“Bitcoin to test $80,000”
Bitcoin (BTC) is the subject of various price predictions every day. Now renowned crypto analyst Michaël van de Poppe is making his contribution in a new tweet. He predicts (again) a significant increase in the bitcoin price. According to him, the cryptocurrency is preparing to test the $75,000-80,000 mark before the impending halving.
According to Van de Poppe, bitcoin is currently in a consolidation phase and he believes it is close to the peak of its current run. So there may be another test of the all-time high of $73,794. He expects that after reaching a new peak, another correction phase will follow. The fact that investors are taking profits may be one of the reasons.
#Bitcoin consolidating.
I think that we’re close to the peak of this run, but I think we’ll have another ATH test, perhaps even $75-80K pre-halving and then we’re correcting.
During that consolidation / correction phase, I expect altcoins to outperform. pic.twitter.com/bnQjYuIzrr
— Michaël van de Poppe (@CryptoMichNL) March 27, 2024
Institutional interest
Analyst Caleb Franzen is also optimistic, looking at the 1-hour chart. For example, he expects a breakout as soon as it breaks out of a mini-resistance zone. He adjusts his goal to $83,000.
I don’t care who you are or what your timeframe is, pay attention to how #Bitcoin behaves here (1hr candles) and if it can secure a breakout over this mini resistance range.
Reiterate my target of $83k. pic.twitter.com/2pffoLGBji
— Caleb Franzen (@CalebFranzen) March 27, 2024
Furthermore, Ki Young Ju sees that the current cycle has a different character than previous cycles. The CEO of CryptoQuant calculates that $86 billion in institutional funds have flowed into the bitcoin market in the past six months. He compares the moment when MicroStrategy entered the market. And the moment BlackRock, perhaps the largest asset managers in the world, entered the market.
This cycle is different.
Institutional funds of $86B entered the #Bitcoin market in the past 6 months. pic.twitter.com/OkjjnZT5Co
— Ki Young Ju (@ki_young_ju) March 27, 2024
Source: https://bitcoinmagazine.nl/nieuws/bitcoin-gaat-80-000-voor-de-aanstaande-halving
