- Bitcoin price prediction expects a rise to $64,000 next.
- Strong support is currently found at the $58000 level.
- Strong resistance currently lies at the $5900 level.
- Morgan Stanely is giving investors access to Bitcoin funds.
The cryptocurrency has been on a gradual uptrend in the daily time frame. Bitcoin started the day with the 24-hour low of $56,435 and went as high as $59,455. The upward momentum slowed down after the 24-hour high was established, and it appears as though Bitcoin is no longer striving for higher levels. At the time of writing, Bitcoin stands at $58,327.
The most famous pair in the cryptocurrency market continues to enjoy the bullish sentiment. Most of the technical indicators are giving out a signal of buy. Of the total indicators, 10 stand at neutral, 14 stand at buy, while only two are giving out a sell signal.
Bitcoin price prediction: What to expect?
Most Bitcoin price predictions are coming in positive at the moment. Analyst Jan has predicted a price level of $64,000 for the cryptocurrency in his Bitcoin price prediction. Per the analyst, all technical appear to be pointing towards a nearing price explosion of the cryptocurrency. The market dominated by buyers continues to portray an optimistic outlook, and the market corrections appear to be short-lived.
The analyst had identified the price action of Bitcoin to have formed an Elliot wave series within an ascending channel formation in February. Bitcoin broke out of the channel while completing the final wave of the series. Analyst Jan has figured out a near-identical formation in the current price action of Bitcoin.
In the ascending channel formation, Bitcoin has completed the first four waves of the Elliot wave series. Both wave four and two were similar and touched the channel’s lower boundary because of increased bearish pressure on the cryptocurrency. After the minor corrections at wave four, the analyst expects a similar break out at the final wave, which could result in the Bitcoin price reaching $64,000.
Analyst nSaco has identified the cryptocurrency in a bearish Diamond top formation in his Bitcoin price prediction. With increased bearish momentum, the analyst expects Bitcoin to fall in the coming days to as low as $45,000. However, the cryptocurrency price is expected to pick up once strong support is established, and the all-time high level is to be retested by Bitcoin.
Bitcoin is facing strong resistance at the Fibonacci resistance level of $61,390. If Bitcoin successfully tests the resistance, a smooth upward trajectory can be expected from it until the next Fibonacci resistance level, which lies parallel at the price level of $71,330.
Morgan Stanley signals new investments
In the recent bull run, Bitcoin shocked the world as it achieved its all-time high at around $61,000. This led to the interest in cryptocurrency increasing at an exponential rate. Any institutions like Grayscale and firms like Tesla led the race in getting their hands on as many BTC as possible. But the cryptocurrencies have a notorious reputation because of their high volatility, which led to major banks shying away from investing. However, Morgan Stanley has become the first major US bank to include Bitcoin funds in its offerings. The bank remarked the cryptocurrency was added due to increased client demand. It is only a matter of time, not that other major banks will follow suit.