Trader outlines Bitcoin growth prospects above $60,000

Trader Ilya Meshcheryakov explains the current market situation.

News of the U.S. Federal Reserve’s decision to hold the policy rate at 0–0.25 percentage points boosted Bitcoin higher. At one point, the leading cryptocurrency traded around $59,500.

Prices remain above the main uptrend line (shown at the bottom of the chart), though new highs are being formed with some difficulty. The price range from $52,000 to the current levels is of interest for medium-term long positions.

Among the targets for further growth are a modest new [simple_tooltip content=’исторический максимум цены’]ATH[/simple_tooltip] (around $62,600–$63,000) as well as the psychologically important $70,000 level. The latter could mark one of the final stages of the current bull market.

Private investors are already reluctant to part with their coins on small pullbacks, which argues for a longer-term decline or an extended flat market.

Short-term prospects will be driven by speculative factors, but overall they paint a similar picture: red zones (shown on the lower chart) mark favorable entry points for long positions. They are defined based on expected buy stop orders that entered long on yesterday’s rise as well as within the previous consolidation area (blue). Key resistance levels will be $59,400, $60,500 and $61,800.

In the medium- and long-term, the market remains bullish on a positive external backdrop and the technical picture. In the near term, there are zones where long-stop orders accumulate, which could signal potential pullbacks but also offer good entry points for buyers.

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