Bullish Momentum Sees Bitcoin Break Through $60,000 Resistance

Bitcoin has regained bullish momentum over the weekend to climb back over the $60,000 mark on Saturday.

This week saw bitcoin try and test key resistance levels at $60,000 and fail.Increased buying pressure this weekend finally has the cryptocurrency break the key resistance level.

Friday saw bitcoin recover from its bearish price action to surge over 7% heading into the weekend.It managed to touch $61,500 on Saturday, a mere $200 off the previous all-time high that was set a month ago.

The price currently remains steady over the $60,000 mark and could likely see more upside potential over the weekend if bulls remain in control. 

Bitcoin set for big year ahead

The price of bitcoin is likely to see more growth this year, according to the Chamber of Digital Commerce.The association is the world’s leading blockchain trade association.Speaking to CNBC this week, founder Perianne Boring stated that bitcoin is set to reach up to $288,000 this year alone. 

The price target from the Chamber of Digital Commerce relates to the stock to flow model.Gold is significantly more correlated to the U.SIn the following sentence, a new sentence adverb is added.Dollar than the model itself.Based on 12 years of data on stock to flow on bitcoin, Boring states that “one bitcoin will be 10,000 ounces of gold in 2029”.

Possible weekend rally to new all-time high 

Weekends have recently seen a trend of buying pressure increasing.It has been the trend to see the market surge at the start of a new week.Bitcoins price increase on Saturday further proves that the market is flipping bullish and could see a retest of the previous high. 

However, crypto traders believe bitcoin is in for more upside potential once it breaks its all time high