Categories: Bitcoin

Bitcoin consolidation is “normal” – analysts set price target of USD 80

Bitcoin (BTC) bulls are still hoping for a big breakout, but right now the bears are putting pressure on keeping the pinned digital asset below $ 61,000.

Data from Cointelegraph Markets Pro and TradingView show that the early morning bull breakout hit above $ 62,000 with strong defenses against the bears who manually refused the attempt.

BTC / USDT 4-hour chart. Source: TradingView

Here’s what traders and analysts are saying about Bitcoin’s current price action and what to expect in the short term.

“Bitcoin is still on the way to $ 90,000”

While some traders may be bored of Bitcoin’s sideways movement, the independent market analyst “Rekt Capital” recently announced sent The graph below highlights the fact that BTC has turned the important resistance into support.

BTC / USD 1 week chart. Source: Twitter

Rekt Capital said

“Even though BTC has been flat for weeks … It has continued to successfully retest a previous large area of resistance (red) as new support (green).”

What happens next for BTC if it manages to hold support here and climb higher, says Cointelegraph analyst and contributor Michaël Van De Poppe sent The graph below outlines one potential path price could follow after it ends in 2021.

BTC / USDT 1-day chart. Source: Twitter

van de Poppe says

“Bitcoin is still on the way to $ 90,000.”

An easy goal at $ 80,000

A simpler and more understandable price prediction from Twitter user ‘GalaxyBTC’ who Expectation Breakout target is $ 80,000.

BTC / USDT 4-hour chart. Source: Twitter

The analyst said

“Try to keep things as simple as possible. $ 60,000 is $ 40,000 new. The next $ 80,000 “.

Related: Bitcoin whale sales are rising while BTC price holds $ 60,000 and buyers catch up on supply

Whale wallets dominate the exchange deposits

According to Ki Young Ju, CEO of CryptoQuant, whale wallet activity still has a significant impact on Bitcoin price.

https://twitter.com/ki_young_ju/status/1456571968312856578?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

As noted above, the majority of Bitcoin exchanges are made with whale wallets, but currency reserves continue to decline, which is an optimistic sign for BTC as the reduced supply to buy tends to lead to price increases as demand increases.

The total crypto market cap is $ 2.712 trillion and the dominance of Bitcoin is 42.6%.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.