Bitcoin has regained bullish momentum over the weekend to climb back over the $60,000 mark on Saturday.
This week saw bitcoin try and test key resistance levels at $60,000 and fail. However the weekend has seen increased buying pressing finally push the cryptocurrency over the key resistance level.
Friday saw bitcoin recover from its bearish price action to surge over 7% heading into the weekend. The price managed to touch $61,500 on Saturday, just a mere $200 off the previous all-time high which was set nearly one month ago.
The price currently remains steady over the $60,000 mark and could likely see more upside potential over the weekend if bulls remain in control.
Bitcoin set for big year ahead
The price of bitcoin is likely to see more growth this year, according to the Chamber of Digital Commerce. The company is the world’s leading blockchain trade association. Speaking to CNBC this week, founder Perianne Boring stated that bitcoin is set to reach up to $288,000 this year alone.
The price target from the Chamber of Digital Commerce relates to the stock to flow model. The model is heavily correlated to the U.S Dollar, and even more correlated to gold. Based on 12 years of data on stock to flow on bitcoin, Boring states that “one bitcoin will be 10,000 ounces of gold in 2029”.
Possible weekend rally to new all-time high
Weekends have recently seen a trend of buying pressure increasing. The trend has seen the market surge before the beginning of a new week. Bitcoins price increase on Saturday further proves that the market is flipping bullish and could see a retest of the previous high.
However, crypto traders believe bitcoin is in for more upside potential once it breaks its all time high