Several cryptocurrency analysts and traders are now predicting that the Bitcoin price could surpass $60,000 this bull run cycle. These oddly specific forecasts supposedly come from technical data and historical Bitcoin cycles.
Technical and historical data supposedly suggest Bitcoin bull run to $60,000
The crypto market has experienced a notable upswing during the past week. Bitcoin’s price has been holding steadily around $10,800, after Bitcoin rushed past the $10,000 barrier and briefly even crossed $11,000.
Now, however, some bullish analysts are predicting that this Bitcoin bull run is just beginning. Specifically, several analysts have come out and argued the price of Bitcoin might break out past $60,000 this bull cycle.
One of these bulls targeting a lofty $60k+ price point for Bitcoin is the crypto trader Josh Rager. In a recent tweet, Rager argued that if Bitcoin manages to rally north of $11,700 there will be little resistance. As such, Rager indicated that Bitcoin could balloon to staggering price points. Moreover, one of his teasing tweets read:
“$BTC is likely to hit $60k+ this coming uptrend…”
However, those keeping an eye on the cryptocurrency markets will know that there are plenty of optimistic price predictions for Bitcoin. Nevertheless, Rager claims to have more to back up his statements than castles in the air.
Crypto analyst “Galaxy” has suggested a $62,000 target
Rager has over 43,000 Twitter followers and usually backs up his claims with hard technical data, What’s more, Rager has made his latest prediction of a Bitcoin price above $60,000 based on historical trends.
Rager has studied past Bitcoin bull runs, and identified that each bull market cycle has lasted longer than the previous one. As such, he claims that the latest Bitcoin bull run cycle is just beginning. Specifically, he argues that it is “less than 1/4 into the current uptrend to the next peak high”.
Moreover, Rager is not the only one targeting a Bitcoin price point of more than $60,000. The crypto analyst known as “Galaxy” recently issued a $62,000 price target for Bitcoin. Galaxy based this target on past Bitcoin trends and other technicals, and argued that Bitcoin could reach levels around $62,000 as soon as October of this year.
That these separate price analyses come to such similar conclusions indicate that there may, in fact, be strong technical indicators for a Bitcoin bull run past $60,000. However, these predictions should – as always – be taken with a healthy grain of salt. This is especially true at a time when everyone is eager for the next crypto bull run.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.