The post Bitcoin’s RoadMap Towards $60K : Here’s How & When BTC Price Will Hit New ATH appeared first on Coinpedia Fintech News
This month, bank runs and a lack of certainty over interest rate increases by the Federal Reserve both contributed to a rise in the price of Bitcoin.
After 9 months, a massive Bitcoin price rise in the previous two weeks drove the price of BTC to over $28,000; it has since increased 15%. Most investors and traders are unsure of where Bitcoin will go next in light of its unexpected price trend.
According to a well-known crypto expert, Bitcoin may currently be in the midst of a consolidation phase that may give rise to a parabolic rally. Kevin Svenson explained that BTC may be forming a base of buyers before printing gains of over 100%.
Bitcoin’s Advent to $60k
Svenson said that after establishing two bases of support, Bitcoin appears to be following the parabolic diagram. A parabolic asset often builds three bases of support before launching a 2x rally over a brief period of time.
“Bitcoin, from $15,500 at the beginning of the year to where we are now currently at [$28,000]. Bitcoin has created two bases of support, and possibly we’re about to create base three. Why is that important?”
The parabola graphic showed that the stock price, or in this example, the price of the cryptocurrency, doubled following the formation of three bases of support within the parabola.
According to him, this suggests that BTC may start with a base of roughly $30,000 and then double it to $60,000.
The expert added that Bitcoin appears strong as it maintains respect for both its horizontal support and diagonal trendline on the four-hour chart.
Talking about the largest cryptocurrency by market cap, Bitcoin is currently trading at $28, 171 and is up by more than one percent in the last 24 hours.
However, it may face a brief retracement or sell-off in the meanwhile, based on the direction of the market, just in case it crosses the critical $29,000 resistance level.
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