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Crypto Analyst Expects “Escape Velocity” When Bitcoin Breaks $60K. Here’s Why

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
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Bitcoin price is still stuck under $60,000 but unable to push any lower than $55,000. The tightening across the crypto market has been long and arduous but when $60,000 is finally broken, the crypto asset should reach what one analyst calls “escape velocity.”

Here’s what the term means and what that could look like post-breakout of the key resistance level.

Bitcoin Could Reach Escape Velocity After Breaking Above $60,000

Bitcoin price action has come to a critical impasse, either ready to explode to hundreds of thousands of dollars per coin, or about to take a dive from current highs.

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Resistance above $60,000 has been the first zone proving too strong for bulls to get through with ease, causing momentum to fizzle out. Momentum indicators have turned red for the first time in months, but bears have failed to take prices much lower.

Related Reading | Stablecoin Supply Rising, Diminishing Bitcoin Reserves Ready To Fuel Next Leg Up

The standoff has volume dropping, and volatility dipping to the lowest levels in months for the characteristically explosive crypto asset.

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But when things finally do break above $60,000, one crypto analyst expects things to reach “escape velocity.”

bitcoin escape velocity

This is what escape velocity could look like in Bitcoin | Source: BTCUSD on TradingView.com

What The Physics Term Playing Out In Crypto Would Look Like

According to Wikipedia, escape velocity is a physics term describing “the minimum speed needed for a free, non-propelled object to escape from the gravitational influence of a massive body.” In simpler terms, its the strength and speed needed for an object to escape a planet’s gravitational pull and exit its atmosphere.

The analogy makes sense. “Escape velocity rises with the body’s mass and falls with the escaping object’s distance from its center. The escape velocity thus depends on how far the object has already traveled,” a description reads.

Essentially, $60,000 is the object’s center, and resistance should weaken once it is passed, requiring less overall momentum to continue to head off toward the moon.

Related Reading | Crypto CEO “Convinced” Of Bitcoin Cycle Top, Warns Of Sell Side Intensity

The reason being is, Bitcoin has attracted substantial media attention above $50,000 where the coin has now spent weeks above. Those waiting for a breakout of $60,000 will buy with extreme force knowing that any correction was warded off.

At the same time, those waiting for prices lower will realize it isn’t coming, and FOMO back into Bitcoin, causing prices to soar with even greater ease.

Between the flurry of new buyers getting in for the first time, sellers buying back in after they’ve realized their mistake, and more, it should cause the final parabolic stage of the Bitcoin bull run, and the “escape velocity” the analyst is talking about.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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