Bitcoin once broke through $9,300, and key indicators show that it will reach $60,000 next year

Abstract: According to Bitpush data, Bitcoin , the cryptocurrency with the highest market value , broke through the key resistance level of $9,000 on the morning of Sunday, June 16, and climbed all the way to $9,300, and then fell back to around $9,000. While the price reached a 13-month high, the total market value also exceeded $160 billion. Bitcoin's share of the cryptocurrency market also rose from 55% on Friday to 57.8%.

Since Bitcoin's technical indicators are bullish in the long term, if it can stay above $9,000, it will continue to try to challenge the upper resistance level of $10,000. Previously, Bitcoin broke through $9,000 in May, but then immediately fell to around $8,550, ushering in a sharp decline.
Analyst Thomas Lee said that once Bitcoin breaks through $10,000, it may break through the historical high of $20,000 and reach $40,000 within a few months.
Analysis of Bitcoin's key indicator, the stock-to-flow ratio, shows that its price is expected to reach a staggering $60,000 in August 2020. Bitcoin is one of the assets with a very high stock-to-flow ratio in recent months due to its current low issuance. The "block reward halving" in May 2020 will continue to push up this indicator and drive prices up.
In addition, Crypto Monk, host of the CryptoMonsoon podcast, said that this rebound will not be satisfied with just breaking through $9,000. Some analysts believe that $10,000 or even $12,000 is not out of reach.
As for this wave of rising prices, Forbes contributor Billy Bambrough believes that possible reasons include: the stimulation of Litecoin's continued rise, the disclosure of more information about Facebook's encryption project, Twitter's sister company Square's recruitment in the encryption field, next year's Bitcoin block reward halving, and the highly anticipated Bakkt cryptocurrency exchange is expected to begin testing next month.
Source: Bitpush