Bitcoin nears the $55,000 mark – Will it be able to overcome this new threshold? A review of BTC from February 20, 2024.

On this Tuesday, February 20, 2024, the market value of bitcoin (BTC) is currently fluctuating at around $52,300.

After several days of stagnation above the $50,000 threshold, Bitcoin’s value could be heading upwards towards its next target.

What are the levels to watch this week?

First, let’s take a look at its progress. Bitcoin remains very powerful.

Bitcoin continues to be bullish on all time horizons, advancing significantly in February with a 30-day rise of 26.12%.

BTC’s dominance of altcoins remains stable at 53.23%, while ETH/BTC is up 9.39% on the week.

Is bitcoin on its way to $60,000?

The breakout of this bullish channel (in yellow) has triggered a target of around $61,170. How likely is it that BTC will actually reach this level in the next few weeks?

Firstly, Bitcoin is currently supported by numerous indicators. The Ichimoku charts (Tenkan, Kijun and Cloud) support the price rise, while the top of the channel could also lead to a rebound should it fall below $50,000. At present, the odds are clearly in favor of a bullish move, as the price is set to continue rising towards $55,700. This level will be an area to watch, as it aligns with a weekly Tenkan flat and therefore represents significant resistance. If the price breaks through $55,000, it is highly likely to reach its target above $60,000. As you can see, BTC will continue to rise until the price returns inside the yellow channel.

In short, bitcoin has triggered a target of $61,170 and has a strong chance of reaching it in the coming weeks, as it is supported by various factors.

Do you think BTC could break through the $60,000 barrier again?

Feel free to share your opinion with me in the comments.

May your day be a pleasant one, and I’ll see you tomorrow for a new analysis of Bitcoin (BTC).