Bitcoin (BTC) was trading at highs of USD 61,788 in exactly one year on March 13 and hit lows of USD 3,800 in the pandemic-triggered crash in March 2020. During the Black Swan event, Bitcoin lost nearly 50% of its value as the majority of altcoins fell to lows.
Bitcoin is back above $ 61,000 a year after institutional investments continued to gain momentum. The latest addition is the Chinese internet company Meitu. Nearly $ 100 million in short positions were liquidated within minutes of Bitcoin’s sharp rise, according to a tweet from Glassnode co-founder and CTO Rafael Schultze-Kraft.
Exceeding $ 61,000 brings Bitcoin’s market cap to $ 1.14 trillion, just a hair below Alphabet’s (Google) rating of $ 1.385 trillion. It’s a green day in the crypto market as the majority of altcoins have surged above $ 61,000 at the same time as Bitcoin moved. Bitcoin forks, Litecoin (+ 4.45%), Bitcoin Cash (+ 13.16%), Bitcoin SV (+ 18.67%), and Bitcoin Gold (+ 10.40%) showed impressive performances at the time of writing.
The Ethereum-led altcoin market saw slight rallying gains after a series of profit-taking. Ethereum traded with highs near USD 2,000 while SushiSwap (+ 23.84%), Decentraland MANA (+ 66.73%), Pundi X (+ 59.46%) and HOT (+ 57.80%) the Outperforming market winners.
BTC / USD Daily Chart
Bitcoin is now trading at $ 61,076 after a slight decline. After Bitcoin price hit the $ 60,000 level, many analysts set their targets in the $ 72,000 zone, followed by $ 100,000. A Twitter analyst stated:
‘The next upside target is $ 73,000. Is this the beginning of a quick move to surpass $ 100,000? ‘
Here’s what analysts are saying
Market participants were thrilled to see Bitcoin jump over USD 60,000, exactly one year after the Black Swan event in March. A Twitter analyst voiced his excitement:
On March 13, 2020, #Bitcoin fell, hitting a low of $ 3.8,000. Today, March 13, 2021, #BTC hit a new all-time high of $ 60,000. “
Willy Woo, cryptanalyst and economist, tweeted, ‘Solid validation of $ 60,000 Bitcoin already. The coins pouring into investor wallets at this price level are already quite large given the short hours we’ve had so far. ‘He indicated this with the table below.
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Courtesy Glassnode / Willy Woo Charts
When asked about the chances of a possible BTC correction between $ 60,000 and $ 100,000, Willy Woo stated:
“I think we’ll have one in April, but it could be smaller than people think. $ 1T support is pretty strong ‘
Sentiment for Bitcoin remains bullish as an analyst noted that hourly spot volumes increased with the $ 60,000 breakout.
Courtesy of Skew
Bitcoin is currently facing a solid barrier at $ 61,000. Crypto analyst Ben Lilly of Jarvis Labs pointed to the “two steps forward, one step back” of recent Bitcoin price movements, noting that the rise in Bitcoin price was accompanied by “four disadvantages of 5%”. This is a good sign of healthy profit taking, which could be essential in any bull market.
Image credit: Glassnode, Skew, Shutterstock
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