New Price Prediction as Bitcoin Edges above $60K
Bitcoin might be above the $60,000 level, but that may not be for long if inflation data looks poor this weekend.
Bitcoin (BTC) is back above the $60K level with a price point of $60,325 (BTC/USD), but how long will it be able to maintain this new status?
Many investors thought that this would be the year when Bitcoin would pass $100,000, and yet the coin has had trouble moving very far past $70,000, even when it was at its most bullish. Now, $60,000 has become a resistance level for the coin that was unexpected a couple of weeks ago.
At the moment, Bitcoin is struggling to keep its head above that level, and it could easily fall back below that mark to hit $58,000 or lower. The danger at this time with this token is that if it drops again and falls below $60,000, then it may have even more trouble surging past it the next time.
What we have seen happen this year is that many investors give up on Bitcoin when it starts to struggle, and that is primarily because so many analysts have predicted wild and incredible new gains for Bitcoin. That hypes up investors and gets their hopes up, and when the predictions prove to be false, the investors become incredibly discouraged.
Where Will Bitcoin Go Next?
Right now, Bitcoin is having a tough time keeping above the $60,000 level. It is up 2.26% from yesterday, but that may not be sustainable. Investors should watch new inflation data carefully, like the US Nonfarm Payrolls to be released later today. That will give some indication of where the economy is at and help investors decide if they want to continue supporting Bitcoin.
We predict that Bitcoin will continue to struggle around the $60K level and may not move much higher for the next week. There is every expectation that inflation will remain high for now, and that will keep Bitcoin down.
When might we see $70,000 from this token? That could happen in a couple of weeks, if economic factors start to work in the crypto industry’s favor. A $100,000 Bitcoin price point is still possible this year, but we need to see Bitcoin moving quickly in that direction for that to happen.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals