{"id":526919,"date":"2023-04-14T21:24:04","date_gmt":"2023-04-14T21:24:04","guid":{"rendered":"https:\/\/wncen.com\/?p=526919"},"modified":"2024-06-11T07:06:52","modified_gmt":"2024-06-11T07:06:52","slug":"the-rise-of-bitcoin-continues-trader-predicts-60k-70k-range-after-consolidation","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/the-rise-of-bitcoin-continues-trader-predicts-60k-70k-range-after-consolidation\/","title":{"rendered":"The Rise Of Bitcoin Continues: Trader Predicts $60k-$70k Range After Consolidation"},"content":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency in the market, has recently broken its consolidation below the $30,000 level, holding steady at $30,200. This price surge marks the end of a prolonged period of crypto winter and the beginning of a new uptrend for the cryptocurrency industry.\u00a0<\/span><\/p>\n

Bitcoin is currently trading at $30,200, experiencing a slight decrease of 0.8% in the last 24 hours, despite recently reaching its new yearly high of $30,900 due to a strong bullish momentum.\u00a0<\/span><\/p>\n

With the bear market seemingly behind, there is a growing expectation among investors and cryptocurrency enthusiasts that BTC will continue to climb and possibly reach new all-time highs. However, uncertainty remains as to whether Bitcoin is currently in a new phase of accumulation to reach higher levels or if its support floors can withstand a potential pullback.\u00a0<\/span><\/p>\n

Related Reading: Ethereum Soars To 11-Month High Amid Massive Staking Withdrawals<\/a><\/div>\n

Anticipating The Next Move For Bitcoin\u00a0<\/b><\/h2>\n

According to a trader known as “Alan,<\/a>” Bitcoin is undergoing a significant shift, which describes the current trading levels as “platform I” and “platform II.” At present, Bitcoin is transitioning from the first platform, which is between $30,000 and $40,000, to the second platform, which spans between $60,000 and $70,000.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC’s bullish cross on the MACD chart. Source: Trader Alan on Twitter.<\/a><\/figcaption><\/figure>\n

The MACD indicator, also known as the D3 chart, is a widely used technical analysis tool for identifying long-term trends in the market. This type of chart relies on a longer time frame to analyze market trends, which for trader Alan, based on the MACD bullish cross on the D3 chart, this bullish signal has triggered a new bull run for Bitcoin, indicating that the cryptocurrency may be on the path to new higher highs.\u00a0<\/span><\/p>\n

Moreover, Adam Back, CEO of Blockstream, a blockchain technology company, has recently <\/span>noted <\/span><\/a>that Bitcoin’s price has significantly increased in the first quarter of 2023. From 31st December 2022 to 31st March 2023, the price of Bitcoin increased by approximately 70%, rising from $16.6k to $28k.\u00a0<\/span><\/p>\n

For Back, If this growth rate were to continue, Bitcoin’s price could reach $48k by June, $82k by September, and a staggering $140k by December. However, if the goal is to reach a price of $100k by the end of the year, the growth rate would need to fall from 70% to 53% for the second, third, and fourth quarters of the year. This would represent a more moderate rate of growth but one that is still significant for Bitcoin.\u00a0<\/span><\/p>\n

\u00a0Risks Loom In The Near Term For BTC<\/b><\/h3>\n

According <\/span><\/a>to Colin Wu, the expiration of 30,500 BTC options with a Put Call Ratio of 0.99, a max pain point of $29,000, and a notional value of $0.93 billion is about to expire. A ratio of 0.99 suggests that there are slightly more put options than call options, which could indicate that investors are bearish on Bitcoin’s short-term prospects.<\/span><\/p>\n

The max pain point of $29,000 could exert downward pressure on BTC\u2019s price as the options expire. This is because option holders may try to push the price toward this level to limit their losses.<\/span><\/p>\n

If Bitcoin’s price experiences a decline, there is a near-term support level at $29,500 for the cryptocurrency. However, if this support level fails to hold, there is a potential for Bitcoin to drop further toward the $28,300 support level.<\/span><\/p>\n

Related Reading: Arbitrum (ARB) Leads Top 50 Cryptos With Double-Digit Gain In Weekly Rankings<\/a><\/div>\n
\"Bitcoin
BTC on sideways price action on the 1-day chart after breaching the $30,000 level. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Unsplash, chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency in the market, has recently broken its consolidation below the $30,000 level, holding steady at $30,200. This price surge marks the end of a prolonged period of crypto winter and the beginning of a new uptrend for the cryptocurrency industry.\u00a0 Bitcoin is currently trading at $30,200, experiencing a slight decrease of 0.8% in the last 24 hours, despite recently reaching its new yearly high of $30,900 due to a strong bullish momentum.\u00a0 With the bear market seemingly behind, there is a growing expectation among investors and cryptocurrency enthusiasts that BTC will continue to climb and possibly reach new all-time highs. However, uncertainty remains as to whether Bitcoin is currently in a new phase of accumulation to reach higher levels or if its support floors can withstand a potential pullback.\u00a0 Related Reading: Ethereum Soars To 11-Month High Amid Massive Staking Withdrawals Anticipating The Next Move For Bitcoin\u00a0 According to a trader known as “Alan,” Bitcoin is undergoing a significant shift, which describes the current trading levels as “platform I” and “platform II.” At present, Bitcoin is transitioning from the first platform, which is between $30,000 and $40,000, to the second platform, which spans between $60,000 and $70,000.\u00a0 The MACD indicator, also known as the D3 chart, is a widely used technical analysis tool for identifying long-term trends in the market. This type of chart relies on a longer time frame to analyze market trends, which for trader Alan, based on the MACD bullish cross on the D3 chart, this bullish signal has triggered a new bull run for Bitcoin, indicating that the cryptocurrency may be on the path to new higher highs.\u00a0 Moreover, Adam Back, CEO of Blockstream, a blockchain technology company, has recently noted that Bitcoin’s price has significantly increased in the first quarter of 2023. From 31st December 2022 to 31st March 2023, the price of Bitcoin increased by approximately 70%, rising from $16.6k to $28k.\u00a0 For Back, If this growth rate were to continue, Bitcoin’s price could reach $48k by June, $82k by September, and a staggering $140k by December. However, if the goal is to reach a price of $100k by the end of the year, the growth rate would need to fall from 70% to 53% for the second, third, and fourth quarters of the year. This would represent a more moderate rate of growth but one that is still significant for Bitcoin.\u00a0 \u00a0Risks Loom In The Near Term For BTC According to Colin Wu, the expiration of 30,500 BTC options with a Put Call Ratio of 0.99, a max pain point of $29,000, and a notional value of $0.93 billion is about to expire. A ratio of 0.99 suggests that there are slightly more put options than call options, which could indicate that investors are bearish on Bitcoin’s short-term prospects. The max pain point of $29,000 could exert downward pressure on BTC\u2019s price as the options expire. This is because option holders may try to push the price toward this level to limit their losses. If Bitcoin’s price experiences a decline, there is a near-term support level at $29,500 for the cryptocurrency. However, if this support level fails to hold, there is a potential for Bitcoin to drop further toward the $28,300 support level. Related Reading: Arbitrum (ARB) Leads Top 50 Cryptos With Double-Digit Gain In Weekly Rankings Featured image from Unsplash, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":526922,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,78790,6664,1558],"class_list":["post-526919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\nThe Rise Of Bitcoin Continues: Trader Predicts $60k-$70k Range After Consolidation<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC), the largest cryptocurrency in the market, has recently broken its consolidation below $30,000 and trades steadily at $30,200.\" \/>\n<meta name=\"robots\" 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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