Crypto analyst calls for $40,000 rise in Bitcoin price in 60 days and macro environment can build a case exactly for that. Bitcoin still is about $70,000, and many traders are watching closely after weeks of volatility in global markets.
Bitcoin will soon have its turn
One market participant is known as ₿ariksis suggested that Bitcoin price could rise from $70,000 to $110,000 within the next 60 days if the current macro and technical conditions play out well.
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The ₿ariksis forecast is based on the turnover in the main assets. Gold, silver and oil have made strong moves to the upside in recent weeks. Gold, silver and oil have already seen strong moves in recent weeks.
Both gold and silver they pushed the new all-time high in recent months, however Bitcoin is lagging behind. There are geopolitical tensions between the United States and Iran increased the price of crude oil above 100 dollars per barrel, which is another type of rapid rally that can spread across markets.
Bitcoin already knows how much things can change, and this serves as a reminder that the cryptocurrency is leading the way. may be next quick pricing. Going from $70,000 to $110,000 in 60 days would require a return of about 57%. This is obviously volatile, but not outside of Bitcoin’s historical once-in-a-lifetime nature of speed and liquidity.
Bitcoin is already winning the battle of relative strength
The case for Bitcoin stability it became even more intense BitMEX founder Arthur Hayes shared a benchmark chart tracking Bitcoin, gold and the Nasdaq 100 from February 28.
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Bitcoin has outperformed gold and the Nasdaq 100 since the start of the US-Iran war on February 28, according to Hayes’ exchange chart. Bitcoin has outperformed both gold and the Nasdaq for the duration of the established performance chart, even as rising oil and gas prices have created the kind of macro conditions that typically punish risk assets.
Bitcoin is up about 7% over the period, while gold is down about 2% and the Nasdaq 100 is down 0.5%. Hayes noted that “compared to similar large risk assets, $BTC has performed best when considering rising oil and gas prices.”
There is also a second layer to this story: institutional beliefs have not disappeared in times of turmoil. For example, The strategy was revealed recently it acquired another 17,994 BTC worth about $1.28 billion, bringing its total holdings to 738,731 BTC.
In technical side the bull case shows that Bitcoin price action is now touching the rising diagonal support that connects the bottoms of the major periods of 2018, 2020, 2022 and now 2026. The latest move was marked near the $60,000 average area, which is almost exactly where Bitcoin is trying to stabilize.
Each of the previous interactions with this trend line approached significant period lows and followed each recovery phase. According to a crypto analyst who goes by the name of Vivek Sun, Bitcoin surged 450% when this setup last appeared. The analyst forecast points to a return above $100,000 and then a possible extension of more than $240,000 through 2027.
Featured image from Getty Images, chart from Tradingview.com
Arthur Hayes
