Token

Millions

Bitcoin

April

<p>Widely-followed crypto analyst AlanSantana <a href="https://www.tradingview.com/chart/BTCUSD/c4uSCqOT-Buy-Bitcoin-Low-Sell-It-High-Will-BlackRock-Continue-Buying/" target="_blank" rel="nofollow">provided</a> rare color on his Bitcoin outlook, addressing the question “What if Bitcoin keeps rising?” Despite further upside being possible, he sees low probability of fresh all-time highs currently.</p> 
<p>Santana outlined layered resistance from the $53K breakdown point up towards $60K, a “golden ratio” Fibonacci extension converging with April 2021’s peak close. He views this barrier as highly significant.</p> 
<p>Even with $1.5B entering via the new BTC Spot ETF, driving over a month of sustained institutional buying, Santana observed how Bitcoin failed to take out its former peak. This signals fading momentum among larger players in his eyes.</p> 
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<p>Zooming out, nearly 20M BTC are now in circulation while over 95% of all wallets reside in profit. Santana suggests this leaves an overwhelming quantity of prospective sellers able to overwhelm any future breakout attempt.</p>  
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<p>While challenging to time markets precisely, Santana shared guidelines for safer entries. After an expected year-long drawdown culminating in November 2022, he adds: <em>“Safe sell near February 2024 after more than an entire year of straight up. It is not a question of right or wrong, it is an issue of sell high and buy low.”</em></p> 
<p>Conversely, following over 12 months of sustained advance through early 2024, Santana believes risk/reward will favor locking in profits. He emphasizes prudently selling into strength and buying into extreme weakness rather than trying to pick short-term tops and bottoms.</p> 
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<p>The post <a href="https://captainaltcoin.com/top-crypto-trader-shares-insightful-bitcoin-price-analysis-why-60k-represents-the-next-major-barrier/">Top Crypto Trader Shares Insightful Bitcoin Price Analysis – Why $60K Represents the Next Major Barrier</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Top Crypto Trader Shares Insightful Bitcoin Price Analysis – Why $60K Represents the Next Major Barrier

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