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Will Bitcoin hit $65k Before the Weekend?

The market considers Elon Musk’s role in cryptocurrency turbulence

Since the beginning of 2021, Bitcoin (BTC) has continued its bullish run with everytime breaking new all-time highs. Putting the short term volatility aside and gearing up for the long run this pseudonymous trader believes that bitcoin can chase new heights in the coming month.

According to popular Trader Flood, bitcoin is set to break the records once again in April.

He has been accumulating BTC and ETH since 2015 and he also reveals his bullish predictions via his latest tweets.

Bitcoin price today at the time of writing this article stood at $58,706.70, with the 24 high / 24 low at $50,272.85 and $61,369.21.Largest cryptocurrency was shifting hands above $58,000, up about 3% on the day. Bitcoin can be seen recovering from it’s initial fall below $50000. The supply on the exchanges continues to increase and a correction might come into picture.

The bullish narrative resides with strong support between the $59,000 and $60,800 levels. support at $59,000 must remain intact to push the price up to the $60,000-level.Despite a correction to $53,500, BTC’s uptrend has remained unchanged since the major drop to $42,800 in February. 

BTC price will continue rising as bulls target the next key level at $65,000. The biggest milestone to be achieved would be ranging above $61000 and closing the gap to $60000.

Popular cryptocurrencies have imaged bitcoin’s market movements, including ethereum (ether), litecoin and dogecoin. All three have increased by 5 and 15 per cent over the last week.

Top Reasons why BTC Price is Poised For Surge

Its recent jump in price comes after the  news that PayPal, announced that it is included cryptocurrency check out.

A third Covid-19 relied package which is to be signed by US President Joe Biden could also benefit bitcoin’s price in the short term.

Norwegian conglomerate, Aker ASA has disclosed its plans to introduce bitcoin into its business systems, which has pushed the bitcoin price above $55,000.

Bitcoin is expected to hit the $65000 mark before the weekend as there are a lot of investment flows resulting in increased institutional participation.

Stablecoin Supply Ratio hints at steady rise in the Bitcoin price signalling a bullish momentum. Whenever there is a rise in SSR the prices also rise with it.

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Afroz Ahmad