Bitcoin’s price surged above $66,000 after declining for a few days, only to be knocked down by the bears again. Just a few days ago, bitcoin made the new all-time high of $69,000 due to the high U.S. inflation figures, but soon entered a declining channel as the news of interest hike flied around the market.
Although it has fallen below $60,000, analysts remain confident about the outlook of bitcoin in the next few months. A report from MintingM, a crypto asset management company, showed that bitcoin has broken out of the Flag pattern. This flag pattern usually happens after a significant uptrend takes a breather, which usually comes with another uptrend. Although bitcoin failed to take over $66,000, it has established a higher low and the resistance is $68,990. Breaking $68,990 would open the door to $88,000.
Meanwhile, it is noticeable that some investors are booking profit, which helps bears push down the price of bitcoin. The downward relative strength index (RSI) suggests that the upward momentum is weakening and bitcoin is vulnerable to hitting $59,000. The next few days could be crucial for the short-term outlook of bitcoin.
If you haven’t owned bitcoin, now is a good time to start, because bitcoin adoption is going real and strong. Taproot, bitcoin’s biggest upgrade in four year has just been activated. While the upgrade hasn’t reflected in the price, this upgrade brings greater transaction privacy and efficiency, and opens the potential of smart contracts.
Shark Tank star Kevin O’Leary, chairman of O’Shares ETFs, encourages people to start learning more about bitcoin and add it to their portfolios.
“I really advise them to explore this asset and the way to do it is to start small, start to understand the platforms. Are you going to buy it through a centralized wallet? Are you going to decentralize? Try all the options, learn by experience.”
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