Bitcoin Price Is ‘About to Breakout’ to a New High, Says Analyst Who Called Bear Market Bottom

As the price of bitcoin moves up to retest its all-time high above $58,000, a popular pseudonymous analyst known on Twitter as Smart Contracter has predicted that the cryptocurrency will soon move past its previous high.

Smart Contracter’s Bitcoin price prediction is based on the cryptocurrency’s dominance chart, which has recently shown a technical pattern that implies a change in trend and a momentum reversal.

A double bottom, according to Investopedia, signals a reversal and the beginning of a potential uptrend. Bitcoin’s dominance of the total cryptocurrency market capitalization is moving from a bottom at 60% to a predicted high near 66% of the market’s total capitalization. Currently, the crypto market is worth $1.7 trillion.

The price of bitcoin has been steadily moving up over the last few days. After the cryptocurrency hit a $43,000 low, it has been recovering and moving toward its all-time high above $58,000. While BTC’s price tested that mark, it failed to break above it and is now trading at $56,650, according to CryptoCompare data.

On Twitter, Smart Contracrter also confirmed he expects the price of bitcoin to break through the $60,000 mark while responding to a tweet from another analyst that suggests BTC’s price is going to enter a range between $60,000 and $70,000.

It’s worth noting some predict the price of bitcoin could enter six-digit territory this year. Gold bug and Euro Pacific Capital CEO Peter Schiff, a well-known bitcoin bear who contends that bitcoin’s value may drop to zero, has admitted the flagship cryptocurrency’s price could hit $100,000 in the future, after it surpassed the $50,000 mark.

Similarly, Shark Tank star and investor Kevin O’Leary has changed his stance on bitcoin, saying the cryptoasset could reach a market capitalization of $20 trillion. During an interview O’Leary, who has earned the nickname ‘Mr. Wonderful,’ claimed a $100,000 price for bitcoin did not seem crazy.

Others have been even more bullish. Kraken CEO Jesse Powell revealed he believes the price of bitcoin could hit $1 million over the next 10 years, and in the long-term could “go to infinity.”

Featured image via Pixabay.