Relative Strength Index (RSI) provides bearish signs. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.

Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite. The daily RSI generated a bearish divergence (green) and fell below 70 this week (red icon).

What Are Analysts Saying?

Cryptocurrency traders and analysts on X positively view the future BTC trend.

CryptoMichNL suggests the BTC price will top close to $58,000 before halving, and a significant correction will follow afterward.

“I’m unaware whether we will get this correction on #Bitcoin in the short term. I think that this rally is going to peak between $54-58K and provide a substantial correction to $40-42K after the halving has taken place”. He stated.

Bitcoin Price Movement
BTC/USDT Weekly Chart. Source: X

Mesawine1 suggests the BTC price is completing a short-term correction, after which a significant upward movement will transpire. While dave the wave is bullish, he believes that BTC will underperform altcoins in the short- and medium-term.

BTC Price Prediction: Is the Trend Still Bullish?

The shorter-term six-hour time frame gives a more bullish reading than the daily one. This is because of the positive price action. Since the February high, Bitcoin’s price has decreased inside a descending parallel channel. These channels usually contain corrective movements. As a result, a breakout from it will be the most likely scenario.

Additionally, the BTC price has traded in a range between $51,300 – $52,400 during this period. Each time it deviated below the range low (green icons), it bounced at the channel’s support trend line and reclaimed the range. BTC currently trades in the channel’s upper portion. If BTC breaks out, it can increase by 6% to the next resistance at $54,300.

Bitcoin (BTC) Price Movement
BTC/USDT Six-Hour Chart. Source: TradingView

Despite this bullish BTC price prediction, a breakdown from the channel can cause an 8% drop to the horizontal and Fib support at $47,400.

For BeInCryptos latest crypto market analysis, click here.

Top crypto projects in the US | May 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored