Bitcoin price prediction: BTC/USD holds onto gains despite floundering near $60k

TL;DR

• Bitcoin price prediction follows the bullish route to touch $61,781 highs
• March 2021 quarter delivers best BTC/USD performance gains since 2013
• Fundamental news remains positive with Visa and PayPal expanding BTC operations

Bitcoin is on a roll as the cryptocurrency wraps up the best March quarter in over eight years. In the last six months, the BTC/USD pair has risen by 440 percent delivering massive returns to its investors and traders. The fundamental news front has been relatively positive, with more mainstream financial players accepting Bitcoin.

A new announcement by Morgan Stanley says that its funds can have up to 25 percent exposure to Bitcoin. Also, the technical structure has been relatively sound, supporting the overall bullishness in the pair. The numerous technical indicators in Bitcoin price prediction studies may seem overbought on the hourly timeframe, but the long-term bullish picture remains intact with minor corrections on the way.

The evolution of Bitcoin as a mature asset is now reflected in its widespread use cases. Whether as a store of value or as a digital payment method, BTC currently operates across the financial spectrum. Institutional investors are also rushing to accumulate digital assets, which is also contributing to the skyrocketing prices. No wonder Bitcoin price prediction is turning overly bullish.

Bitcoin price movement in the last 24 hours: Stuck near all-time highs

The current optimism in the BTC is reflecting in the price movement, which is showing renewed zeal to break out of the Bollinger Bands. The institutional money is flowing into the trade setups. The long-term bullish Bitcoin price prediction is also attracting a higher number of day traders.

The high of $61,788 is now within range, and it is only a matter of time before the pair moves past $61k. Rising volumes and liquidity display a bullish bias as we head into the weekend trading realm. Buy orders from both retail traders and institutional investors are driving the higher price levels in play for Bitcoin price prediction.

As we head into the thin liquidity weekend trading, the BTC/USD pair looks for a possible breakout. The ascending price channel and the symmetrical triangle pattern depict an upcoming buying wave that may take the price above the $62k barrier.

BTC/USD 4-hour chart: Bullish developments priced in, now what?

The numerous bullish developments related to BTC/USD have been priced in the pair. From Tesla to Morgan Stanley, the traders have priced in the positive news. The bull market now looks towards technical indicators for further direction. These indicators show overbought readings on the hourly timeframe, which
means there can be a short-term pullback.

The complex wedge pattern is another sign of worry for the bulls. The ascending price channel targets the $63,770 level, which comes out to be the 3.618Fibonacci extension of the current bull run. Comparing the two patterns for Bitcoin price prediction, the BTC/USD pair will likely head higher in the next few days. The rising volumes may overshadow the negative momentum.

The RSI is showing a reading of 60 and is somewhat muted as the weekend dawns nearby. Additionally, the MACD indicator is also nearing a cross-over on the hourly charts but may not materialize due to the rising volumes in an over-extended bear rally. If the volumes support the pair, The bullish resolution can take the pair across the $80,538 level in the next few weeks.

Bitcoin price prediction conclusion: No stopping BTC bulls

The weekly simple moving average is now trading below the price on the daily charts. This gives further impetus to the bulls who are looking for a breakout. There is suitable support at $50,500 on the weekly timeframe, which also happens to be the 0.50 percent retracement of the weekly bull cycle from the $32,800 level.

If the price undertakes a fake breakout due to the ascending wedge pattern, the corrections on the hourly charts can take the price near the $52k level. The traders and investors are not taking substantial long positions since the price already trades near all-time highs. The BTC/USD traders can observe the RSI for a clear direction on the upcoming price movement. Any break below the $53,690 level will bring in the next support pivot at $50,450. In such a scenario, the Bitcoin price prediction can turn bearish in the short term.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/bitcoin-price-prediction-2021-04-03/