The answer to this is a resounding yes, given the way Bitcoin price has taken out several resistance levels on its way to a new high this Friday. However, the question is whether BTCUSD will surge to $60,000 immediately or not. Chances are that a correction may occur before a renewed surge to this level.
Bitcoin price violated 54,000 this afternoon, sending the market capitalization of Bitcoin to $1trillion for the first time in its history. As of the time of writing, BTCUSD has staged another record high, hitting 54888. This valuation of the market capitalization fulfills the prediction of Tim Draper, made a few years ago.
The big question on everyone’s mind now is this: can Bitcoin price make a break for the next psychological target of $60,000, or is this a good old-fashioned stop-hunt move designed to draw in enthusiastic buyers in time for a big short? Here’s the outlook for this pair.
Bitcoin price is currently challenging resistance at 53532.53. The strong move seen in the last one hour has provided an intraday violation of this level. However, we need to get confirmation of the breakout before BTCUSD can properly aim for the next upside target, which may come in at 60221.29.
However, the rush to 60,000 may not be immediate, especially if the Bitcoin price move does not fulfill the breakout conditions for surpassing 53532.53. This scenario makes a case for a pullback to the support at 50,000 (14 February high), or towards the 46203.12 support created by the lows at 12/13 February. Other potential support levels to which BTCUSD may dip include 43569.83 (10 February low) or 40981.89 (9/10 January highs). Any of these areas could be possible re-entry points for buyers seeking dip-buying opportunities.
BTCUSD Daily Chart