Bitcoin

Bitcoin Price Rally Hits New Highs, Is $73,000 an Achievable Target Next?

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Highlights

    Bitcoin price hit the highest ever levels above $59K and appears poised to attain the milestone at $60K

    The rally is expected to continue further to smash the target set much higher than the current levels

Bitcoin Price Hits New ATH at $59,523

Bitcoin price rally successfully retested the area at its previous ATH around $58K, broke out from its bull flag and rallied to a new all-time high. The BTC price was going parabolic in recent times and therefore a new ATH was on the cards.

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The price gained a huge bullish momentum that assisted to hit a new milestone close to $60K. However, ever fundamentals are looking much stronger which may help to scale the next upcoming leg for Bitcoin. According to the co-founder of Glassnode, Jan & Yann, all the indicators are in healthy territory.

According to the co-founder, the tactical graphs that include BTC- Futures, BTC SOPR, BTC ASOL and BTC Liquid supply change, all are in a good position.

Also Read: Regardless of the Plunge, Bitcoin Price Rally to Hit $60k Very Soon!

How the Price Managed to Break the Upper Resistance?

The BTC price has maintained a very narrow trend in recent times, which might have impacted the bull run inversely. However, as much as $250 million worth of shorts were liquidated as per the reports put up by analysts, Joseph Young. The liquidations happened in the past 4 hours which might have led to a massive surge. 

However, after smashing $60K that looks effortless, the next milestone to be achieved would be much higher. According to an analyst, Nicola Duke, the next upcoming target maybe somewhere around $72,500 to $73,000. 

Despite many indicators showcased a bearish divergence, Bitcoin refused to go down, which forced the chart to flip into bullish. Currently, it is mandatory for a continued bitcoin price rally, the daily close should happen above $58,500 levels.

Also Read: Commodity Strategist From Bloomberg Signals Investors Are Dumping Gold for Bitcoin

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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