Bitcoin‘s (BTC) price has risen above the critical $60,000 level and continues to trade above it. The price even spiked to $64,000 before settling back down to $62,000. During this period, most investors are maintaining their profitable positions, while many are wondering when the right time to sell their BTC might be.
Analyst’s Commentary on Bitcoin
According to a post by CryptoJelleNL on February 29, there is currently no reason for Bitcoin holders to sell their coins, and it is possible to expect an all-time high (ATH) between $75,000 and $150,000.
A closer examination of the market makes CryptoJelleNL’s comment even more significant. According to the analyst, the price could be heading towards the upper red box, which peaks at $150,000.
Is There Resistance in Bitcoin’s Price?
Additionally, crypto expert Ali Martinez made a statement on February 28, noting that approximately 903,540 wallet addresses have purchased around 500,000 BTC between $54,300 and $56,200, creating a significant wall. Martinez also stated that there is “absolutely no resistance” ahead for Bitcoin.
On the other hand, data provided by DeFi market tracker IntoTheBlock shows that as of the time of writing, 99% of Bitcoin investors are in profit, with the majority holding Bitcoin in their crypto wallets for over a year.
Finally, according to the graph below by CryptoJelleNL, Bitcoin continues to progress towards the upper region of the channel, and the analyst is trying to sell BTC at a price above $100,000 at some point this year. This suggests that the price could reach the anticipated levels within 2024.
Bitcoin Price Analysis
For now, Bitcoin has seen a 5.94% increase in the last 24 hours, with the price at $62,900. The latest review shows a significant monthly increase of 44.52%, with the price gaining 20.95% over the last seven days.
There has also been an increase in Bitcoin’s 24-hour trading volume and market cap. The 24-hour trading volume has risen by 97% to reach $100 billion, while the market cap has increased by over 5% to $1.234 trillion.
