Bitcoin AnalysisBitcoin PriceCointelegraph.comCryptocurrenciesCryptocurrency ExchangeMarket AnalysisMarkets

Analysts say $60K Bitcoin price signals BTC has ample ‘room to run’

Analysts say Bitcoin whale wallet accumulation and persistent dip-buying by institutional investors signal that BTC price has plenty of room to appreciate.
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: TradingViewWhat’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 sizes holding 100 to 1,000 BTC hold about 63,000 more BTC than they did on Feb. 28, indicating that these whale wallets have been accumulating since the dip in preparation for the price to move higher. According to Lilly, “this class of wallets were the ones that timed the 2017 rally the best.”Number of BTC accumulation addresses. Source: GlassnodeAnother bullish indicator highlighted by Lilly is the …
Story continues on Cointelegraph

Related posts
Cointelegraph.comIdentitySmart ContractTransparency

Blockchain can stamp out fake news and rebuild trust in mass media

Blockchain technology implemented in the media industry will help to prevent fake news from spreading. Fact-checking agencies are in charge of verifying facts and claims in the news that may be distorted in the process of rewriting or for any…
Cointelegraph.comFeatures

Bitcoin payday? Crypto to revolutionize job wages… or not

Speaking at a Chamber of Digital Commerce panel discussion in late February, City of Miami Mayor Francis Suarez noted that his citys employees, like others, are worried about the potential devaluation of the dollar, so he proposed to the Miami…
$60K000 per unit60%All time highATHBitcoinBitcoin (BTC)Bitcoin.comBitfinex CTOBTC pricecryptocurrencyHashrateMarketsMarkets and PricesMiningPaolo ArdoinoPrice ATHPricesTradingTrading Pairs

Cryptocurrency Markets Catch Fresh Momentum, BTC Price Taps Psychological $60K Handle

The price of bitcoin cracked a new all-time high on Saturday morning reaching $60,120 per unit at around 6:25 a.m. (ET). Bitcoin now has a 1.12 trillion-dollar market valuation and a dominance level of around 61.9% while ethereum now commands…