The Bitcoin rally, which started with insider news triggering the news that the first Bitcoin-related ETF will be traded on the US stock markets, has reached its all-time peak limit.
Bitcoin, which has risen by 60% in just 20 days, continues to accumulate at a point very close to the record with its strong stance above $ 60,000.
In our previous analysis, we stated that according to Bitcoin’s logarithmic growth waves, our new range would be between $58,000 and $68,500.
At this point, our first target will be $ 64854. Although breaking this level is a bit painful, we will enter a period of price discovery in Bitcoin after the breakout.
With the sharp rise in BTC dominance after the breakout, we can see that altcoins are suppressed. However, we think that altcoin investors will smile as Bitcoin finds a safe accumulation area.
In possible retracements in Bitcoin, $ 63700, $ 62500 and $ 61800 will be our support levels. As long as we don’t see a six-day close of $60,000, pullbacks in Bitcoin and altcoins will be a buying opportunity.
In case Bitcoin breaks its ATH, the $68500 level can be considered as the first take profit zone for short-term investors.
*Not Investment Advice.