Bitcoin’s price approached its record peak of $61,712 early Saturday, based on CoinDesk’s Bitcoin price monitoring.

The world’s most popular cryptocurrency, bitcoin, traded beyond the $60,000 level for the first time in almost 30 days following weeks of shifting between $52,000 and $50,000 level.

The crypto retreated marginally after it peaked around $60,900, although it remains above the psychological marker as of press time. Ether, on the other hand, registered a new all-time high at $2,190.

While bitcoin may have fallen short in breaching past $60,000 a couple of times, it has nevertheless found strong support at the $55,000 price level the past few days.

Ether nears $2,200

Ether, the second-biggest cryptocurrency in terms of market valuation, hovered near the $2,200, just days after surpassing $2,100 for the first time.

While it is not clear if causation occurred, the price movement comes just days before top U.S. exchange Coinbase starts trading on the Nasdaq exchange in one of the digital currency industry’s highly anticipated events.

Bitcoin struggled this week as the market ponders on comments by Peter Thiel and Jamie Dimon. In his annual letter, Dimon called for crypto regulators to give more attention to Bitcoin and other cryptocurrencies. His statements jived with that of Janet Yellen, the new Secretary of the Treasury.

600% increase in the offing

Meanwhile, the technical forecast for bitcoin remains strong, with price seen to rise 600% and reach the vaunted $400,000 level this year, an analysis report by Bloomberg shows.

According to the research, common companions for solid yearly increases in bitcoin are in sync favorably. “Our graphic depicts bitcoin on similar ground as the roughly 55 times gain in 2013 and 15 times in 2017,” the analysis states.

To hit price extremes akin to those years in 2021, “bitcoin would approach the $400,000 level, based on the regression since 2011 high,” the Bloomberg research said.

 

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Source: https://bitcoinerx.com/bitcoin/bitcoin-nears-61712-analysts-see-crypto-hitting-400000-this-year/