It has reached its highest level since November 2021
For the first time since November 21, 2021, the price of Bitcoin (BTC) exceeded $60,000. The largest crypto by market capitalization recently traded at $60,050, up 5% in the last 24 hours.
Bitcoin (BTC) price has increased rapidly since September 2023. Although the upward movement stopped temporarily in December, it resumed at an even faster pace in February 2024.
New 2024 high as BTC targets all time high
Today, the price of BTC finally broke above $60,000 and is approaching the high of $69,000.
The wave count suggests that Bitcoin price is in wave three (black), a five-wave upward move. The sub-wavelength count is in white. So far, wave three is longer than wave one and is approaching a length of 1.61 at $65,400. This is a favorable level for a short-term top, indicating the beginning of wave four.
Conversely, if BTC breaks above $65,000, it is expected to reach a new all-time high. In this case, the next important resistance will be $90,700, which gives the ratio of waves one and three 1:2.61.
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