Top Crypto Trader Shares Insightful Bitcoin Price Analysis – Why $60K Represents the Next Major Barrier

Widely-followed crypto analyst AlanSantana provided rare color on his Bitcoin outlook, addressing the question “What if Bitcoin keeps rising?” Despite further upside being possible, he sees low probability of fresh all-time highs currently.

Santana outlined layered resistance from the $53K breakdown point up towards $60K, a “golden ratio” Fibonacci extension converging with April 2021’s peak close. He views this barrier as highly significant.

Even with $1.5B entering via the new BTC Spot ETF, driving over a month of sustained institutional buying, Santana observed how Bitcoin failed to take out its former peak. This signals fading momentum among larger players in his eyes.

Zooming out, nearly 20M BTC are now in circulation while over 95% of all wallets reside in profit. Santana suggests this leaves an overwhelming quantity of prospective sellers able to overwhelm any future breakout attempt.

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While challenging to time markets precisely, Santana shared guidelines for safer entries. After an expected year-long drawdown culminating in November 2022, he adds: “Safe sell near February 2024 after more than an entire year of straight up. It is not a question of right or wrong, it is an issue of sell high and buy low.”

Conversely, following over 12 months of sustained advance through early 2024, Santana believes risk/reward will favor locking in profits. He emphasizes prudently selling into strength and buying into extreme weakness rather than trying to pick short-term tops and bottoms.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!