The Current State of Bitcoin’s Price
Bitcoin’s price is currently experiencing a bull run, with the potential to continue this rally after the recent halving event. Investors are showing strong confidence, holding on to their BTC with more conviction than seen in previous years.
Bitcoin Investors Demonstrate Strong Conviction
Despite hitting a new all-time high this month and then pausing, Bitcoin’s price may not have reached its peak. This is supported by the unwavering confidence displayed by investors in the market.
An analysis of Relative Realized Profits shows that investors in the current bullish cycle are holding onto their profits more than they did in 2021. This is indicated by the fact that the realized profits are currently at 1.8%, compared to 3% around the previous all-time high of $64,500.
- This higher percentage shows that investors are less inclined to sell their holdings, reflecting their belief in the potential for further price growth.
Additionally, there has been a consistent pattern of accumulation since February, with investors adding to their wallets significantly. Over the last 11 days of April, more than 10,284 BTC, valued at over $728 million, have been purchased from exchanges.
This accumulation trend indicates a high level of confidence among investors who anticipate further price growth, especially as the bullish halving event approaches.
BTC Price Forecast: Rally on the Horizon
Bitcoin’s price movement over a 3-day period aligns with the Wyckoff pattern, a method used to analyze market trends, volume, and price action to identify accumulation and distribution phases.
- Should Bitcoin’s price drop below a crucial support level, a potential decline to $63,159 could be observed.
- If this support level is lost, the bullish scenario would be invalidated, leading to a correction to $60,000.
Overall, the current market conditions suggest that Bitcoin’s price is poised for a potential rally in the near future.
The Journey to $80,000: A Bitcoin Price Prediction
If Bitcoin’s price manages to maintain its current momentum, there is a possibility that it could reach $80,000 before May. This would be a significant milestone for the leading cryptocurrency.
The post This Is How Bitcoin (BTC) Could Reach $80,000 Before May appeared first on BeInCrypto.
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