Bitcoin has been on a roll lately, defying the gloomy predictions for September. After a shaky start, the price of Bitcoin has been climbing steadily, breaking through the $60,000 mark. But will this upward trend continue?
A Potential Roadblock Ahead
One crypto expert, Ali Martinez, thinks Bitcoin might hit a wall soon. He’s looking at the “cost-basis distribution” of Bitcoin, which basically shows how many coins were bought at different prices. Martinez sees a big cluster of investors who bought Bitcoin between $59,885 and $61,625. This means this price range could act as a resistance level, as investors might be eager to sell their coins once they reach their original purchase price, causing the price to stall.
Two Possible Scenarios
Martinez outlines two possible scenarios:
- Scenario 1: Break Through the Resistance If Bitcoin manages to break through the $59,885 – $61,625 resistance zone, it could potentially climb to $64,300.
- Scenario 2: Resistance Wins
If the price fails to break through the resistance, Bitcoin could drop back down to $57,235.
Bitcoin’s Recent Performance
Right now, Bitcoin is trading at around $60,429, up by 4.1% in the last 24 hours. Over the past week, the price has surged by more than 13%.
It’s still early to say what the future holds for Bitcoin. The next few days will be crucial to see if the price can overcome the potential resistance and continue its upward climb.
