It was only a couple of months ago when the outlook for Bitcoin trading was decidedly bearish. Futures and options traders at the Chicago Mercantile Exchange were taking positions on contracts that speculated Bitcoin would drop below $40,000. Shortly after Columbus Day, however, the tide turned for BTC thanks to a bullish streak that pushed the exchange price past $58K. Now we have analysts issuing overly optimistic forecasts that speculate BTC/USD will be trading around $100K before the end of the year, but we should stick to the more realistic trading target of $60K by the end of the month.
Looking at the BTC futures trading at the CME, the likelihood of this token reaching $60K over the next couple of weeks looks to be within reach. The real question is, however, how long will Bitcoin be able to trade at this level? What will happen to the exchange price once it dips below $60K and does this mean more selling pressure will come over the next couple of weeks? The following market analysis will seek to answer these questions and will take a look at what’s in store for the future of Bitcoin trading over the coming month.
Bitcoin’s Upward Trend
Thus far this year, we have seen solidly bullish rallies a couple of times. These price movements have come during Asian trading hours, which may have helped propel the token higher. Over the past 24 hours, the token has been trading sideways in a tight trading. The last time we saw a sustained move above $55K, the price rose by over $6K in just over 30 minutes. The question is whether this time will be any different? And will the bulls be able to keep the momentum going as BTC/USD drops lower? Looking at the BTC/USD 1D chart for the past month, we see that in each instance where BTC/USD traded higher, the price moved upwards over a period of a few hours. And it seems like it is only a matter of time before the next leg higher starts.
With all the above in mind, we should not doubt a $60K trading mark for BTC this month, but we can't say that such a price will become a support base.