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What is Bitcoin (BTC) Right Now?
Bitcoin is currently trading around $65,000 and is on a steady climb for the past few weeks. BTC did have a quiet period and major correction just a couple of months back but now we are seeing it rise again and break new all-time highs. In this price analysis, we will take a look at the daily timeframe to project our target for the coming weeks and months.
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Analyzing the Charts
The first thing we would be watching for Bitcoin right now is for it to retest its previous all-time high as support. Bitcoin has been in a strong uptrend for a few weeks now and we have not seen any corrections so far. We could simply have another leg up in the coming days or we can also expect it to retest the previous all-time high and go sideways for a while.
In case of a correction, we will be watching the $59,500 region which is likely to act as strong support.
On the other hand, we have more reasons to believe that Bitcoin will continue its uptrend and we will likely be heading towards higher targets. ETF approvals have really increased the demand for the asset and the selling pressure has reduced dramatically.
We can also see that Bitcoin is breaking out of this symmetrical triangle on the 1-day timeframe and we are still far from our target.
The technical target for this breakout would put us around $85,000. It is a price mark that we can expect Bitcoin to hit in the coming weeks or even months.
Conclusion: What is Next for Bitcoin (BTC)?
Bitcoin has had a great bull run this year and it does not seem to be stopping anytime soon. Many experts are projecting a $100,000 Bitcoin by the end of the year which might not be an easy road for BTC but is not impossible either. We would not be interested in selling our Bitcoin anytime soon as it is still looking extremely promising in the long term.
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