Bitcoin started the year at about $44,215.21, and by late January, strong market momentum pushed its price to a yearly high of $73,057 in mid-March. Since then, Bitcoin has been slowly declining. Attempts by buyers in early June and late July to boost the price didn’t succeed, and now it sits at $56,045. After hitting around $64,218 on August 25, Bitcoin slipped below the $60,000 mark by August 28. The market is currently struggling to break above this crucial level.
What are experts saying about Bitcoin’s price action? Let’s find out!
Mid-March Peak: The Highest Point or Not?
Most believe that the peak Bitcoin hit in mid-March marks the top of the current bullish cycle. However, Sachi, an analyst from CryptoQuant, disagrees. Sachi argues that Bitcoin has the potential to climb much higher than its mid-March peak, offering a more optimistic view.
A recent analysis from Bitcoinsit suggests that Bitcoin is in a cooling-off phase right now. Experts like Sachi see the current consolidation as a necessary pause before the next big upward move.
Key Level: Will Bitcoin Break $60,000?
Bitcoin has dropped 2.3% in the last 30 days and 6.0% in the past week. The $60,000 level has become a critical point to watch on the one-day chart.
Since the start of the month, the market has repeatedly tried to push above this level but has failed each time. A strong attempt was made by buyers on September 2, but it wasn’t enough to break through.
While Bitcoin’s market performance might seem weak now, Sachi’s analysis gives Bitcoin enthusiasts some reason for optimism. The market’s current state could be setting the stage for a bullish trend soon, making it worth watching as it tests key resistance levels.
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Do you agree with Sachi’s analysis that Bitcoin has the potential to reach new highs?
Source: https://coinpedia.org/news/bitcoin-price-analysis-can-bitcoin-break-the-60000-barrier-soon/