This Is How Bitcoin (BTC) Could Reach $80,000 Before May

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In Brief

  • Bitcoin price is validating a Wyckoff pattern, suggesting a rally is likely following the halving event.
  • Relative realized profits show that despite a new ATH, selling has not been as significant as the 2021 cycle.
  • Substantiating the conviction is the accumulation since February, continuing this month, with investors buying $728 million in BTC in 11 days.

Bitcoin’s (BTC) price is likely in the middle of a bull run, and it could continue the rally following the halving event.

This is further substantiated by the investors holding on to their BTC, which is a testament to their conviction, stronger than in 2021.

Bitcoin Investors Show Confidence

After posting a new all-time high this month, Bitcoin’s price halted the rally as the market cooled down. While many considered this to indicate a market top, this may be its mid-point. The reason behind this is the conviction shown by investors.

This is evident from the Relative Realized Profits. Comparing the present bull cycle’s profit-taking to the 2021 cycle’s, it becomes evident that investors are much more anchored this time around. In 2021, around the all-time high of $64,500, the realized profits were at 3%.

This Is How Bitcoin (BTC) Could Reach ,000 Before May
Bitcoin Relative Realized Profits. Source: Glassnode

However, at the moment, the same metric is peaking at 1.8%. This suggests that 1.8% of the market cap was locked in as profit over a seven-day period. Investors have not been selling their holdings as much as they did back in 2021, showing conviction.

Read More: What Happened at the Last Bitcoin Halving? Predictions for 2024

This is supported by the consistent accumulation noted since February. Investors have been majorly adding to their wallets, and in the last 11 days of April alone, over 10,284 BTC worth over $728 million have been bought from exchanges.

This Is How Bitcoin (BTC) Could Reach ,000 Before May
Bitcoin Balance on Exchanges. Source: Glassnode

Accumulation indicates confidence among investors as it shows that they are expecting further price growth. This sentiment will likely be validated as the bullish halving event takes place.

BTC Price Prediction: Rally Awaits

Bitcoin’s price over a 3-day timeframe validates a Wyckoff pattern. The Wyckoff pattern is a trading method that analyzes market trends, volume, and price action to identify accumulation and distribution phases.

This Is How Bitcoin (BTC) Could Reach ,000 Before May
BTC/USDT 3-day chart. Source: TradingView

Read More: 7 Best Bitcoin Halving Promotions to Check Out in 2024

However, if Bitcoin’s price falls below this support level, a decline could be observed to $63,159. Losing this support floor would invalidate the bullish thesis, resulting in a correction to $60,000.

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This article is sourced from the internet: This Is How Bitcoin (BTC) Could Reach $80,000 Before May

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In Brief The number of transactions on NEAR is rising again, rebounding from its low on March 20. With the RSI at 73, there’s potential for further price increases. The appearance of a golden cross on the price chart may signal the start of a bullish trend. The NEAR price is showing promising signs of recovery, with transaction numbers climbing again from a recent dip on March 20. This uptick in activity is complemented by an RSI value of 73, hinting at a strong potential for further increases in price. Additionally, the emergence of a golden cross on the price chart reinforces this optimistic outlook, often seen as a harbinger of a forthcoming bullish trend. Together, these indicators suggest that NEAR might be gearing up for a significant upward movement…

 

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