Price Prediction for Bitcoin
This is in line with other price predictions for Bitcoin betting on the world’s oldest cryptocurrency. For example, Standard Chartered estimates that Bitcoin will hit $100,000 by 2021 or early 2022.
After a broadly bullish day for Bitcoin and the broader market on Tuesday, the crypto market has had a relatively bullish morning.
Bitcoin (BTC to USD) was up 0.15 percent to $63,341.8 at the time of writing. It had a mixed start to the day, rising to an early morning high of $63,565.0 before reversing.
Also, Bitcoin plummeted to a mid-morning low of $62,789.0, falling well short of the first significant resistance mark at $64,806 dollars. Furthermore, Bitcoin soared back to $63,000 levels after avoiding the first key support barrier at $61,176.
The remainder of the majors has had a mixed morning. Throughout the morning, Binance Coin (-0.07%), Chainlink (-0.11%), and Polkadot (-0.49%) defied the larger market trend.
The rest of the majors, on the other hand, have had a bullish morning. Cardano’s ADA and Ripple’s XRP were leading the way at the time of writing, with increases of 6.29 percent and 6.32 percent, respectively.
Strong support was also recorded for Crypto.com Coin (+3.07 percent) and Litecoin (+3.52 percent). However, Bitcoin Cash SV (+1.93%) and Ethereum (+0.20%) behind the front-runners.
The crypto total market cap dipped to a low of $2,710 billion at mid-morning before rebounding to a high of $2,750 billion. Bitcoin’s dominance rose to an early morning high 43.74% before falling to a low 43.47%. At the time of writing, Bitcoin’s dominance stood at 43.51%.
For the Afternoon
To bring the first significant resistance levels at $64,806 and $65,000 into play, Bitcoin would have to prevent a collapse through the pivot at $62,734.
However, for Bitcoin to break out from its morning high of $63,565.0, it will need support from the rest of the market.
If a crypto rally does not last long, the first significant hurdle and resistance at $65,000 will likely cap any further gains.
Before any reversal, Bitcoin might hit resistance at $68,000 in the event of another extended gain through the afternoon. $66,364 is the second significant barrier level.
If the price falls below the pivot at $62,734, the first significant support level at $61,176 will be tested.