Executive Sees BTC/USD At $60,000


Major Bitcoin takeaways

  • Bitcoin prices jump back above $ 52,000 and rise.
  • The gains appear when the bond sell-off cools after a week of turmoil.
  • Greg Waisman, co-founder of the crypto wallet service Mercuryo, suggests that BTC / USD could hit $ 60,000 in the upcoming sessions.

Bitcoin prices rose Wednesday, breaking above $ 52,000 for the first time in more than a week as traders looked at a series of bullish events in the market.

The benchmark cryptocurrency hit an intraday high of $ 52,310 before the opening bell in New York, rising 7.85 percent in the session. Elsewhere in the crypto market, high-cap tokens such as Ethereum, Cardano and Binance Coin also rose under the influence of Bitcoin.

Bitcoin is entering the consolidation area that recently pushed its price to record highs. Source: BTCUSD on TradingView.com

The upward move in the BTC / USD pair was within the mid-February consolidation area defined by the area between $ 51,186 and $ 52,170. The pair’s price above the range drove their price up to over $ 58,000, further aided by Tesla’s $ 1.5 billion investment in Bitcoin.

As of Wednesday, the cryptocurrency attempted to close above the range while experiencing slight selling pressure near local spikes. However, given the supportive fundamentals in the cryptocurrency space, many analysts believed that Bitcoin could see another wild uptrend towards its previous high.

Greg Waisman, Co-Founder / COO of the Crypto Wallet Service Mercuryo, is one of them. In his exclusive statements to NewsBTC, the executive director said he expected BTC / USD to hit $ 60,000 if it held $ 50,000 in support.

“In order for Bitcoin and Ethereum to resume their uptrends, the former would have to close above $ 50,000 and the latter above $ 1,500 on their respective daily charts,” he said in an email response. “If we break these resistance barriers, BTC could march towards $ 60,000 and ETH to $ 3,000 or higher.”

US equity correlation

More tailwind for Bitcoin’s uptrend came from riskier markets. Recently, the cryptocurrency has formed a positive correlation with the US stock market, compounded by a dramatic surge in US bond yields.

Top central bankers found that an increase in interest rates reflected optimism about economic growth. This led many risk-takers to believe that the Federal Reserve would raise its policy rates. Bitcoin performed exceptionally well in a near-zero rate environment. The prospect of an interest rate hike reduced traders’ appetite for the cryptocurrency in the short term.

Still, Federal Reserve Gov. Lael Brainard made it clear on Tuesday that the central bank will not curb its expansionary policy unless the US economy recovers maximum jobs and hits inflation above 2 percent. Their comments interrupted the bond sell-off and propelled riskier markets higher.

Bitcoin’s expectation to continue to rise would also depend on how bonds fare for the remainder of this session.