Déjà vu: Bitcoin Setup Near $60K Looks Similar to $20K-Breakout Delay

Déjà vu: Bitcoin Setup Near $60K Looks Similar to $20K-Breakout Delay


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

Trending: Why Is President Trump Pushing The Vaccine? Some Thoughts…

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

Continue reading

You Might Like

Do NOT follow this link or you will be banned from the site!
Thanks for sharing!
Send this to a friend