Bitcoin price exceeded (BTC) hit $60,000 for the first time since November 21, 2021. The largest cryptocurrency by market cap recently traded at $60,050, up 5% in the last 24 hours.
The price of Bitcoin (BTC) has been increasing rapidly since September 2023. While the upward movement stopped in December, it resumed at a more accelerated pace in February 2024.
New high for 2024 as Bitcoin aims for all-time high
Today, the BTC price finally broke $60,000 and is closing in on its all-time high of $69,000.
The wave count indicates that the Bitcoin price is in the third (black) wave of a five-wave upward move. The number of subwaves is in white. So far, the third wave has been longer than the first wave and is approaching the 1.61 length at $65,400. This would be an appropriate level for a short-term peak that would mark the start of the fourth wave.
Conversely, if Bitcoin decisively crosses the $65,000 level, it is expected to reach a new all-time high. In this case, the next significant resistance would be at $90,700, which would give the first and third waves a ratio of 1:2.61.
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