Bitcoin price prediction: Another correction-turned-accumulation targets $60k

Bitcoin price is in the habit of touching fresh new all-time highs almost every month. At the time of writing, the BTC/USD is trading near $55,772 and within close range of the all-time peak. The buyers will try to use the thin weekend liquidity to push the prices higher amid a growing chorus for scaling new heights.

In the past week, the BTC/USD has survived bearish pressure from various corners. The price slid towards $52k, which only reignited fresh buying interest from the bulls. The $53,500 pivot point has been a prime accumulation spot, particularly for large investors. Bitcoin price prediction suggests that a recovery can target a region north of $60k.

The hourly trading volume is dipping as the weekend dawns, but the liquidity is ample for an up move. Last week’s 5 percent price drop appears to have subsided. Speaking of the entire March month, the BTC/USD moved within a tight range of $50k to $60k. Analysts believe that the current range is serving as consolidation for the pair. The recent bounce back does support the accumulation perspective in Bitcoin price prediction.

Bitcoin price movement in the last 24 hours: Grinding towards $60k
The daily charts speak a bullish story where the buyers are targeting $60k. However, there is extreme resistance between $58k to $60k. Bitcoin price prediction analysis shows a slight dip in the buying momentum compared to January 2021. Bitcoin will likely cross the $60k resistance in the next few weeks, provided the bulls maintain a solid upward momentum in Bitcoin price prediction.

Bitcoin Electronic Money (Image: MaxPixel)
Bitcoin Electronic Money (Image: MaxPixel)

The long-term technical indicators are showing a flip towards the bullish side. The buying momentum is highlighted towards the MACD indicator that is displaying the characteristic bullish crossover. The last week’s bearish crossover on the hourly charts didn’t materialize on the longer timeframe. Therefore, a reversal isn’t imminent, and the price is likely to continue its journey north of $58k in the coming days.

The current price range of $53,300 to $55,770 seems a more settled one where Bollinger Bands supports a muted movement. Whether this is a consolidation or not will be proven in the next few days.

The current daily price range seems immune to extreme corrections since the bears cannot dip the price under $52k. The RSI indicator is giving good signals for BTC bulls. Even though it is in the neutral zone, the upward bias is evident on the hourly charts. The seller’s market seems to have been over as far as technical indicators are concerned.

If Bitcoin price prediction maintains its natural course, the upward trajectory will bring the first line of resistance at $58,000. In the next 5-7 days, the BTC/USD will move towards $58,000 backed by long orders and bullish chart movement. The BTC reserves on the exchange are dropping, and sellers are reducing. Therefore, the only logical conclusion is that HODLing is being undertaken by the traders and investors alike.

Institutional investors are safeguarding their investments and also accumulating more. There is no urge to book short-term profits. Their long-term HODLing strategy will only support higher price levels in Bitcoin price prediction.

Bitcoin price prediction conclusion: Next bull run momentum building up
The rising institutional adoption of Bitcoin is helping BTC cement its credentials as a mature asset. Also, Bitcoin ETFs are gaining steam in the crypto realm. The repeated attempts to touch fresh all-time highs show that Bitcoin is ready to give a serious challenge to the BTC critics. The entry of a diverse range of investors in the crypto realm sends huge positive signals to the investor community.

The 20-day exponential moving average is giving ample support at the $54,426 level. The ascending price channel and the long-wick candle are helping the bulls set up more long positions. The 50-day simple moving average at $51,278 is another support underneath the current wave.

Read more: Cryptopolitan

Bitcoin (BTC) RSI Level Shows We Are Still Early In the Bull Run

After staying under pressure last week, Bitcoin (BTC) has bounced back strongly making a move above $56,000 levels over the weekend. At press time, BTC is trading at a price of $56,369 with its market cap surging past $1 trillion once again.

Bitcoin has shows volatile trading patterns over the last two weeks swinging between the $53K-$61K range. While profit booking has ensured at some point, longer-term investors are still better-off! Bitcoin’s relative-strength-index (RSI) levels show that we are still very much early in the Bitcoin bull run.

PlanB, the author of the Stock-to-flow (S2F) model states that during the previous bulls runs of 2011, 2013, and 2017, the Bitcoin RSI levels crossed 95 and stayed there for nearly 3 months.

Further citing the chart of his S2F model, PlanB writes: “IMO we are only ~4 months into the bull market and nowhere near the end of it .. #bitcoin is just getting started”.

There’s been a lot of discussion as to where is Bitcoin (BTC) heading from the current levels. Also, a few popular analysts have suggested that BTC is poised to easily cross $100K levels by the end of this year.

Image by VIN JD from Pixabay
Image by VIN JD from Pixabay

Another on-chain data provider Santiment notes that the social sentiment for BTC and ETH is bearish at this point. Interestingly, the data provider points out that every time this has happened, prices have moved north.

Bitcoin’s Role At the Macro Levels and Rising Institutional Interest
Before the COVID-driven financial crisis of 2020, BTC’s role with the global financial market was largely uncorrelated. However, as institutions have started participating on a large scale, Bitcoin’s Correlation with the S&P 500 has jumped significantly.

As Glassnode reports: “This drastic shift in correlation pattern is primarily driven by the increasingly overlapping investor base of crypto and equity markets”.

Mike McGlone, the senior commodity analyst at Bloomberg Intelligence notes that Bitcoin (BTC) is on a transition to becoming the Risk-off reserve asset in 2021. He also notes that Bitcoin institutional products like the Grayscale Bitcoin Trust (GBTC) are gaining much popularity and outperformed giants like 50% this year. However, the increasing probability of a U.S. Bitcoin ETF is pushing the GBTC to trade at a discount.

Finally, he goes on to add that the biggest benefit that Bitcoin (BTC) enjoys over other asset classes is its limited supply. As per McGlone, what really matters for BTC is its increasing demand and adoption. “The potential launch of Bitcoin ETPs in the U.S. should keep the price buoyed. Increasing institutional demand, notably into corporate treasuries and accolades from a few billionaires, are part” he adds.

Read more: CoinGape