On Wednesday, the Bitcoin price continued to rise, reaching $55,000. This is the cryptocurrency’s highest level in five months, and it comes as institutional investors join the rally. The price of bitcoin has grown by more than 13% in the last week alone.
BTC/USD was down 3% on Thursday, aiming for $53,000 and its $1-trillion market value before recovering, according to data from TradingView.
The pair had reached local highs of $55,800 its highest since before the May mining crash but overly bullish markets quickly began to show signs of exhaustion.
On the journey back to price discovery, Bitcoin faces strong resistance levels of $58,000, $60,000, and more, while being less than $10,000 from all-time highs at one point.
Analysts call for $100K!
Amidst convincing BTC price action, various popular analysts on Twitter are making their bullish pitch and charting out the next levels for BTC.
Analyst Benjamin Cowen in his tweet points out how despite the FUD, Bitcoin has been rising and will continue to do so.
Analyst Another Pompliano implies that this rally is just the start and approval of Bitcoin ETF in the 4th quarter will heat things up. More gains for the token can be expected then.
He also mentions the number of tokens in circulation as he says,
“Approximately 85% of bitcoin in circulation has not moved in the last 90 days. Insane”
Analyst Moon Carl said, $60000 is around the corner and this will set the road for BTC to hit $100K