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While the anticipation of a $60,000 price or higher had steadily built up over recent days, after a short period of consolidation, Bitcoin price today finally broke through its previous all-time high of $58,350. This immediately leads to the question ‘what is next?’.
After having spent considerable time testing the resistance zone of just below the previous all-time high in a sudden move it quickly jumped past the $60,000.
As expected, its breach of $60,000 was welcomed and celebrated by many in the community. Bitcoin’s market has gloriously passed the marketcap of $1 trillion once again with a dominance rate is above 60% currently.
Analysts are contributing this rise in price to be driven by large spot buys of bitcoin on Binance crypto exchange. As per the data provided by CryptoQuant, the bitcoin price premium difference between Coinbase Pro and Binance for USD pairs reached as low as -$332 which is one among the lowest so far.
While organic developments such as large corporations (further) committing to bitcoin, has obviously helped the current run, some on-chain metrics also contributed to bitcoin’s latest run in the past weeks and months. Bitcoin have been moved off the crypto exchanges in order to securely store them.
With this decreasing supply of bitcoin on the large crypto-exchanges and with the supply expected to continue to fall, we can expect the prices to jump even more.
With the bitcoin price having reached the $60,000 mark, analysts are now looking to a new short-term target of $72,000-$77,000, while being on track for a $100,000 price in the coming months and possibly a $220,000 before the end of the year.
Prices have been following the path predicted by Plan B in his stock to flow model (S2F), who recently tweeted that Bitcoin is “entering its fun phase”
Other prominent cryptocurrencies like Ethereum & LTC have also seen showing great recovery although are still off from their all-time highs.