Bitcoin (BTC) bulls finally mustered enough strength to push the top-ranked cryptocurrency through the $60,000 level and citing key on-chain metrics, analysts believe the bull run has a ways to go before reaching any considerable resistance.
Since pushing back above $50,000 on March 9, every dip in Bitcoin price has been quickly purchased by institutional investors and the BTC balance of whales has also continued to grow over the past few months.
BTC/USDT 4-hour chart. Source: TradingView
What’s next for Bitcoin price?
A recent report from Ben Lilly, an analyst at Jarvis Labs, analyst Ben Lilly highlighted the “two steps forward, one step back” nature of Bitcoin’s price movements over the past week, noting that the rise in price was accompanied by “four drawbacks of 5%”.
According to Lilly, Bitcoin’s price action is a good sign of healthy profit-taking as vertical prices are “only healthy when breaking all-time highs,” otherwise known as price discovery.
To get a better understanding of where price may be headed, Lilly noted that wallet sizesTitle: Analysts say $60K Bitcoin price signals BTC has ample ‘room to run’
Sourced From: cointelegraph.com/news/analysts-say-60k-bitcoin-price-signals-btc-has-ample-room-to-run
Published Date: Sat, 13 Mar 2021 15:55:12 +0000