The price of Bitcoin has experienced a notable recovery Bitcoin price has been on an uptrend over the weekend, which has taken it back above $60,000, and by the early hours of Monday, the price had recovered above $63,000. Given this recovery trend, crypto analyst Bluntz Capital used Elliot Wave Theory to determine where BTC price could head from here after starting this recovery trend.
Why it matters that Bitcoin price breaks $60,000
In a Sunday analysis, crypto analyst Bluntz Capital revealed where Bitcoin price could head from here. The analysis, which was conducted when Bitcoin price was still below $60,000, charts a very bullish trajectory for the cryptocurrency’s price if the bulls remain in control.
At the time of the analysis, the crypto analyst explained that Bitcoin’s price action gave the impression that an accumulation was underway. What’s important is that rallies often come after accumulation since a significant percentage of the available supply is withdrawn from circulation.
Bluntz’s analysis focused on the ability of Bitcoin Could Recover $60,000a level that he said would determine whether the price was on the way to a new historical recordHe explained that if BTC was able to break above $60,000, then it would be “ready to go and a new upward impulse may have started.”
At the time of writing, Bitcoin price has already successfully broken through the $60,000 mark, with support established above $62,000. This trajectory implements the crypto analyst’s prediction, suggesting that the Bitcoin Price Could Hit New All-Time High.
BTC Price Heading Towards New All-Time High?
As mentioned above, the price of bitcoin has already crossed the important level presented by the analyst, which gives credence to the direction the price could take next. With this new impetus, the analyst believes the price of bitcoin could exceed $80,000.
The peak of this impulse would mean that the price of BTC Bitcoin price is reportedly hitting a new all-time high, and given the chart timeline, this surge towards the $80,000 level could happen later this year. That would mean an increase of almost 20% from its current all-time high price of $73,000.
At the time of writing, Bitcoin price is still holding above $62,7000 after suffering a slight decline from $63,000. Nevertheless, the bulls remain in control of the price as it continues to hold the $60,5000 support.
If the crypto analyst is correct, then the current sideways move might only last a short time before a bullish impulse sends it higher.
Featured image created with Dall.E, chart by Tradingview.com
