During the recent pullback, we saw Bitcoin hit $62k, traded sideways for a few days, and will increase again. At the time of writing, its price is approximately $61k and a new ATH can be expected soon. In fact, technical analysis shows that Bitcoin is due $90k in a few weeks. The recent pullback is a positive that happened, and this has just added strength to the rally.
Short-term consolidations don’t change market sentiment as you move to longer timeframes. Clearly the market is bullish right now and we are thinking of very high targets. These consolidations just happen to push leveraged traders out of the game and get the exchange funding rate back to normal. As the price recovers, it will be important to look at several levels. First is the $70k price point and then around $78k, which could pose some resistance to price action.
Then we have around $86k to $88k that is close to the 1.618 fib retracement level. So that would be another level where one needs to keep an eye on. Please note that if the market plummets from here again, it is not a big deal. But it is important that the $58k-$61k range should hold and push the price back up.
Drawing inferences from previous bulls, we also need to note that the Bitcoin price has gone up parabolically in the last few weeks of 2013 and 2017. And therefore, if that happens this time too, we can expect Plan B’s model to give us accurate price predictions.
However, we also have bad news. While the market looks bullish, the first Bitcoin spot ETF by VanEck was rejected by the US SEC. This is the ETF that can have a lot of impact on price movements. Therefore, let’s hope that in the future, a BTC ETF will be approved.
What do you think about the prediction that Bitcoin is due $90k in a few weeks? Don’t hesitate to let us know.