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.