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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin to Hit $60-64K Soon, Asserts Analyst Despite Price Dip

Yashu Gola
Yashu Gola
1 year ago
3 mins read

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An ongoing bull run in the Bitcoin market might extend until the price hits $60,000-64,000 area, asserts an independent analyst.

The pseudonymous entity tweeted Wednesday that BTC/USD needs to hold support above $42,000 to validate its prolonged bullish setup. On the other hand, slipping below the said price floor would signal bearish deviation.

“As long as we are above 42k then this should be the next leg of the uptrend,” he wrote. “Lose that and we can consider it a deviation in which pain ensues. The spot to watch IMO. Hold and we see 60-64k soon.”

The statement appeared in the wake of Bitcoin’s latest intraday correction ahead of the New York opening bell Wednesday. The benchmark cryptocurrency slipped by more than 1.5 percent, extending its decline from the previous session’s record high of $48,200. At its lowest on Wednesday, Bitcoin was trading at $44,600.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin slips more than 1.5 percent on Wednesday amid profit-taking, as shown in the chart shared by Pentoshi. Source: BTCUSD on TradingView.com
Bitcoin slips more than 1.5 percent on Wednesday amid profit-taking, as shown in the chart shared by Pentoshi. Source: BTCUSD on TradingView.com

Dissenting Outlooks

The downside correction appeared to have originated in retail markets owing to profit-taking sentiment. Bitcoin climbed by as much as 20 percent on Monday after Tesla revealed its securities filing report that it purchased $1.5 billion worth of the cryptocurrency in January.

While many analysts agreed that Tesla’s Bitcoin bid would influence more Wall Street firms into making copycat investments, some mainstream strategists thought otherwise. According to analysts at JPMorgan Chase and Treasury Partners, Bitcoin remains too volatile even for the US dollar bears to keep corporates’ interest minimum in the cryptocurrency.

“Corporations invest their cash in very high quality, short-term fixed income securities, and are willing to accept a relatively low rate of return,” said Treasury Partners’ Managing Director Jerry Klein in a statement to the FT. “I don’t think there is a case to be made for investing corporate cash in a risky asset like bitcoin, where they could experience significant declines.”

Bitcoin to Moon

But bullish hopes remained high long-term as traders continued to assess the US President Joe Biden’s $1.9 trillion stimulus proposal. Many of them expect the US dollar to head further lower after Congress clears the expansive coronavirus aid. In turn, that would push further mainstream firms sitting atop billions of dollars of cash reserves to reallocate some portion to Bitcoin.

“As corporations adopt bitcoin as a treasury reserve asset on their balance sheets, they replace a non-performing asset with the best performing asset, choosing volatile appreciation over stable depreciation,” said Michael Saylor, the CEO of MicroStrategy, a public-traded firm that holds more than 72,000 BTC in its reserves.

“This Bitcoin Strategy benefits all shareholders over the long term,” he added.

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Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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