{"id":632211,"date":"2024-07-30T11:30:57","date_gmt":"2024-07-30T11:30:57","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=632211"},"modified":"2024-07-30T14:21:51","modified_gmt":"2024-07-30T14:21:51","slug":"bitcoin-back-on-radar-to-hit-80000-then-new-ath-analyst-says","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bitcoin-back-on-radar-to-hit-80000-then-new-ath-analyst-says\/","title":{"rendered":"Bitcoin ‘Back On Radar’ To Hit $80,000, Then New ATH, Analyst Says"},"content":{"rendered":"

The most often used cryptocurrency worldwide, Bitcoin, has had an impressive price rise<\/a> over the past few weeks, considerably raising trader confidence.<\/p>\n

Related Reading: Bitcoin On Fire: 20% Surge In 3 Weeks Teases Record-Breaking Potential<\/a><\/div>\n

The bigger cryptocurrency market still exhibits volatility even with Bitcoin’s recent rallies. Thanks to Ethereum ETFs, which have created conditions perfect for significant price movements, the market is today far more liquid. As Ethereum ( ETH) and Bitcoin (BTC) negotiate these difficult waters, their mechanics as well as the risk of trend reversals are impacting each other.<\/p>\n

\"\"<\/p>\n

BTC up in the last month. Source: Coingecko<\/pre>\n
According to Santiment statistics, since March 2023 the proportion of positive to negative comments about Bitcoin has climbed to its highest level. Seeing an all-time high within reach once more, investors are becoming more hopeful about the future of cryptocurrencies as they stay at $66,882.<\/p>\n
Market Dynamics: Ripple Effect Of Ethereum ETFs<\/strong><\/h2>\n
Ethereum exchange-traded funds (ETFs) have greatly raised market liquidity, therefore affecting overall stability. Not just Ethereum but also unintentionally Bitcoin has been impacted by this influx. Having a market valuation of $1.32 trillion and a 55% market domination, traders are closely watching how these events might change market dynamics.<\/p>\n
Bitcoin is now trading at $66,845. Chart: TradingView<\/a><\/figcaption><\/figure>\n
Though it recently surged, the price of Bitcoin has declined by 1.36% during the previous day. This fall underlines how erratic the crypto sector is. Given changing opinions and uncertain circumstances, investors find it challenging to precisely predict short-term swings. However, the growing hope for Bitcoin suggests a revival of virtual currency interest and confidence.<\/p>\n
\n
$BTC<\/a> is very close to the Crucial 70k Resistance and is on the Cusp of Broadening Wedge Upside Breakout.<\/p>\n
As the 70k Resistance weakens with each test, a Breakout is expected this time.<\/p>\n
A successful Breakout could send Bitcoin above 80k in August..\u270d\ufe0f#Crypto<\/a> #Bitcion<\/a> #BTC<\/a> pic.twitter.com\/r2n1p631xY<\/a><\/p>\n
\u2014 Captain Faibik (@CryptoFaibik) July 29, 2024<\/a><\/p><\/blockquote>\n
Forecasts By Analysts: Breaking Limits, Scaling New Heights<\/strong><\/h2>\n
Renowned bitcoin guru Captain Faibik has given a positive future price estimate for the coin. According to Faibik, Bitcoin is poised to test once more the crucial $70,000 resistance level. Historically a major barrier, this level seems to be becoming simpler with every test that comes around. Faibik says this declining resistance suggests a potential upward breakthrough shown as a broadening wedge.<\/p>\n
\"\"<\/p>\n
A spreading wedge technical chart pattern suggests that the price of an asset could be poised to break out. A breakthrough is looking more plausible as Bitcoin approaches the $70,000 barrier level. According to Faibik, should Bitcoin be able to pass this obstacle, by August it might be valued beyond $80,000. This hopeful forecast is based on the trend of declining resistance, which generally indicates an approaching breakout and consequent price rise.<\/p>\n
Path Of Development Of Bitcoin<\/strong><\/h3>\n
\"\"
Source: CoinCheckup<\/a><\/figcaption><\/figure>\n
Bitcoin seems to be going to have a notable increase in the following weeks. Although the price of the alpha coin is now 31% below the projection for the next month, short-term indicators show a positive trend that may cause the price to rise. Investors are preparing themselves for a probable resurgence as the market responds to several positive signals and increasing demand.<\/p>\n
Related Reading: Optimism Drops 12%: Should Investors Still Be Optimistic? These Metrics Say Yes<\/a><\/div>\n
Based on CoinCheckup data<\/a>, major resistance levels might be challenged soon; support is concentrated around the current trading price. For the expected climb, this projection provides a strong basis. Forecasts show a notable upward trend as Bitcoin will increase by 45% during the next three months.<\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
The most often used cryptocurrency worldwide, Bitcoin, has had an impressive price rise over the past few weeks, considerably raising trader confidence. Related Reading: Bitcoin On Fire: 20% Surge In 3 Weeks Teases Record-Breaking Potential The bigger cryptocurrency market still exhibits volatility even with Bitcoin’s recent rallies. Thanks to Ethereum ETFs, which have created conditions perfect for significant price movements, the market is today far more liquid. As Ethereum ( ETH) and Bitcoin (BTC) negotiate these difficult waters, their mechanics as well as the risk of trend reversals are impacting each other. BTC up in the last month. Source: Coingecko According to Santiment statistics, since March 2023 the proportion of positive to negative comments about Bitcoin has climbed to its highest level. Seeing an all-time high within reach once more, investors are becoming more hopeful about the future of cryptocurrencies as they stay at $66,882. Market Dynamics: Ripple Effect Of Ethereum ETFs Ethereum exchange-traded funds (ETFs) have greatly raised market liquidity, therefore affecting overall stability. Not just Ethereum but also unintentionally Bitcoin has been impacted by this influx. Having a market valuation of $1.32 trillion and a 55% market domination, traders are closely watching how these events might change market dynamics. Though it recently surged, the price of Bitcoin has declined by 1.36% during the previous day. This fall underlines how erratic the crypto sector is. Given changing opinions and uncertain circumstances, investors find it challenging to precisely predict short-term swings. However, the growing hope for Bitcoin suggests a revival of virtual currency interest and confidence. $BTC is very close to the Crucial 70k Resistance and is on the Cusp of Broadening Wedge Upside Breakout. As the 70k Resistance weakens with each test, a Breakout is expected this time. A successful Breakout could send Bitcoin above 80k in August..\u270d\ufe0f#Crypto #Bitcion #BTC pic.twitter.com\/r2n1p631xY \u2014 Captain Faibik (@CryptoFaibik) July 29, 2024 Forecasts By Analysts: Breaking Limits, Scaling New Heights Renowned bitcoin guru Captain Faibik has given a positive future price estimate for the coin. According to Faibik, Bitcoin is poised to test once more the crucial $70,000 resistance level. Historically a major barrier, this level seems to be becoming simpler with every test that comes around. Faibik says this declining resistance suggests a potential upward breakthrough shown as a broadening wedge. A spreading wedge technical chart pattern suggests that the price of an asset could be poised to break out. A breakthrough is looking more plausible as Bitcoin approaches the $70,000 barrier level. According to Faibik, should Bitcoin be able to pass this obstacle, by August it might be valued beyond $80,000. This hopeful forecast is based on the trend of declining resistance, which generally indicates an approaching breakout and consequent price rise. Path Of Development Of Bitcoin Bitcoin seems to be going to have a notable increase in the following weeks. Although the price of the alpha coin is now 31% below the projection for the next month, short-term indicators show a positive trend that may cause the price to rise. Investors are preparing themselves for a probable resurgence as the market responds to several positive signals and increasing demand. Related Reading: Optimism Drops 12%: Should Investors Still Be Optimistic? These Metrics Say Yes Based on CoinCheckup data, major resistance levels might be challenged soon; support is concentrated around the current trading price. For the expected climb, this projection provides a strong basis. Forecasts show a notable upward trend as Bitcoin will increase by 45% during the next three months. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":632226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,6664,4735,3505],"class_list":["post-632211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto","tag-price-action","tag-price-analysis"],"acf":[],"yoast_head":"\nBitcoin 'Back On Radar' To Hit $80,000, Then New ATH, Analyst Says<\/title>\n<meta name=\"description\" content=\"The most often used cryptocurrency worldwide, Bitcoin, has had an impressive price rise over the past few weeks, considerably raising trader confidence.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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