Here’s when Bitcoin will hit $81,000, according to analyst
The post Here’s when Bitcoin will hit $81,000, according to analyst appeared on BitcoinEthereumNews.com.
With Bitcoin (BTC) seemingly regaining its bullish momentum, analysts indicate that if this trend continues over the coming weeks, the cryptocurrency could soon record another all-time high. This sentiment is echoed by a crypto analyst using the pseudonym Yoddha, who suggested in a post on X on August 9 that Bitcoin is poised to reach a record high of $81,000. According to Yoddha, Bitcoin’s price action has been nothing short of a rollercoaster over the past year. After reaching $65,000, the cryptocurrency experienced a sharp decline, dropping to a low of $49,000. Yoddha described this drop as a “liquidation hunt,” where large sell-offs trigger stop losses, leading to a cascade of selling and a temporary price dip. Despite this setback, Bitcoin has since rebounded, returning to trade within its monthly range of above $60,000, which the analyst interprets as a sign of underlying bullish momentum. Bitcoin price analysis chart. Source: TradingView Bitcoin’s next record high The analysis further highlights key levels that Bitcoin needs to overcome to continue its upward trend. Bitcoin is just below its yearly high, a crucial resistance level. The expert suggested that if Bitcoin closes August with strength, it could easily surpass $81,000. Beyond this mark, projections indicate that Bitcoin has the potential to reach as high as $244,890, though these are considered longer-term goals. “It’s back inside its monthly range. A strong August close can take it above $81,000 easily,” the expert noted. In Yoddha’s view, the path to $81,000 is clear, with several key price levels playing pivotal roles. The current yearly low of $31,400 is a critical support level that Bitcoin must maintain to avoid downward pressure. The $65,000 level, which marked the peak before the liquidation hunt, remains important to reclaim. If Bitcoin can close above $81,000, it could pave the way…
Filed under: News - @ August 10, 2024 3:24 pm