Bitcoin (BTC) Price May Still Reach $60,000 Setting Up a Notable Bull Rally Ahead, But When?
Bitcoin price is slowly gaining its dominance as the asset has been holding the lower support finely from the past few hours. The bulls appear to be well-positioned and hence the price may be on its way to reaching the immediate resistance just below $23,000. However, the volume has been bullish for the past week and hence a firm upswing could be imminent for the BTC price ahead.
The elevated price has assisted the global market cap to remain above $1 trillion while the 24-hour trading volume has also made a jump of 1.49%. At present, the BTC price seems to lead the crypto space to bounce out of the bearish trade set-up. Therefore, the upcoming quarter is expected to be pretty bullish, as the bears may remain off-shore for a while.
Therefore, the Bitcoin (BTC) price is expected to surge close to $60,000 in the next few months, as predicted by a popular analyst.
$BTC #Bitcoin What if I told you that $BTC will get to $60,000 in the next few months (wave B from ABC Correction). $BTC has always done that in the past cycles. — 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) September 13, 2022
The analyst here highlights the asset repeating the previous pattern that may assist the BTC price to rise close to $60,000 in a couple of months. The price is trading forming a constant ABC wave pattern and is currently accomplished in reaching the final support that may induce a catapult action to rise high.
Considering the short-term, the Bitcoin price is presently at the last resistance before testing the range high at around $22,623.16. As the asset is trading within a rising parallel channel, the asset has marked a rebound after hitting the lows at $22,190 and heaving to test the local resistance at $22,938.12.
Besides, the RSI & MACD are closer to flashing a bullish signal soon that may assist the Bitcoin (BTC) price to sustain an ascending trend ahead.Source