{"id":570368,"date":"2024-01-19T18:30:55","date_gmt":"2024-01-19T18:30:55","guid":{"rendered":"https:\/\/uniquehot.com\/?p=570368"},"modified":"2024-06-11T07:24:53","modified_gmt":"2024-06-11T07:24:53","slug":"analyst-until-bitcoin-retests-61k-the-btc-top-is-not-in","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/analyst-until-bitcoin-retests-61k-the-btc-top-is-not-in\/","title":{"rendered":"Analyst: Until Bitcoin Retests $61k, The BTC Top Is Not In"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Despite recent dips in price, Bitcoin is still on track for further gains, according to BitQuant. Based on technical analysis, the analyst\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/BitQua\/status\/25210096\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">predicts<\/span><\/a><span data-preserver-spaces=\"true\"> that the world&#8217;s most valuable coin will likely top out at $61,000, not $50,000, as some analysts have suggested.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Has Room For Growth, May Peak At $61,000<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Sharing a screen grab on X, the analyst argues that based on Bitcoin&#8217;s history, prices tend to peak once it retests the 2X100 exponential moving average (EMA). So far, prices are lower, trading below $45,000, and the uptrend is valid despite the recent cool-off.\u00a0<\/span><\/p>\n<figure id=\"attachment_570371\" aria-describedby=\"caption-attachment-570371\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-570371\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEIsbWyXcAApGHG.jpg?resize=1024%2C485\" alt=\"BTC is yet to retest the 2X100 EMA | Source: BitQuant on X\" width=\"1024\" height=\"485\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEIsbWyXcAApGHG.jpg?w=1131 1131w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEIsbWyXcAApGHG.jpg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEIsbWyXcAApGHG.jpg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEIsbWyXcAApGHG.jpg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/GEIsbWyXcAApGHG.jpg?w=750 750w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-570371\" class=\"wp-caption-text\">BTC is yet to retest the 2X100 EMA | Source: BitQuant on X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">For this reason, BitQuant is confident that the recent drop was a temporary correction. Accordingly, BTC will likely extend gains, breaking above immediate resistance levels at $45,000 and even $50,000 in the short to medium term.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/crypto-analyst-bitcoin-price-plunge-even-lower\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst Sounds Alarm: Bitcoin Price Set To Plunge Even Lower<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Still, it should be noted that the 2X100 EMA is a technical indicator and may lag. Since the indicator averages past prices, it might not be accurate, showing current events and expectations of prices. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To demonstrate, in the last bear market, Bitcoin prices dipped below the 2X100 EMA as the coin tanked to as low as $16,000 by November 2022. This development wasn&#8217;t expected by the community, taking adherents by surprise.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">So far, looking at the Bitcoin price action in the daily chart, the path of least resistance is northwards. Though the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (<a href=\"https:\/\/uniquehot.com\/news\/polygon-team-secret-matic-sales-depressed-price\/\" target=\"_blank\" rel=\"noopener \">SEC<\/a>) was expected to lift prices immediately, BTC unexpectedly crashed.\u00a0<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/5tgoB1cF\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/5tgoB1cF\/\" alt=\"Bitcoin price trending higher on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price trending higher on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/5tgoB1cF\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Bears appear in control, recently forcing prices below a short-term support level. For this reason, the immediate trend aligns with the January 12 bear engulfing bar. Making projections from this formation, BTC may, if bears take charge, drop to $40,000 or lower.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">BTC Demand Surging<br \/>\n<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Even with this bearish outlook, the encouraging surge of capital to approved spot Bitcoin ETFs is bullish. Investor Fred Krueger\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/dotkrueger\/status\/52331332\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">notes<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that in the last five days alone, IBIT, the spot Bitcoin ETF issued by BlackRock, the world&#8217;s largest asset manager, received $1 billion.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-price-fall-below-41000\/\" target=\"_blank\" rel=\"noopener \">Why Did The Bitcoin Price Fall Below $41,000?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Looking at the pace of inflows, not only IBIT but other spot Bitcoin ETFs, Krueger believes BTC is undervalued at spot rates. The investor estimates that spot Bitcoin ETF issuers now hold over 650,000 BTC, up from 619,000 BTC as of January 1. This suggests that institutional investors are increasingly bullish on Bitcoin, and prices, though depressed, might recover going forward.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Despite recent dips in price, Bitcoin is still on track for further gains, according to BitQuant. Based on technical analysis, the analyst\u00a0predicts that the world&#8217;s most valuable coin will likely top out at $61,000, not $50,000, as some analysts have suggested. Bitcoin Has Room For Growth, May Peak At $61,000 Sharing a screen grab on X, the analyst argues that based on Bitcoin&#8217;s history, prices tend to peak once it retests the 2X100 exponential moving average (EMA). So far, prices are lower, trading below $45,000, and the uptrend is valid despite the recent cool-off.\u00a0 For this reason, BitQuant is confident that the recent drop was a temporary correction. Accordingly, BTC will likely extend gains, breaking above immediate resistance levels at $45,000 and even $50,000 in the short to medium term. Related Reading: Crypto Analyst Sounds Alarm: Bitcoin Price Set To Plunge Even Lower Still, it should be noted that the 2X100 EMA is a technical indicator and may lag. Since the indicator averages past prices, it might not be accurate, showing current events and expectations of prices. To demonstrate, in the last bear market, Bitcoin prices dipped below the 2X100 EMA as the coin tanked to as low as $16,000 by November 2022. This development wasn&#8217;t expected by the community, taking adherents by surprise. So far, looking at the Bitcoin price action in the daily chart, the path of least resistance is northwards. Though the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) was expected to lift prices immediately, BTC unexpectedly crashed.\u00a0 Bears appear in control, recently forcing prices below a short-term support level. For this reason, the immediate trend aligns with the January 12 bear engulfing bar. Making projections from this formation, BTC may, if bears take charge, drop to $40,000 or lower. BTC Demand Surging Even with this bearish outlook, the encouraging surge of capital to approved spot Bitcoin ETFs is bullish. Investor Fred Krueger\u00a0notes\u00a0that in the last five days alone, IBIT, the spot Bitcoin ETF issued by BlackRock, the world&#8217;s largest asset manager, received $1 billion.\u00a0 Related Reading: Why Did The Bitcoin Price Fall Below $41,000? Looking at the pace of inflows, not only IBIT but other spot Bitcoin ETFs, Krueger believes BTC is undervalued at spot rates. The investor estimates that spot Bitcoin ETF issuers now hold over 650,000 BTC, up from 619,000 BTC as of January 1. This suggests that institutional investors are increasingly bullish on Bitcoin, and prices, though depressed, might recover going forward. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":570370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,7720,1119,78790,84647,6743],"class_list":["post-570368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-blackrock","tag-btc","tag-btcusdt","tag-spot-bitcoin-etf","tag-us-sec"],"acf":[],"yoast_head":"\n<title>Analyst: Until Bitcoin Retests $61k, The BTC Top Is Not In<\/title>\n<meta name=\"description\" content=\"Bitcoin remains in an uptrend provided it has not retested the 2X100 EMA, one analyst argues. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst: Until Bitcoin Retests $61k, The BTC Top Is Not In","url":"http:\/\/uniquehot.com\/news\/analyst-until-bitcoin-retests-61k-the-btc-top-is-not-in\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/analyst-until-bitcoin-retests-61k-the-btc-top-is-not-in\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Crypto-news-Template169.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Crypto-news-Template169.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","blackrock","btc","btcusdt","spot bitcoin etf","us sec"],"dateCreated":"2024-01-19T18:30:55Z","datePublished":"2024-01-19T18:30:55Z","dateModified":"2024-06-11T07:24:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst: Until Bitcoin Retests $61k, The BTC Top Is Not In\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/analyst-until-bitcoin-retests-61k-the-btc-top-is-not-in\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/analyst-until-bitcoin-retests-61k-the-btc-top-is-not-in\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Crypto-news-Template169.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Crypto-news-Template169.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"blackrock\",\"btc\",\"btcusdt\",\"spot bitcoin etf\",\"us sec\"],\"dateCreated\":\"2024-01-19T18:30:55Z\",\"datePublished\":\"2024-01-19T18:30:55Z\",\"dateModified\":\"2024-06-11T07:24:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/01\/Crypto-news-Template169.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/570368","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=570368"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/570368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/570370"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=570368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=570368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=570368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}