Bitcoin's $60,000 barrier: ready to go or volatile?

Since the 2020 Bitcoin halving, the price of BTC has been between $9,000 and $11,000, like a calm lake, for 150 days. Now, 60 days have passed since the halving, and the atmosphere in the market is a bit dull. Many investors don't know how the price of Bitcoin will go, and they feel a bit confused and anxious.

But in fact, we can find some clues from history. Every time Bitcoin halved in the past, there would be big changes in the market. Remember the big rise from 2016 to 2017? It was really crazy! So, according to this law, have we reached a new change point again?

Let's do some simple math:

If we look at the situation in 2012, Bitcoin may be worth $105,703.96;

If we look at the data in 2016, the price may be $59,436.31;

Based on the halving in 2020, we have reason to expect Bitcoin to rise to $67,777.19.

Recently, the price of Bitcoin has been hovering around $60,000. This year, this price has been touched many times, and even dropped to $56,000 at one point, but then soared to $72,000. Now, the 200-day average price is about $57,000, which seems to tell us that Bitcoin may make another big move - after accumulating strength, it will rush to $72,000!

I think these price fluctuations are not just changes in numbers, but more like accumulation and transformation points. At the same time, other cryptocurrencies seem to be quiet, and they don't react even when the prices of BTC and ETH fluctuate. This may mean that bigger changes are brewing.

Bitcoin's position in the crypto market has been rising, and now accounts for 58%. With the launch of Ethereum ETF, people may slowly shift their focus from Bitcoin to Ethereum. This is definitely a new beginning for the cryptocurrency market and a new opportunity that investors are looking forward to.

But opportunities always come with challenges. There are many uncertainties in the market now: miners are selling a large number of Bitcoins, Mt.Gox exchange may start to distribute BTC, there are concerns about World War III, and the redemption of funds from BTC spot ETFs. These have added some uncertainty to the future of the market.

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