Bitcoin sits at $61k after a dip to about $60,962. The 24-hr trade is $20,778,128,327 for Bitcoin implying much trade even despite the downward trend. This spells a critical point for investors and traders alike as, Bitcoin tests the mark of $61,000 which could either be a springboard for an upswing or act as a resistance pushing prices lower.
Indicators of Technical Analysis and Future Price Movements
Looking at its technical aspects, it has been consolidating around $61k as shown by its trading activity that mostly occurs within Bollinger Bands. Currently, the middle Bollinger Band which normally acts as dynamic support/resistance level remains above price thereby pointing towards possible resistance around this region at approximately $61071.The recent few trading sessions have seen Bitcoind struggle to keep up momentum moving beyond this midline suggesting that traders are being cautious in an uncertain market situation.
The Aroon indicator shows downturn with Aroon Down (blue line) higher than Aroon Up (orange line), indicating that the bearishness may gain more power in the short run.RSI, which is short for the Relative Strength Index, appears to be around 50, indicating a neutral market condition without strong momentum to either side.
Samson Mow Predicts Bitcoin Will Reach $1 Million as Market Optimism Grows
Making an optimistic forecast, Samson Mow—Chief Strategy Officer of Blockstream—is suggesting that Bitcoin’s price may increase up to $1 million in the coming year. Despite recent slides on the market sending Bitcoin below multiple times 60000 dollars, this audacious prediction has been made. His confidence lies with more institutional investors buying bitcoin and he believes that it will continue to soak up any sold-off bitcoins in order to keep its price stable or move it up significantly.
Mow credits his positivity to several things including SEC’s approval of various spot Bitcoin ETFs recently which in turn have led to massive buying by heavyweight financial institutions. Just ahead of April 19 bitcoin splitting event which cuts down rewards for bitcoin mining, some of them are said to have bought over 10k BTC daily like Black Rock, VanEck Ark Invest and Grayscale among others. In history this has caused a rise in the value of bitcoin because there are fewer coins being produced into circulation.According to Mow, these dynamics—increased demand from ETFs and decreased supply from halving—are likely to catalyze a significant price surge, potentially reaching the $1 million mark.
