Since the pullback in bitcoin late last April, Bitcoin has formed an ascending triangle…printing higher lows with resistance around the $58,000 - $59,000. The past couple days it has come close to the psychologically important $60,000…only to be rejected with buying picking up at ever higher prices (Higher Lows).
But back on the short term technical…each time this resistance below $60,000 gets hit…the resistance gets a little weaker
A close above the March 13th high of $61,867 would be my confirmation for the next leg up.
On the fundamental side of the market…the SEC will be making a decision on a #BTC ETF in June.
If we look at the prices of Gold after the first gold ETF…we can see a huge inflow of institutional capital into the space. As such, I’m expecting large inflows into Bitcoin whenever the first etf comes to market which makes targets of $100k seem conservative.
But before that…my initial target is $81,933. As for a timeframe on this target...current estimate is $81k by September 2021 71% confidence.
But back on the short term technical…each time this resistance below $60,000 gets hit…the resistance gets a little weaker
A close above the March 13th high of $61,867 would be my confirmation for the next leg up.
On the fundamental side of the market…the SEC will be making a decision on a #BTC ETF in June.
If we look at the prices of Gold after the first gold ETF…we can see a huge inflow of institutional capital into the space. As such, I’m expecting large inflows into Bitcoin whenever the first etf comes to market which makes targets of $100k seem conservative.
But before that…my initial target is $81,933. As for a timeframe on this target...current estimate is $81k by September 2021 71% confidence.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.