Bitcoin Price Prediction: BTC sees momentum building to $60,000
- Bitcoin price action got lifted towards $55.619 this week with the help of favorable tailwinds provided by global markets and renewed positive attention in the media.
- BTC price action faded a little bit after hitting $55.619, but still held at the first technical support level at $53.350, showing considerable interest from buyers to add or join in the rally.
- Bulls will build up momentum and could hit $60.000 as soon as next week.
Bitcoin (BTC) price action gained much attention and traction in the media this week, which gave bulls another favorable tailwind to support price action to the upside. After hitting $55.619 for the first time since May, price action in BTC faded a little bit, but buyers are eager to step in at the first available support level, near $53.350. With bullish volume added again, the bull run regains steam and will break higher towards $60.000.
Bitcoin price sees the immense interest of buyers
Bitcoin price action formed a second weekly bullish candle this week with an exciting and healthy pattern. After the bullish outbreak last week, price action in BTC corrected first to the first available support level near $47,065. This support acted as a launching platform for the next bullish candle that now looks to be consolidating around $53.350
BTC price should see support going into next week at $53.350, which should add new buyers to the bull run. This way, new volume is added, and a repetition of the same pattern would spell $60.000 as profit level by next week. Bitcoin price will see quite some profit-taking at that level because of its importance since May and the psychological element.
BTC/USD weekly chart
Bitcoin price could start to fade if bulls fail to hold $53.350. Price action would fade and begin to spiral quite quickly to lower levels as positive tailwinds in their turn would start to fade as well and would start to feed further the downward spiral. Global market risk sentiment will be a crucial factor in these tailwinds. Otherwise, Bitcoin price action could quickly see profits being pared back to $40.750.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
