BTC Bulls Eye $80,000 After 8% Weekly Increase.

The price of Bitcoin has finally broken its all-time high after a gradual uptrend over the past two months. Investors are now wondering how far BTC can go.

Bitcoin Price Analysis

By Edris Derakhshi (TradingRage)

The daily chart

On the daily time frame, it is clear that the price has broken the previous all-time high of $74,000 with considerable strength. With the market still trading near its 200-day moving average, BTC can go much higher in the coming months. Therefore, the $80,000 level could be a viable short-term target.

Meanwhile, the RSI is once again showing an overbought signal, which could point to a possible consolidation or short-term correction soon.

However, as long as the market remains above the 200-day moving average, which is around the $64,000 level, the overall trend remains bullish and higher prices could be expected.

Source: TradingView The 4-hour chart

Looking at the 4-hour chart, things look almost similar. A few days ago, the price quickly recovered from the $68,000 level. This significant increase led to a bullish breakout from $74,000 as BTC created a new all-time high.

Meanwhile, the RSI is also showing an overbought signal in this timeframe. Therefore, a pullback to $74,000 could occur shortly before the market continues higher and towards $80,000.

Source: TradingView Sentiment Analysis

By Edris Derakhshi (TradingRage)

Bitcoin Funding Fees

Although the price of Bitcoin has finally created a new all-time high, market participants expect that a new rally has begun. In this situation, analyzing futures market sentiment can be very useful as it significantly influences short-term price fluctuations.

This chart presents the BTC funding rates metric, which measures whether buyers or sellers are executing their orders more aggressively. Positive values ​​indicate bullish sentiment and negative values ​​are associated with bearish market sentiment.

As the chart suggests, BTC funding rates have been positive for the past few weeks. However, while the market has created a new all-time high, the funding rate values ​​are still well below those seen during the last record high earlier this year. Therefore, it can be assumed that the futures market is still far from overheated, and Bitcoin could still rise further in the coming months.

Source: CryptoQuant SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See disclaimer for details.

TradingView Cryptocurrency Charts.