Bitcoin Traders Predict $80K+ Price Target

Bitcoin (BTC) has reached its highest daily closing in over ten days, surpassing the $65,000 level. The cryptocurrency experienced a 3.5% increase from its low of $64,346 on April 21, reaching an intraday high of $66,527 on April 22. At the time of publication, BTC is trading at $65,910, representing a 1.7% increase in the last 24 hours. Bitcoin’s price has risen by 5% since its recent halving, where miner rewards were reduced by half. Now, market participants are speculating whether the upward trend will continue.

Data from Coinglass reveals that Bitcoin’s open interest (OI) funding rate has shifted from negative to positive, indicating growing interest in long positions. This change in market sentiment is often observed following significant price movements, such as the recent 5% increase in Bitcoin’s price. Similar to a scenario seen in October 2023, when Bitcoin’s OI reached its lowest levels in over six months, there is potential for a lasting rebound, leading BTC to outperform the broader market.

Bitcoin’s price action last week was characterized by selling each time Wall Street opened. The current technical setup suggests strength above $60,000, with the weekly close above $65,000 being considered positive. The $65,000 to $66,000 range has been resilient for Bitcoin’s price, and it’s now finding strong support within this range, as indicated by data from IntoTheBlock’s In/Out of the Money Around (IOMAP) model. The model shows a significant amount of BTC bought by 1.31 million addresses within the price range of $64,380 to $66,338.

Popular crypto analyst Rekt Capital believes BTC’s price has established strength above $60,000 and expects it to accumulate within the $60,000 to $70,000 range in a “re-accumulation” phase before entering a “post-halving parabolic upside.” Traders are now focused on Bitcoin’s performance after the halving event.

One analyst, pseudonymously known as Moustache, has been targeting the $80,000 mark for Bitcoin’s price since 2022. They believe this will be the next major target for BTC moving forward. From a technical standpoint, a bull flag pattern has formed on the weekly chart, suggesting a continuation of the upward trend. BTC bulls will face resistance at $67,500, but a breakout from this level could lead to reaching the all-time high of $73,835 and eventually the $80,000 mark, representing a 13% increase from the current price.

2 thoughts on “Bitcoin Traders Predict $80K+ Price Target

  1. We’re witnessing a true strength in Bitcoin’s price above $60,000! This opens up exciting possibilities for the future! Let’s keep the positive momentum going!

  2. Rekt Capital’s analysis has got me excited! The re-accumulation phase sounds promising! Can’t wait for the post-halving parabolic upside!

Leave a Reply