Bitcoin

Bitcoin (BTC) Price May Still Reach $60,000 Setting Up a Notable Bull Rally Ahead, But When?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Sep 13, 2022

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Bitcoin price is slowly gaining its dominance as the asset has been holding the lower support finely from the past few hours. The bulls appear to be well-positioned and hence the price may be on its way to reaching the immediate resistance just below $23,000. However, the volume has been bullish for the past week and hence a firm upswing could be imminent for the BTC price ahead. 

The elevated price has assisted the global market cap to remain above $1 trillion while the 24-hour trading volume has also made a jump of 1.49%. At present, the BTC price seems to lead the crypto space to bounce out of the bearish trade set-up. Therefore, the upcoming quarter is expected to be pretty bullish, as the bears may remain off-shore for a while. 

Therefore, the Bitcoin (BTC) price is expected to surge close to $60,000 in the next few months, as predicted by a popular analyst. 

The analyst here highlights the asset repeating the previous pattern that may assist the BTC price to rise close to $60,000 in a couple of months. The price is trading forming a constant ABC wave pattern and is currently accomplished in reaching the final support that may induce a catapult action to rise high. 

Considering the short-term, the Bitcoin price is presently at the last resistance before testing the range high at around $22,623.16. As the asset is trading within a rising parallel channel, the asset has marked a rebound after hitting the lows at $22,190 and heaving to test the local resistance at $22,938.12. 

Besides, the RSI & MACD are closer to flashing a bullish signal soon that may assist the Bitcoin (BTC) price to sustain an ascending trend ahead. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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