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It did not take a lot of time for bitcoin to make a breakthrough. The main cryptocurrency left the narrow range, breaking the resistance area of $61,048.64 - $61,759.10 and reaching new highs.The impulse rise took place just a day before the listing of crypto exchange Coinbase on Nasdaq. Supporters of cryptocurrencies consider this event as victory.Let us find out what levels bitcoin may reach in the near future. We will begin with the technical analysis that helps us to determine possible prices and scenarios.After the asset broke the resistance area of $61,048.64 - $61,759.10, we have to wait until it consolidates above this area. If it manages to do so, we will be able to say that the break is real. In this case, either consolidation or a rebound is possible.To determine targets, let us use the Fibo Expansion net. New expansion will be in purple colour, the previous still can be seen on the chart.Above the all-time highs, there is a purple Fibo Expansion line located at the level of 61.8. The price is consolidating at this level at the moment. If this line acts as support, the next target for bitcoin will be at the 100 Fibo Expansion line that is slightly above $67,000 per coin.Some analysts suppose that the recent sideways movement and a drop in bitcoin was caused by profit taking after a surge. However, now this process is over.At the same time, other experts think that bitcoin is in a bubble area and may slump soon.However, there are those who do not think that bitcoin is overbought. Perianne Boring, the founder and president of the Chamber of Digital Commerce, foresees a further rise in bitcoin. He made such conclusions using the Stock to Flow pattern, showing that the next target at which bitcoin may consolidate is between $100,000 - $288,000. What is more, the asset may reach this range as early as this year.
The Stock to Flow pattern is based on the estimation of the ratio of stocks to the volume entering the turnover. The US dollar's correlation with the model totals 94%, whereas the one of gold is 99%. Perianne has analyzed bitcoin's dynamic in the last 12 years. Using the Stock to Flow pattern, he concludes that to 2029, the main cryptocurrency's target will equal 10,000 ounces of gold. Thus, bitcoin may replace gold as a safe-haven asset.
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