Bitcoin is stuck near $60,000. Some analysts think the cryptocurrency would break the level to the upside and establish a new record high. Meanwhile, a section believes that the price would crash back towards $50,000.
Amid the conflicting scenarios, Dr. Jeff Ross, the founder/CEO of Vailshire Capital Management ̦— a Colorado-based hedge fund, believes the hint lies in a recent market fractal from late 2020. The investment analyst noted that Bitcoin is consolidating near $60,000 in the same way it traded near $20,000 between mid-November and mid-December 2020.
Bitcoin in December 2020 versus April 2021. Source: BTCUSD on TradingView.com
In retrospect, the BTC/USD exchange rate struggled to break out above $20,000 due to its historical relevance as an all-time high before bulls reclaimed it in a rally after December 15, 2020.
The upside break in December 2020 came amid increased demand for bitcoin among institutional investors. Their bids for the emerging safe-haven asset went higher as the gold prices