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By Bernice Nyambura - March 13, 2021
Bitcoin breached the $60K price level to record a new all-time high price of $60,310 on March 13, exactly one year and the day after the devastating Black Thursday crypto market crash of March 12, 2020.
Last year on March 12, bitcoin dropped 40% to a low of $3,800, but the new all-time high puts BTC’s price at 16 times higher than its lowest price a year ago.
The new high follows several retracements and consolidation attempts up to the very last moment, which has raised the bar higher for bitcoin’s next target aimed at $70,000.
BTCUSD Chart By TradingView (Click image for larger view)
Bitcoin’s new all-time high also means that most of the Bitcoin market is in profit, for all investors who bought Bitcoin at a lower price than the current market value. It is also considered to be one of the milestones that Bitcoin has to go through on its parabolic path, according to multiple analysts in the crypto market.
Additionally, the majority of analysts have been humming bitcoin boosts during price retracements and anticipating its continued bullish phase. Elon Musk and Tesla are now up over 80% in profit on their bitcoin investment, as well as MicroStrategy, one of the highest-valued institutional investors to actively buy more BTC during price dips. CEO MicroStrategy compares Bitcoin to a nest of relentless cyber hornets:
“Bitcoin is a swarm of cyber hornets growing ever stronger.”
In January, BTC retraced 31% in 20 days and rallied 95% after bottoming its correction in 24 days. According to crypto analyst and trader by the pseudonym Rekt Capital, BTC retracements are often tough but healthy for the market in the long run.
“Retraces can be tough, but they are worth enduring. After all, Bitcoin has rallied +40% in the 13 days since bottoming in the latest retrace.”
But despite the projected forward momentum, Bitcoin is facing strong resistance at its new ATH, since the market is under the influence of strong factors like maturing positions set at the $60k level, which is crucial to bitcoin’s next price action.
The top coin is up 6.53% on the day, trading at $61,188 at the time of writing, according to data from CoinMarketCap.
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DISCLAIMER
The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
The original article written by Bernice Nyambura and posted on ZyCrypto.com.
Article reposted on Markethive by Jeffrey Sloe
