Bitcoin’s Potential to Reach $65,000
Even at the dizzying height of around $52,000, bitcoin looks as though it might still have gas in the tank. Is it possible that bitcoin could get to $65,000?
$BTC Defies Gravity
It really doesnβt seem possible, but $BTC continues to defy gravity. The current run from the last correction bottom is now 34%, or around $13,300. The overall percentage gain for bitcoinβs entire bull market so far is 233%, converting to a $36,300 gain in price.
Since mid-October, there has only been one sizable correction, and that was after the announcement of the approval of the Spot Bitcoin ETFs. With these ETFs now furiously taking $BTC out of the market, there doesnβt seem to be anything in particular to act as a drag on the market.
Not Much Drag on the Market
Genesis has been cleared to sell $1.3 billion in Grayscale shares, but at this present rate of buying of the other nine Spot Bitcoin ETFs, this entire amount could be compensated for in only two days. That being said, Genesis would hardly put it all on the market in one go, being cognizant of keeping the price up. So this is more likely to be a steady selling flow.
If nothing else is acting as selling pressure, there doesnβt appear to be anything to stop $BTC from rising, other than the market becoming exhausted with buying, which will have to happen at some point. The halving is coming up on or around 17 April, and looking at previous bull markets, the final steep run to those tops started as soon as the halving had happened. Therefore, things do look good for the king of the cryptocurrencies.
Short Term Outlook Continues Bullish
For the short-term outlook, $BTC is rising inside a narrow channel. This is bullish until the trend breaks to the downside. Given that the trend is your friend until the end, this needs to be followed as long as it continues.
Could $65,000 Be Possible?
Zooming right out on the weekly time frame, it can be seen that $BTC is up against this important resistance at $52,000. A break here could see $BTC go all the way to $65,000 and perhaps a new all-time high. Many may well be left on the sidelines in this scenario, but bitcoin waits for no one.
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