After breaking above the previous all-time high in mid-March, Bitcoin continued its climbing on Wednesday night and reached a new high of around $ 64,500 in the morning. The chances of a continuation of the rally are now good.
With the end of consolidation around the $ 60,000 mark and the jump above the March high, the Bitcoin price is currently exploring new highs. In the past, the price has responded to such a breakout with either a correction due to profit-taking or the build-up of bullish momentum and a dynamic continuation of the rally. Crypto experts surveyed by the industry portal coindesk.com clearly expect the latter.
That is what the experts say.
Joe DiPasquale, CEO of BitBull Capital, expects Bitcoin to hit the next round mark of $ 70,000 by the end of May after breaking resistance in the $ 62,500 area. Alex Blum from Two Prime believes an increase to $ 72,000 is possible in the next two weeks – if Bitcoin continues to follow the projections of the previously astonishingly exact stock-to-flow model.
Matt Blom, Head of Trading at Equos, has identified the $ 65,000 mark as the first hurdle on the way to the “next big goal” of $ 70,000. If the Bitcoin price remains in the current trend channel, it could mark new highs above $ 80,000 in May. On the way there, however, volatility could remain high and short-term profit-taking could depress sentiment, warns the expert.
Coinbase debut as a possible price driver
Garrick Hileman, Head of Research at Blockchain.com, also refers to the IPO of the US crypto exchange Coinbase on Wednesday (April 14). The increased attention could also cause new highs in the crypto market itself. From the current level, he still sees “significant upside potential”.
Oanda analyst Edward Moya also expects that Coinbase’s stock market debut will have an impact on the crypto market – but also believes that a damper is possible. But: “If Bitcoin can defend the $ 60,000 area after the Coinbase debut, the bullish momentum could carry it into the $ 75,000 area,” said Moya.
Coinbase will be listed on the New York tech exchange Nasdaq via direct listing on Wednesday. A reference price of $ 250 per share was set there in advance, which meant a valuation of at least $ 67.6 billion for Coinbase. However, analysts also trust the company to be valued at $ 100 billion or more.
The Coinbase IPO is an important event for the crypto scene and should also make itself felt in the Bitcoin price in the short term. THE SHAREHOLDER expects the rally to continue in the medium and long term anyway. The speculative buy recommendation, therefore, continues to apply.
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