Why Top Analysts Believe Bitcoin Price Could Smash $88K This Week

Bitcoin (BTC) briefly touched $80,000 on May 4, but had shed some of its gains to trade at $78,979 at press time. Because of the rise to this psychological level, analysts are projecting where Bitcoin price is headed next, as signs that the market has bottomed out emerge. But technical analysis says BTC may be getting to $88,000 as soon as this week.

Analysts Forecast a Bitcoin Bull Run This Week

Bitcoin got to $80K after CLARITY odds increased. Many want to know what is next and whether this is just a false signal or the beginning of a journey to the top.

Top analyst Charles Edwards notices that there is something going on with the BTC that has been mined. He says institutions are taking most of it. He, in fact, says their intake is at 500% of what is being mined daily.

“Every time it’s been this high before, price has shot up over the next week. The average return in prior cases is +24% over the next 1 month from here,” Edwards said.

Charles is not alone because Ali Martinez shares the same thought. Martinez does not say where Bitcoin price is really going, but he noticed something. He said for almost ten years, BTC has been following a trendline.

Martinez said that every time Bitcoin touched this line, it was like a launchpad, and for four out of the last ten years, BTC price has soared between 259% to 1,126% after touching it.

And that’s not all because Daan Crypto says $80,000 might not be the end. He notices that there is a CME gap, and it can be a magnet. It might pull Bitcoin up, and the price might get to $84,000.

Arthur Hayes is also bullish that Bitcoin is going up. His estimate is that it will reach $125,000 before this year ends.

Technical Analysis Signals $88K Bitcoin Price This Week

Now that top analysts are positive, there is the question of where Bitcoin price will go this week. It is a week that is packed with events like Strategy earnings, and many are keen to see whether there will be a mention of CLARITY by US lawmakers.

The weekly answers this question by having two bottoms that are bullish. As soon as BTC went past $76,000, it confirmed what bulls were waiting for. And this is that Bitcoin might just go higher.

And on top of this, for two weeks now, BTC price has closed above $76,000. Only a third close is needed before the bull’s grip is good enough to see more gains.

The appearance of this third close is what will push Bitcoin price to $88,000. And this is a target obtained by the height from support of the two bottoms to the neckline. Getting to $88,000 might just happen this week. But a long-term Bitcoin price forecast says this is just the beginning.

But all is not done because the MACD is still at a point where bulls and bears are struggling to have some control. The bars are green, which is good, but the line is below zero. Getting to $88,000 might take some time unless it goes above zero.

It is important to note that despite these analysts’ thoughts and technical outlook, Bitcoin is still highly volatile. Do your own analysis and research before making an investment decision.