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Bitcoin price prediction: Is $79K the next target of BTC bulls?

May 28, 2024
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Bitcoin price prediction: Is $79K the next target of BTC bulls?
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  • Bitcoin has a bullish market structure on the daily timeframe.
  • The significant capital inflow and strong momentum favored an upward move on the daily chart.

Bitcoin [BTC] saw increased demand from ETFs a month after the halving event. An AMBCrypto report noted that the altcoin performance has eclipsed Bitcoin recently.

Another AMBCrypto analysis drew parallels between the 2020 post-halving and current trends. The Rainbow Chart showed that BTC was still in the buy zone – does the Bitcoin price prediction agree?

Bitcoin bulls are not willing to force the issue yet

Bitcoin Daily Price Chart

Source: BTC/USDT on TradingView

The price action on the 1-day chart was bullish. Bitcoin dropped below the 61.8% Fibonacci retracement level (pale yellow) at $59.4k in early May but was quick to recover.

It has flipped the short-term range (purple) high at $67k to support. Moreover, the CMF showed a reading of +0.12 to reflect significant capital inflow to the market.

The RSI on the daily chart was also above neutral 50 to signal bullish momentum. Together, the technical indicators pointed toward a bullish Bitcoin price prediction.

This indicated a lower timeframe liquidity hunt and outlined a consolidation phase. The higher timeframe uptrend will likely continue soon. The Fibonacci extension levels at $79.2k and $88.1k would be the target for buyers in the coming weeks.

Does the liquidation cluster to the south warrant Bitcoin’s attention?

Bitcoin Liquidation Heatmap

Source: Hyblock

The data from Hyblock showed that the $66.2k-$66.7k region was home to a cluster of liquidation levels, and BTC might dip to this region.


Read Bitcoin’s [BTC] Price Prediction 2024-25

See also  Bitcoin sentiment declines, but it's a good sign for BTC's prices

Alternatively, the liquidity at $67.8k, which has already been swept, might be enough to propel Bitcoin back to the $71.2k resistance zone.

Traders need to be prepared for both outcomes and manage their risk accordingly. Short-term volatility was possible and a revisit of the $66.5k level would provide a buying opportunity.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Next: Ethereum ETFs to be launched in July? Expert weighs in!

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • Bitcoin has a bullish market structure on the daily timeframe.
  • The significant capital inflow and strong momentum favored an upward move on the daily chart.

Bitcoin [BTC] saw increased demand from ETFs a month after the halving event. An AMBCrypto report noted that the altcoin performance has eclipsed Bitcoin recently.

Another AMBCrypto analysis drew parallels between the 2020 post-halving and current trends. The Rainbow Chart showed that BTC was still in the buy zone – does the Bitcoin price prediction agree?

Bitcoin bulls are not willing to force the issue yet

Bitcoin Daily Price Chart

Source: BTC/USDT on TradingView

The price action on the 1-day chart was bullish. Bitcoin dropped below the 61.8% Fibonacci retracement level (pale yellow) at $59.4k in early May but was quick to recover.

It has flipped the short-term range (purple) high at $67k to support. Moreover, the CMF showed a reading of +0.12 to reflect significant capital inflow to the market.

See also  Michael Saylor’s $13 mln Bitcoin prediction, Strategies for Traders

The RSI on the daily chart was also above neutral 50 to signal bullish momentum. Together, the technical indicators pointed toward a bullish Bitcoin price prediction.

This indicated a lower timeframe liquidity hunt and outlined a consolidation phase. The higher timeframe uptrend will likely continue soon. The Fibonacci extension levels at $79.2k and $88.1k would be the target for buyers in the coming weeks.

Does the liquidation cluster to the south warrant Bitcoin’s attention?

Bitcoin Liquidation Heatmap

Source: Hyblock

The data from Hyblock showed that the $66.2k-$66.7k region was home to a cluster of liquidation levels, and BTC might dip to this region.


Read Bitcoin’s [BTC] Price Prediction 2024-25


Alternatively, the liquidity at $67.8k, which has already been swept, might be enough to propel Bitcoin back to the $71.2k resistance zone.

Traders need to be prepared for both outcomes and manage their risk accordingly. Short-term volatility was possible and a revisit of the $66.5k level would provide a buying opportunity.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Next: Ethereum ETFs to be launched in July? Expert weighs in!
Tags: 79KBitcoinBTCBullsPredictionPriceTarget

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Ethereum clears THIS key hurdle: What’s next for ETH’s price?

Ethereum clears THIS key hurdle: What’s next for ETH’s price?

May 20, 2024
OKX Wallet launches GameSphere to Advance Web3 Gaming

OKX Wallet launches GameSphere to Advance Web3 Gaming

July 3, 2024
NETGEAR continues its NFT push

NETGEAR continues its NFT push

November 5, 2023
Bitcoin OTC Desks ‘Dried Up To 40 BTC’: What This Means

Bitcoin OTC Desks ‘Dried Up To 40 BTC’: What This Means

March 1, 2024

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