Bitcoin has again shown its resilience and upward momentum, surpassing the $55,000 mark following a breakout from a 10-day accumulation range. This milestone, achieved for the first time since November 2021’s all-time high, marks another record-setting moment in the cryptocurrency’s journey.
Ethereum has joined the rally, surging by 26.6% since its cycle low, while Bitcoin has recorded a staggering 256% gain from its cycle low.
Bull Run or Bull Trap: What Next For Bitcoin Price?
In the wake of these game-changing price movements, investors wonder: what comes next? Analyst Jason Pizzino delves into the current market dynamics and potential resistance levels. Having closely monitored market trends for over 18 months, Pizzino offers details into these uncertain waters.
He said that sometimes big changes in the market happen slowly. For example, back in 2023, it took seven months for things to build up before a big breakthrough. Then, out of nowhere, Bitcoin’s value shot up to $55,000 overnight, breaking through a barrier at $52,000. That $52,000 level came from a peak in 2021.
After a quick rise in December 2021, Bitcoin hovered around $52,000 and dropped to $48,000 before things calmed down. Now, Bitcoin is back around those levels, aiming for even higher prices.
He also said that a big milestone everyone is watching is $60,000. But in the past, when Bitcoin tried to go past $60,000, it struggled and eventually dropped after reaching $65,000. This makes $60,000 a critical target.
He pointed out that hitting around $62,700 would be another important milestone. This number represents a doubling of the recent price increase from the low point during the crypto SEC issue in September to the peak during the ETF excitement in January, followed by a drop.
One key aspect Pizzino highlights is the performance of major indices like the S&P 500, which has shown positive gains for November, December, January, and February. Historically, such consecutive gains have often been followed by further upward momentum, with March typically maintaining positive trends about 80% of the time.
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