Even at the dizzy heights of around $52,000, bitcoin looks as though it might still have gas in the tank. Is it possible that bitcoin could get to $65,000?
$BTC defies gravity
It really doesn’t seem possible, but $BTC continues to defy gravity. The current run from the last correction bottom is now 34%, or around $13,300. The overall percentage gain for bitcoin’s entire bull market so far is 233%, converting to a $36,300 gain in price.
Since mid-October, there has only been one sizable correction, and that was after the announcement of the approval of the Spot Bitcoin ETFs. With these ETFs now furiously taking $BTC out of the market, there doesn’t seem to be anything in particular to act as a drag on the market.
Not much drag on the market
Yes, Genesis has been cleared to sell $1.3 billion in Grayscale shares, but at this present rate of buying of the other nine Spot Bitcoin ETFs, this entire amount could be compensated for in only two days. That being said, Genesis would hardly put it all on the market in one go, being cognizant of keeping the price up. So this is more likely to be a steady selling flow.
So if nothing else is acting as selling pressure, there doesn’t appear to be anything to stop $BTC rising, other than the market becoming exhausted with buying, which will have to happen at some point.
The halving is coming up on or around 17 April, and looking at previous bull markets, the final steep run to those tops started as soon as the halving had happened. Therefore, things do look good for the king of the cryptocurrencies.
Short term outlook continues bullish
Source: Coingecko/Trading View
For the short term outlook, $BTC is rising inside a narrow channel. This is bullish until the trend breaks to the downside. Given that the trend is your friend until the end, this needs to be followed as long as it continues.
Could $65,000 be possible?
Source: Coingecko/Trading View
Zooming right out on the weekly time frame it can be seen that $BTC is up against this important resistance at $52,000. A break here could see $BTC go all the way to $65,000, and perhaps a new all-time-high. Many may well be left on the sidelines in this scenario, but bitcoin waits for no one.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/02/bitcoin-btc-preparing-for-last-big-surge-toward-65000