Bitcoin is again trying to set it’s foot in the $60000 region after failing to conquer it earlier.
Institutional money goes on flowing into the crypto market. Approximately 40% of Goldman clients are said to have exposure to Bitcoin, which is helping push prices higher.
Crypto analyst and influencer Michaël van de Poppe is sketching his views and opinion about bitcoin and it’s short term price prediction
Having failed to conquer the $60,000 level, Bitcoin presently is facing resistance and may fail to even surpass it. The area between $60,400 and $59,000 is a region of resistance for the current price through which we may not breakthrough. Hence failing to breakthrough it will lead to a new drop in price for the token.
If the Largest Cryptocurrency succeeds to slide through the Resistance zone it is evident for it to hit an all-time high nearing $68000. On the flip side, the analyst alerts that Bitcoin must hold the $57,000 price level to prevent dropping and revisiting the $55,000 range.
Nevertheless, if Bitcoin Price breaks above $60,000 the breakout which lost steam just under $62,000, last weekend, enthusiasts and investors anticipate that Bitcoin will soon hit highs above $65,000 and close it at $70,000.
“What to hold is this region between $57,400 and $57,800. If that holds on to the lower time frames there is nothing to be worried about on the downside. However, as we just see these very fast downward and upward moves the moment that the price loses this $57,000 level I’m assuming we will see a sharp drop down to $55,000 again.”
Ethereum Under Bitcoin’s Shadow?
Ethereum might be walking on the path of bitcoin, notes Van de Poppe, as the smart contract platform’s governing token finds resistance around $1,850.
We did see that we had a fake breakout to the upside for Ethereum in which we were testing this range around $1,900. [We] failed to hold the previous high which is this $1,850 level and after failing to hold this previous high as the support we are dropping down again [to the $1,750 area] which is the critical area to hold…[We] want to see Ethereum break clearly through this level, flip $1,850 and then we can see a continuation to new all-time highs.”
Van De Poppe predicts that Ethereum, like Bitcoin, will fail at its retest of the $1,850 region and break back down to the $1,500-$1,550 region soon, though the trader also explains that the market is present “ultra bullish” and the unexpected is always possible.