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Bitcoin: forecast worked out, investors are in the black. Is there a chance to get to 60,000?

According to Glassnode, nearly 95% of the bitcoin market is currently in positive territory. After the main cryptocurrency rose above $55,000, the number of profitable companies increased by 16%.

The data is based on an indicator created by Glassnode, which is designed to display the percentage of organizations on the network that are currently holding their funds in profit. To determine if the investor is making a profit, the indicator analyzes the "buy price", which is the price at the moment the coins were moved to the wallet, and then compares it to the actual price of bitcoin.

Previously, the marginal profit of legal entities was reached back in May 2021, right before the market collapse. The number of profitable bitcoin addresses on the network began to grow significantly after the cryptocurrency market hit all-time highs in 2020.

Correction: logic and probability

How to evaluate this information and what conclusions can be drawn? As noted, the last time the market hit 95% profitability, there was a major sell-off almost immediately. Bitcoin price has lost about 50%. This means that as soon as the indicators of the indicator grow, the number of traders willing to take profits also increases.

Technical correction scenarios

But let's take a look at the graph. Bitcoin has broken through the resistance zone 52,000.18 - 52,929.15, and will clearly stop below the level of 55,842.84. Today's daily candle is forming a pullback, and it is technically quite logical.

The mirror zone 52,000.18 - 52,929.15 is a very strong border. It will be possible to talk about the final victory of the cryptocurrencies after consolidating over it. If the price confirms it with an upward rebound as support, it will be an excellent signal, after which it will be possible to adjust to the historical highs.

But there is a second scenario for the development of events: the level may not be given away for no reason. After a rollback, there can be a struggle for the zone 52,000.18 - 52,929.15, it can be bargained, perhaps a decrease to $50,000 per coin. And even in this case, the correction will be natural.

In addition, Bitcoin grew almost non-stop for seven trading sessions in a row. Moreover, for the first time since mid-May, it rose above the area of 52,000.18 - 52,929.15. At the very least, profit-taking by speculators is quite possible.

Next milestones on the road to all-time high

Finally, when the correction ends, what are the growth targets? It is worth noting that since the daily candle is not closed on Thursday, it is possible that the losses of the day will be less than at the time of this writing. An earlier completion of the correction is not excluded, without reaching the support zone 52,000.18 - 52,929.15.

A breakdown of the level of 55,842.84 with a consolidation above will open the way for the main cryptocurrency first to the psychological level of $60,000 per coin, and then, when it is overcome, it will remain within reach of the all-time high.


The material has been provided by InstaForex Company -