Cryptocurrency trader Scott Melker stated that technical analysis supports the prediction that Bitcoin may soon surge to $63,000.
The total crypto market value after taking a nosedive for a couple of weeks took a swift turn to record an all-time high value of above $1.21 trillion on February 6, 2021. These huge gains were largely contributed by the Bitcoin price after it nearly broke its all-time high of around $42,000 set in January 2021.
Ethereum supported the movement with an incredible performance after gaining over 20% in the last 7 days to hover within the $1700 price zone. Dogecoin was very involved with a 106% gain in the last 7 days taking its market cap to over $7 billion.
Speculations played a huge role in the recent market run after Elon Musk, an entrepreneur billionaire with a little over 43 million followers updated his Twitter Inc (NYSE: TWTR) biography with Bitcoin. Investors’ perception reached an all-time high as hedge funds and retails levels reacted positively according to Jehan Chu, managing partner with Kenetic Capital, a blockchain advisory firm in Hong Kong.
Bitcoin was in high demand since last week, and according to analysts, there is a high possibility of another bull run.
Bitcoin Price Expected to Break Its ATH and Boost Crypto Market Value
A crypto analyst and researcher known as “Material Scientist” has disclosed that the activities of mega whales (mostly dealing with $1 million to $10 million) reached an all-time high. They have been actively buying everything they sold in the past since Bitcoin hit $40,000.
“Downtrend is over, IMO. New ATH soon, don’t miss it, ” he said.
An analyst gave a perfect explanation to what is happening with the market:
“The whales of #Bitcoin (1,000+ $BTC addresses) haven’t stopped accumulating, while the mid-tier traders (10-1,000 $BTC) haven’t stopped taking profit as its price hovers around $38,000. Meanwhile, the small addresses have been #FOMO’ing back in rapidly!”.
Another cryptocurrency trader known as Johnny said that the fact that Coinbase UK has seen a significant amount of Bitcoin being withdrawn in this period of price surge indicates that whales have retaken over and are controlling the Bitcoin price. This means that the first market correction recent bull run has come to an end.
Adding to the positive Bitcoin price prediction, a cryptocurrency trader, Scott Melker stated that technical analysis supports the prediction that Bitcoin may soon surge to $63,000. According to him. The Bitcoin price is attempting to break out from a massive bull flag. It has been said that the potential confirmation of the Guggenheim Strategic Opportunities Fund’s (NYSE: GOF) investment in Bitcoin following the securing of Grayscale Bitcoin Trust (OTCMKTS: GBTC) right could accelerate the price to the predicted height.
Denis Vinokourov, the head of research at Bequant Crypto Trading stated that Bitcoin showed an efficient price recovery when it traded at $38,000 for quite a long time. Lack of price information forced the price into a reversal mode. When Bitcoin breaks the $40,000 price level, what happens next will be hard to predict since there is little price information. This means any prediction will just be anyone’s guesses.
next