Bitcoin poised for explosive growth as it approaches $63K milestone

On Jul 1, 2024

The trade price of Bitcoin is again in bullish momentum. The current trade price of Bitcoin (BTC) is $62,916 & this price is 3% high over the last 24 hours.

Bitcoin poised for explosive growth as it approaches $63K milestone 1

This week Bitcoin dipped below $60,000, but buyers stepped in at lower levels to initiate a recovery.

Bitcoin is trading within a range of $56,552 to $73,777, showing a huge struggle between buyers and sellers. Predicting the breakout direction is challenging, so traders might choose to trade within this range or wait for a clear breakout before making significant moves.

Such ups & downs in the trade price of Bitcoin, reflects a divided outlook among investors regarding Bitcoin’s future price movements.

Recently former PayPal CEO Peter Thiel suggests that while Bitcoin may see some price increases, the journey will likely be marked by significant volatility. Thiel’s comments to CNBC highlight that despite potential gains, investors should be prepared for a turbulent ride.

Conversely, renowned trader BitQuant holds an optimistic view on Bitcoin. In a recent post on X (formerly Twitter), he stated that his Bitcoin analysis consistently predicts a target of $95,000 level.

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I was wrong predicting #Bitcoin's local top at $49K because #Bitcoin reached $48,955, not $49K. I was wrong calling a local top at $75K in January because, first, #BTC never reached $75K but reversed at $74,680, and second, it only got there in March. I was wrong then, and I’m… https://t.co/yvKyI00uG4 pic.twitter.com/Of61aou5Po
— BitQuant (@BitQua) June 29, 2024

While Bitcoin’s slide towards $60,000 has triggered selling pressure in many altcoins, some have defied the trend.

Bitcoin Trade Price Analysis Summary

The current scenario around the Bitcoin market indicates that bears have the upper hand, as evidenced by the downsloping 20-day exponential moving average (EMA) at $63,651 and the relative strength index (RSI) being in negative territory. Should the $60,000 support level fail, the BTC/USDT pair could drop to $56,552, a critical level where strong buying interest is expected. Failure to hold this support may see the pair further decline to $50,000 level.

Conversely, if Bitcoin’s price rebounds and breaks above $62,500, it would signal a potential bullish comeback. In this scenario, the BTC-USD pair could climb to the key resistance at $64,602 and possibly reach $70,000.

Overall we can say that the trade price of Bitcoin could potentially fall to the low $50,000 range, while the upside may see it reach up to $70,000.