2024-02-28 13:44:00
© Reuters
Investing.com – Bitcoin broke the 60,000 level for the first time since November 2021, with the largest cryptocurrency trading at $60,050 moments ago at the top of the last 24 hours.
It is up nearly 5% at the moment and is trading in the $59-$60,000 per coin range, benefiting from aggressive demand resulting from Bitcoin spot ETF buying inflows.
Bitcoin is heading towards its historic peak at $69,000, which experts expect Bitcoin will succeed in breaking in this year, which has witnessed the acceptance of Bitcoin ETFs and will also witness the halving process.
According to an analysis published on the BeINCrypto website, the wave count indicates that Bitcoin price is in the third (black) wave of a five-wave upward movement. The number of sub-waves is in white. So far, the third wave has been longer than the first wave and is approaching 1.61 in length at $65,400. This would be a suitable level for a short-term top that marks the beginning of the fourth wave.
Conversely, if Bitcoin decisively crosses the $65,000 level, it is expected to reach a new all-time high. In this case, the next important resistance would be $90,700, giving the first and third waves a ratio of 1:2.61.
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