Following a period of consolidation, the price of Bitcoin has finally beaten the previous ATH of $58,350 and reached the $60,000 level today. Bitcoin analyst Max Keiser predicts that the next short target is $77,000. Analysts are attributing the rise in price to the notable negative bitcoin price premium difference at Coinbase & Binance, which suggests large spot buys for Bitcoin.
Coinbase premium served as one of the indicators for quantifying the price movement. It is worth mentioning that the growth of Bitcoin over $60,000 seems to be influenced by large Bitcoin spot buying at Binance. The Bitcoin price premium difference between Coinbase Pro and Binance for USD pairs went as low as -$332, which represents one of the lowest so far.
This has led many to the conclusion that the price was most likely driven by huge spot buys at Binance. Furthermore, stablecoin inflows to exchanges continue to increase, which indicates the fact that bulls continue to buy.
Bitcoin analyst Max Keiser has predicted that the next short-term target for the price of Bitcoin is $77,000 and the long-term target is $220,000, which could be reached by the end of the year.