How Bitcoin Might Make An Attempt At $80K and Higher Next!
Bitcoin has come back from the flash crash and stayed above $70,000 level after 10-day cool off and we are still seeing Bitcoin trend in the upside.
The rally did not trigger mass short liquidations, suggesting there were not many market participants using leverage to bet on falling prices.
Bitcoin Correlation With S&P 500
If we look at the overall market last night, S&P 500 has a dip with 0.28%, but we could see that the correlation is dropping as well, this would mean Bitcoin movement is still very much tied to how S&P 500 moves.
Transactions On Bitcoin Network Falling
We could see that daily transaction on the bitcoin network is dropping, so there is no significant signs that despite price surge, there are not many market participants going for the sell.
New Addresses Added On Bitcoin Network Need to Pick Up
The new addresses are not picking up, so in order for us to reach a new high of $80K, we would need to see an increase in the number of new addresses.
If we look at how the chart behave, when Bitcoin make the flash crash, the number of new addresses was dropping, so unless there is an increase to boost this up, we might stay at the $70k range for a while.
Bitcoin $80,000 and higher Possible After Break Out From Consolidation Pattern
We saw Monday (25 Mar) surge providing a signal that the recent correction for crypto market is coming to an end potentially, Tuesday (26 Mar), Bitcoin stay above $70,000 gave some confidence, which we saw BTC drop below $61,000 last week from the record highs above $73,000. this was coupled with tepid inflows to new U.S.-listed spot bitcoin ETFs and increased selling of $Grayscale Bitcoin Trust (GBTC.US)$
We can see how the Spot Bitcoin ETF volume have been moving.
If we look at how Bitcoin has create new all-time highs after breaking out to the upside from its consolidation (happen recently in mid-Feb 2024), based on what we have seen similar pattern recently, we could be looking at $10,000 to $15,000 price increase for Bitcoin;s next move from around the $70,000 level. This could propel BTC as high as $80,000.
We could also look out for other signs on why this could be possible.
Cumulative Spot Bitcoin ETF Volume Need to Continue Its Rise
If you have been following how the volume for Spot Bitcoin ETF have been accumulating, you would notice that there have not been any slowdown for these.
So what can these tell us, this tell us that market is still very much into a bull market for crypto BTC.
BTC Heavy Crypto Stocks Perform When BTC Uptrend Appear
In order to take advantage of the possible $80k highs for BTC, we could look at $MicroStrategy (MSTR.US)$
there have been times when it crosses $1,900, I think it would not be long before we see it cross the $2,000.
Always remember that there will be investors selling this stock when price is good and reload when Bitcoin make a correction. So as investors we could follow this trend.
Summary
Several banks has tilted toward dovish stances, this should support the uptrend, this should benefit the Bitcoin price.
Another point to note is bitcoin tends to perform well during U.S. election years – and 2024 is one – historically advancing 100%-200%, which also supports the case for higher prices later this year.
So I feel that $80k and higher might be a potential play as we monitor
Appreciate if you could share your thoughts in the comment section whether you think Bitcoin could reach $80,000 and higher?
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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钞票钞能力 : The countdown is getting more and more intense! How many items have arrived?
nerdbull1669 OP : I think more will arrive in due course.
Mynor Garcia : I said yesterday, and I'll it today, 70k is here to stay. One way street until the halving. Good Luck!
Mynor Garcia Mynor Garcia : Did you stack more SATS when the dip hit? I did
BelleWeather : I definitely think BTC will hit 80k and higher. “It goes up forever…” I’m quite bullish on bitcoin. But I took the buying opportunity this weekend to invest in an alt project with a real life use case. My logic is the alts will rise higher and so far have risen faster, than BTC, which is where I funnel profits :).
nerdbull1669 OP BelleWeather : I just loaded on some more BTC, it will be here to stay and I have confidence we will see $73K by end of next week!