bitcoin price saw a remarkable recovery trend over the weekend that put it back above $60,000 and by the early hours of Monday, the price had recovered above $63,000. Given this recovery trend, cryptocurrency analyst Bluntz Capital has used Elliott Wave Theory to map out where btc price could head from here after kickstarting this recovery trend.
Why bitcoin Price Breaking Above $60,000 Matters
In a Sunday analysis, cryptocurrency analyst Bluntz Capital x.com/Bluntz_Capital/status/1812282894116847655″ rel=”nofollow” target=”_blank”>revealed Where bitcoin price could head from here. The analysis, which was conducted while bitcoin price was still below $60,000, charts a very bullish path for the cryptocurrency price if bulls remain in control.
At the time of the analysis, the cryptocurrency analyst explained that bitcoin’s price action seemed to indicate that accumulation had occurred. The significance of this is due to the fact that rallies typically occur after accumulation, as a large percentage of the available supply is removed from circulation.
Bluntz's analysis focused on the ability of btc/bitcoin-price-breaks-62k/” rel=”nofollow noopener” target=”_blank”>bitcoin can recover $60,000a level that he believes will determine whether the price heads for a new all-time high. He explained that if btc managed to break above $60,000, then “it’s on track and a new bullish momentum may have started.”
Well, at the time of writing this article, the bitcoin price has already successfully broken through $60,000, with support established above $62,000. This trajectory puts the cryptocurrency analyst's prediction into action, suggesting that bitcoin/bitcoin-price-to-return-above-63000-heres-what-needs-to-happen/” rel=”nofollow noopener” target=”_blank”>bitcoin price could be heading towards a new all-time high.
Is btc Price Heading Towards a New All-Time High?
As mentioned above, bitcoin/bitcoin-whales-accumulate-71000-btc-amidst-price-dip-details/” rel=”nofollow noopener” target=”_blank”>The price of bitcoin has already surpassed the important level presented by the analyst, which gives credence to where the price could head next. With this new momentum, the analyst believes that the price of bitcoin could surpass $80,000..
The top of this push would mean that the btc price would reach a new all-time high, and given the chart timeline, this surge to the $80,000 level could happen sometime this year. This would mean an increase of almost 20% from its current all-time high price of $73,000.
At the time of writing, bitcoin price is still holding above $62,7000 after suffering a slight drop from $63,000. However, the bulls are still in control of the price as it continues to hold the $60,5000 support.
If the cryptocurrency analyst is right, then the current sideways movement could last only a short time before a bullish momentum sends it higher.
Featured image created with Dall.E, chart from Tradingview.com
