Today, Bitcoin‘s price has soared crossing the $70,000 mark to achieve a new all-time high of $72,242.51. This is happening the second time this year, after it first achieved this milestone on March 5, 2024, but dropped by 8% to $63.801. Despite the tag of war that was meant to determine the course of the king of crypto, the bulls pulled through. Now, BTC is trading slightly above $72,000. With only one month left before Bitcoin halving happens, investors and enthusiasts are wondering if Bitcoin will cross $80,000 before then.
Today, Bitcoin price is $72,094 slightly below its all-time high. This demonstrates the growth of BTC value by 3.96% in the past day. There is a heightened activity in the crypto market signifying increased transactions involving the coin. This is demonstrated in trading volume which has surged by 81.67% to hit $56.06 billion. The market cap has also increased to $1.42 trillion, dominating the market by 52.37%, according to CoinMarketCap data.
Bitcoin’s surge in value, escalating over 35% in the past days to surpass $72,000, was bolstered by the UK regulator’s approval of cryptocurrency-linked ETP applications. The Financial Conduct Authority’s decision paved the way for UK-listed crypto-backed ETNs, enhancing investor confidence with stringent regulatory oversight.
Bitcoin price also soared as institutional interest in the cryptocurrency market surged. A record $2.6 billion weekly inflow into Bitcoin, revealed by a CoinShares report, indicates growing confidence among institutional investors. The influx, accounting for 14% of total Assets under Management (AuM) for the year, was largely driven by robust investments from U.S. Spot Bitcoin issuers. Wall Street’s increasing involvement in Bitcoin is evident, with even short Bitcoin products witnessing additional inflows. This surge in institutional investment reflects optimism about Bitcoin’s future, particularly with the impending Bitcoin Halving event, with historical trends suggesting potential post-halving rallies.
Analysts, including Guy Turner of Coin Bureau, anticipate further appreciation for Bitcoin. Turner draws parallels to past Bitcoin cycles, noting that new all-time highs tend to precede cycle highs by roughly a year. Based on this analysis, Turner predicts that Bitcoin will surpass its previous all-time high in 2024, with $80,000 considered a conservative expectation. Looking ahead, Turner suggests that Bitcoin could potentially reach highs of $130,000 to $180,000, based on historical patterns indicating diminishing returns over successive cycles.
Some crypto experts believe that if ETF investments continue to increase in the next week, the price of Bitcoin could potentially reach $80,000.
Echoing this is Leo Mizuhara, the founder and CEO of Hashnote, a decentralized finance institutional asset management platform, who told Bloomberg that he believes reaching $80K by the end of the month is not unreasonable. I believe the FOMO players will be arriving shortly. ETFs have expanded the market to include even more individual investors.
Examining the 4-hour chart of Bitcoin shows a variety of indicators impacting its price direction. Across different time periods, both exponential and simple moving averages point towards a positive future for Bitcoin’s price momentum. The buy signal from the MACD level reinforces this idea, suggesting that the recent price surge may continue. Nevertheless, the Relative Strength Index (RSI) is currently at 74, suggesting a lack of definitive directional trend at this time.
Bitcoin is supported at significant levels of $62,165, $55,303, and $44,432 (S3). These levels show where strong buying interest has helped to possibly stop further price drops. In essence, if Bitcoin encounters a decline, these thresholds could act as safeguards, stimulating purchase behavior.
On the other hand, support levels indicate price levels where notable buying interest has been noticed. The resistance levels for Bitcoin are $73,036, $77,036, and $87,916. If Bitcoin reaches these levels, it could face obstacles to continued price increases. Penetrating these levels of resistance may indicate a rise in bullish momentum.
The possibility of Bitcoin hitting $80,000 before the next halving event in 30 days depends on sustaining bullish momentum and surpassing important resistance levels. Investors and traders need to carefully observe price movements and market sentiments to determine if this goal can be reached
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