Will Goldman Sachs Lift Bitcoin >$60K? (Apr 2 Forecast)

By Biz Wisdom | Crypto Daily FX | 2 Apr 2021

Bitcoin was quiet on Thursday, humming back and forth before ultimately closing the day down a hair just under the $59K level. It's likely that the only ones selling right now are bots who are scalping intraday, as Bitcoin grinds higher and prints another higher low to close within a stone's throw of moderate resistance at $60K. 


(April 1, 2021  8:30PM EST)


Bitcoin seems to be paddling up to a massive tidal wave about to crest, launching BTC higher. BTC is now making a second attempt at the $60K resistance level, previously attempted following a rally from ~$43K. Now that BTC is rallying off a local low around ~$52K, we should expect a rally of similar magnitude up to the $70K level or so in the near-term. It's worth remembering now that Bitcoin is now the 'megacap' crypto asset with a >$1T market cap so it doesn't move as extremely or have as volatile moves as we are accustomed to historically. However, we should continue to see moves in $10K intervals, taking us up to at least $70K in the near-term, although I don't think there's any significant psychological resistance until $100K.

If Bitcoin were to get rejected around the $58K - $60K level and fall back lower, this could reopen the door back down to $50K where Bitcoin will need to find support else risk a drop to $48K where there's the 50 Day EMA.


Daily Newsflow:

  • Goldman Sachs offering "full spectrum" of Bitcoin and crypto exposure in Q2 through physical BTC, derivatives, and traditional funds (GBTC)
  • Morgan Stanley offers Bitcoin exposure through cash-settled futures and GBTC
  • BlackRock trading almost $400K on Bitcoin futures
  • ~$1B was moved from Coinbase to offline storage today


As you can see below, exchanges continue to see Bitcoin reserves dwindle as buyers ramp up long positions and withdraw balances to individual or cold wallets. With only 2.3 million Bitcoin left on exchanges - the lowest since July 2018, there is a bullish price timebomb waiting to explode higher.






Floor: 50 Day EMA around $48K. 


$60K, $65K, $70K, then $10K intervals up to $100K.

Buy Bitcoin here.

Earn Crypto here.

Stake Bitcoin for 6% Interest. 

How do you rate this article?


Biz Wisdom
Biz Wisdom

Big questions. Anonymous answers.

Crypto Daily FX
Crypto Daily FX

Your Daily Support to Break Resistance.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.