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July 26, 2021

Why Bitcoin Could Climb Back To $60K This Year

Frank Cabibi

7/26/2021

Bitcoin, dogecoin and Ethereum all had a great weekend and are now starting off the week strong as BTC is up over 8% on the day nearing $40,000 again. The crypto has seen more growth in the past few days since April of this year. The altcoin market has been in a steady downtrend since then, but the recent breakout is catching the eyes of lots of investors. Tesla and Twitter CEOs have been talking about how they will start to incorporate bitcoin into their business, and speculation of Amazon beginning the adoption of crypto payments has pumped price this weekend.

Our outlook

For one, I'm glad the consolidation zone held up for the past couple months because that suggests how strong this level of support is in the long run. Additionally, Amazon's potential acceptance of bitcoin was not the best piece of news. For the past several weeks, institutional money has poured more and more money on each dip as they accumulated their stake. I do think that if bitcoin can hold its own above $40K that would be a really good sign for the bulls as breaking that psychological level could help price reach further. And every heavy spike in crypto usually means a continued move to the upside. Now that we have sustained and broke out of consolidation, price will probably test resistance around $40K before breaking or retracing.

Trade Setups

BTCUSD

Bitcoin popped up above resistance after breaking out of a falling trend line of the 4H and its consolidation zone. Price is still hovering in the $38,500s, but the long wicks rejecting the lows make it look like price wants to push higher. Resistance around $40K.

DOGEUSD

Dogecoin mirroring the performance of bitcoin as it breaks out of its consolidation zone as well. Price did come back to test the top of the channel it broke out of, and it looks like it will bounce off. If we get a long wick at the bottom of the candle it could suggest further upside.

ETHUSD

Ethereum up over 6% today and looks like it's forming a double top on the 4H timeframe. However, the coin could test this resistance level again around $2,406. A break in this level would be a good sign for the ETH bulls.

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