Bitcoin Price Prediction – Bulls Continue to Eye a Return to $60,000…

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Published: Oct 8, 2021, 10:23 UTC

A bullish morning gives the Bitcoin bulls a run at $60,000. Avoiding a return to sub-$55,000 levels will be key, however.

The Rest of the Pack

It has been a mixed morning.

Binance Coin and Polkadot bucked the morning trend, falling by 0.62% and by 3.82% respectively.

It’s been a bullish morning for the rest of the majors, however.

At the time of writing, Crypto.com Coin was up by 5.13% to lead the way.

Chainlink (+1.22%), Ethereum (+1.19%), and Litecoin (+1.05%) also found relatively strong support.

Bitcoin Cash SV (+0.21%), Cardano’s ADA (+0.25%), and Ripple’s XRP (+0.88%) trailed the front runners, however.

Through the early hours, the crypto total market cap fell to an early morning low $2,304bn before rising to a high $2,381bn. At the time of writing, the total market cap stood at $2,361bn.

Bitcoin’s dominance fell to an early morning high 43.78% before rising to a high 44.39%. At the time of writing, Bitcoin’s dominance stood at 44.17%.

For the Afternoon Ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $54,954 to bring the second major resistance level at $56,112 back into play.

Support from the broader market will be needed, however, for Bitcoin to break out from the morning high $56,000.0.

Barring a broad-based crypto rally, the second major resistance level would likely cap any upside.

In the event of another extended rally through the afternoon, Bitcoin could test resistance at the $60,000 levels before any pullback. The third major resistance level sits at $58,032.

A fall back through the first major resistance level and the $54,192 pivot would bring the first major support level at $53,034 into play.

Barring an extended sell-off through the afternoon, however, Bitcoin should avoid sub-$52,000 support levels. The second major support level at $52,272 should limit the downside.

Looking beyond the support and resistance levels, we saw the 50 EMA pull further away from the 100 and 200 EMAs through the morning.

We also saw the 100 EMA pull away from the 200 EMA delivering further support.

Through the 2^nd half of the day, a further widening of the 50 EMA from the 100 would bring $60,000 levels and beyond into play.

Key through the late morning and early afternoon, however, would be to avoid a fall back through the first major resistance level at $54,954.

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.