Could Bitcoin reach $60,000?
Demand has outpaced supply pressure at $ 38,000 with a successful price consolidation at $ 50,000. It will be bitcoin capable of reaching $ 60,000 and maintaining a price range that allows demand to consolidate above.
In the range of $ 49,000 and $ 45,000 is the new long-term support zone (blue). A short-term pullback in demand to the $ 52,000 range could be feasible if you don't maintain enough volume to consolidate above $ 55,000
1W Chart
If you cannot settle at these levels, it will cost you more to reach $ 60,000. In the order book it can be seen that the heaviest bid orders are at the prices of $ 58,000 and $ 60,000
These are new prices for Bitcoin, we are facing a historical event, there is no reference price for the offer, it cannot be calculated what will be the level where the price will react to make a turn. We have commented in previous articles, that we are in a moment of euphoria, demand cannot pump capital forever and those who bought positions in the $ 9000 - $ 10,000 or much earlier, need at some point to distribute the capital to withdraw profits. For this they need to convert the new long positions that are currently entering the market into sales.
To try to find an even more exact reference to the professional offer, we can take a closer look at the order book.
We can find our offer zone between $ 60,000 and $ 62,000 (marked in red)
1W Chart
For retail traders and investors, there is nothing more to wait, if they are already in the market, gradually liquidate positions to collect profits. For those who don't, it is well worth finding a good entry point against the trend to buy as cheaply as possible and stick to professional demand.
This is not any investment advice, it is only a market analysis that is only considered educational material.
Source:
Tradingview Charts
cover: https://www.bbc.com/mundo/noticias-51023616
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Alejandro Aristeguieta
CEO in Aristeguieta Capital.
Investment Firm and Financial Analysis.