Bitcoin (BTC) Breaks $60,000 – First Time Since November 2021

The Bitcoin (BTC) price has moved past $60,000 for the first time since November 21, 2021. The largest crypto by market capitalization recently traded at $60,050, up 5% over the last 24 hours.

The Bitcoin (BTC) price has increased rapidly since September 2023. While the upward movement temporarily stalled in December, it resumed at an even more accelerated rate in February 2024.

New 2024 High as BTC Targets All-time High

Today, the BTC price finally broke out above $60,000 and is approaching its all-time high of $69,000.

The wave count suggests the Bitcoin price is in wave three (black) of a five-wave upward movement. The sub-wave count is in white. So far, wave three has been longer than wave one and is nearing its 1.61 length at $65,400. This would be a suitable level for a short-term top that would mark the start of wave four.

BTC/USD Price Chart. Source: Tradingview

Conversely, if BTC breaks out decisively above $65,000, it would be expected to reach a new all-time high. In that case, the next important resistance will be $90,700, giving waves one and three a 1:2.61 ratio.

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