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The crypto market ended the day very bullish, extending the bull run we started last week. We saw Bitcoin and ETH lead the way in big gainers as investors poured funds back into crytpocurrencies.
We also saw a lot of bullish fundamentals come out for Bitcoin as institutional demand for the cryptocurrency exposure continues to grow. Right now JPMorgan is offering its client access to Crypto Funds JPMorgan Offers Access to Six Crypto Funds? Find Out More.
This is very bullish for Bitcoin and the crypto market in general, and we are seeing this play out on the Bitcoin chart.
The Bitcoin price not only held the $42k support, it re-tested it before surging higher. Playing out exactly as we predicted it in our previous Bitcoin End of Week Analysis Week In Review: Are We In A New Crypto Bull Run? Watch These Levels
In that analysis we talked about the importance of the $42k support and how it could be the game changer for the crypto market.
This further confirms our bullish bias on Bitcoin and points to more price rallies in the coming days.
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What Next? Surge To $60k
With the $42k support confirmed, Bitcoin bulls are beging to step back in massively into the market. This puts the Bitcoin bulls in full control of the Bitcoin price and might see us surhing more than 35% in the coming days.
This 35% bullish target lies areound the $60k region. This is the major resistance Bitcoin will be facing in the coming days. A break of this region could see Bitcoin surging to new highs!
Final Verdict!
We are still very bullish on Bitcoin and believe the price has the potential to continue to rally higher in the coming days. This rally could push Bitcoin as high as $60k soon!
But for this bullish prediction to remain valid, the Bitcoin price must continue to trade above the $42k support. A break below this support could spell doom for Bitcoin.
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