{"id":596668,"date":"2024-03-07T09:10:59","date_gmt":"2024-03-07T09:10:59","guid":{"rendered":"https:\/\/uniquehot.com\/?p=596668"},"modified":"2024-06-11T07:51:27","modified_gmt":"2024-06-11T07:51:27","slug":"69000-bitcoin-question-expert-forecasts-price-breakout","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/69000-bitcoin-question-expert-forecasts-price-breakout\/","title":{"rendered":"The $69,000 Bitcoin Question: Expert Forecasts When Price Will Breakout"},"content":{"rendered":"

As Bitcoin hovers near its all-time high, industry experts and investors are keenly watching for signs of its next major move. Alex Thorn, the Head of Research at Galaxy, recently shared his perspective on the Bitcoin price trajectory and the factors influencing its potential breakout. In a detailed post<\/a> on X (formerly Twitter), Thorn provided insights grounded in historical data and current market dynamics.<\/p>\n

“We Will Climb the Wall of Worry,” Thorn proclaimed, setting the tone for his analysis. Bitcoin’s recent price action saw it reaching $69,324 on Coinbase on Tuesday, marking its first all-time high since November 10, 2021<\/a>. This milestone came after an 846-day period of anticipation and speculation, only for the price to retract 14.3% to an intraday low of $59,224. This volatility, exacerbated by $400 million in long liquidations within an hour, underscores the cryptocurrency’s unpredictable nature.<\/p>\n

Despite the pullback, Bitcoin recovered, trading back at $67,000. Thorn remarked, “Volatility is back, and it\u2019s likely to remain as we scale the wall of worry.” He compared the current situation to 2020 when Bitcoin first approached its then all-time high of approximately $20,000 from December 2017.<\/p>\n

Related Reading: Buckle Up: Bitcoin Set To Smash $150,000 Mark, Says Trading Guru \u2013 Here\u2019s When<\/a><\/div>\n

BTC faced initial resistance, experiencing a 12.33% drop after tapping the barrier twice, before ultimately surging ahead. This pattern highlights the psychological and technical challenges at previous all-time highs, a natural resistance point for any asset class. A similar (second) move could be necessary this time to shake all sellers out of the market.<\/p>\n

\"How
How Bitcoin surpassed its ATH in 2020 | Source: X @intangiblecoins<\/figcaption><\/figure>\n

Describing the \u201cWall of Worry,\u201d Thorn explained, \u201cBy my count, from Jan. 1, 2017 to the Dec. 17, 2017 all-time high of ~$20k, Bitcoin experienced 13 drawdowns of 12%+ (12 were 15%+, and 8 were 25%+). The same story played out in 2020. Between the Mar. 12, 2020 Covid low ($3858) and the Apr. 14. 2021 ATH of $64,899, there were 13 drawdowns of 10% or more (7 of them were 15% or more).\u201d<\/p>\n

\"Bitcoin
Bitcoin drawdowns in a bull market | Source: X @intangiblecoins<\/figcaption><\/figure>\n

Notably, Bitcoin already had two 15%+ retracements since the spot ETFs launched on January 11. This week was the second one, the first major drawdown was directly after the ETF launch<\/a>, with price plunging roughly 20%.<\/p>\n

Why Bitcoin Is Just Getting Started<\/h2>\n

In his analysis, Thorn also touched upon the role of ‘old coins’ or long-held Bitcoin in shaping market movements. “Some old coins did revive and probably sell, possibly helping to create the intraday top,” he explained, pointing to blockchain data that indicated movement of coins mined as far back as 2010. This shift from old to new hands is characteristic of bull markets in Bitcoin, facilitating its broader distribution and acceptance.<\/p>\n

Related Reading: Bitcoin ETF Frenzy: BlackRock Smashes Expectations With $788 Million Inflows In One Day<\/a><\/div>\n

Highlighting the significance of market sentiment and investment flows, Thorn noted, “And Tuesday was the Bitcoin ETFs largest ever day of inflows<\/a> and second largest day of net inflows (+$648m) since DAY 1.” This impressive influx of capital into Bitcoin ETFs underscores the growing interest and confidence in the cryptocurrency, even amidst volatility.<\/p>\n

Thorn remains bullish on Bitcoin’s future, suggesting that the current price dynamics are typical of the cryptocurrency’s bull markets, known for their non-linear progression and numerous corrections. He underscored the resilience and potential for growth despite the hurdles, stating, “nothing about yesterday\u2019s price action makes me think we aren\u2019t going higher.”<\/p>\n

In conclusion, Thorn’s analysis provides a nuanced view of Bitcoin’s journey towards breaking its all-time high. By comparing current events with past market behaviors, Thorn offers a compelling case for Bitcoin’s continued ascent, but after a potential phase of consolidation with several taps of the all-time high before a definitive breakout. “Buckle up, folks. We are still just getting started,” he advises.<\/p>\n

At press time, BTC stood at $66,821.<\/p>\n

\"Bitcoin
BTC price, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

As Bitcoin hovers near its all-time high, industry experts and investors are keenly watching for signs of its next major move. Alex Thorn, the Head of Research at Galaxy, recently shared his perspective on the Bitcoin price trajectory and the factors influencing its potential breakout. In a detailed post on X (formerly Twitter), Thorn provided insights grounded in historical data and current market dynamics. “We Will Climb the Wall of Worry,” Thorn proclaimed, setting the tone for his analysis. Bitcoin’s recent price action saw it reaching $69,324 on Coinbase on Tuesday, marking its first all-time high since November 10, 2021. This milestone came after an 846-day period of anticipation and speculation, only for the price to retract 14.3% to an intraday low of $59,224. This volatility, exacerbated by $400 million in long liquidations within an hour, underscores the cryptocurrency’s unpredictable nature. Despite the pullback, Bitcoin recovered, trading back at $67,000. Thorn remarked, “Volatility is back, and it\u2019s likely to remain as we scale the wall of worry.” He compared the current situation to 2020 when Bitcoin first approached its then all-time high of approximately $20,000 from December 2017. Related Reading: Buckle Up: Bitcoin Set To Smash $150,000 Mark, Says Trading Guru \u2013 Here\u2019s When BTC faced initial resistance, experiencing a 12.33% drop after tapping the barrier twice, before ultimately surging ahead. This pattern highlights the psychological and technical challenges at previous all-time highs, a natural resistance point for any asset class. A similar (second) move could be necessary this time to shake all sellers out of the market. Describing the \u201cWall of Worry,\u201d Thorn explained, \u201cBy my count, from Jan. 1, 2017 to the Dec. 17, 2017 all-time high of ~$20k, Bitcoin experienced 13 drawdowns of 12%+ (12 were 15%+, and 8 were 25%+). The same story played out in 2020. Between the Mar. 12, 2020 Covid low ($3858) and the Apr. 14. 2021 ATH of $64,899, there were 13 drawdowns of 10% or more (7 of them were 15% or more).\u201d Notably, Bitcoin already had two 15%+ retracements since the spot ETFs launched on January 11. This week was the second one, the first major drawdown was directly after the ETF launch, with price plunging roughly 20%. Why Bitcoin Is Just Getting Started In his analysis, Thorn also touched upon the role of ‘old coins’ or long-held Bitcoin in shaping market movements. “Some old coins did revive and probably sell, possibly helping to create the intraday top,” he explained, pointing to blockchain data that indicated movement of coins mined as far back as 2010. This shift from old to new hands is characteristic of bull markets in Bitcoin, facilitating its broader distribution and acceptance. Related Reading: Bitcoin ETF Frenzy: BlackRock Smashes Expectations With $788 Million Inflows In One Day Highlighting the significance of market sentiment and investment flows, Thorn noted, “And Tuesday was the Bitcoin ETFs largest ever day of inflows and second largest day of net inflows (+$648m) since DAY 1.” This impressive influx of capital into Bitcoin ETFs underscores the growing interest and confidence in the cryptocurrency, even amidst volatility. Thorn remains bullish on Bitcoin’s future, suggesting that the current price dynamics are typical of the cryptocurrency’s bull markets, known for their non-linear progression and numerous corrections. He underscored the resilience and potential for growth despite the hurdles, stating, “nothing about yesterday\u2019s price action makes me think we aren\u2019t going higher.” In conclusion, Thorn’s analysis provides a nuanced view of Bitcoin’s journey towards breaking its all-time high. By comparing current events with past market behaviors, Thorn offers a compelling case for Bitcoin’s continued ascent, but after a potential phase of consolidation with several taps of the all-time high before a definitive breakout. “Buckle up, folks. We are still just getting started,” he advises. At press time, BTC stood at $66,821. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":596669,"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":[428,656,679,6848,1119,1122,1144],"class_list":["post-596668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btc-price","tag-btcusd"],"acf":[],"yoast_head":"\nThe $69,000 Bitcoin Question: Expert Forecasts Price Breakout<\/title>\n<meta name=\"description\" content=\"Alex Thorn, the Head of Research at Galaxy, shares his perspective on the Bitcoin price trajectory and a potential breakout.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. 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Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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