Trader outlines prospects for Bitcoin price to reach $60,000

The trader Илья Мещеряков discusses the current market situation.

Recently Bitcoin managed to set new all-time highs twice, breaking out above the wedge pattern to the upside, and hold above the $50 000 level.

Let’s turn to the latest accumulation zone (a wide rectangle with a volume profile on the chart below) and assess the growth potential embedded in it based on its duration and width. This approach will lead us to the first target in the $54 000-$55 000 range. The final target is at the $60 000 mark.

Accumulation zone with volume profile (below) and marked boundaries. Four-hour BTC/USDT chart on the Binance exchange from TradingView.

Holding the price above the rising wedge and the psychological level of $50 000 is a positive sign for the bulls. As this level was approached, there was strong consolidation, signaling buyers’ intent to push beyond the current levels.

The pattern’s target is also around $54 000. Retracements are limited to $50 000 within the current pattern and $46 200 within the context of the mid-term trend.

An ascending wedge and support zones (highlighted in green). The hourly BTC/USDT chart on the Binance exchange from TradingView.

Many market indicators, as well as the psychology of retail investors who believed this would always be the case, are already talking about overheating and the end of the current cycle of global growth.

Levels in the $60 000-$75 000 range could mark the end of the bullish rally, after which the “altseason” will arrive, followed by a protracted bear market.

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