Bitcoin Price Prediction as BTC Shoots Past $70,000 Resistance – $80,000 Incoming?
The surge of Bitcoin (BTC/USD) past the $70,135 mark signifies a robust uptrend, igniting speculation about its trajectory towards $80,000. Amidst prevailing market optimism and pivotal movements, this ascent reflects a broader acceptance and growing confidence in Bitcoin’s potential as a leading digital asset. Let’s jump into Bitcoin price prediction.
Coinbase has highlighted concerns about Bitcoin’s upcoming halving, suggesting it faces a challenging period due to the historically weak cryptocurrency market conditions. Despite the general optimism that halving, which reduces the reward for mining Bitcoin, usually boosts prices, Coinbase points out the need for a compelling narrative to lift the market.
The exchange recognizes Bitcoin’s enduring appeal as “digital gold” and its substantial market presence, holding a 50.6% share. Market trends suggest that price dips could spur increased buying activity.
#BTC Bull Market Progress:
▓▓▓░░░░░░░ 35.7%
(Progress bar based on standard Halving Cycles)$BTC #Crypto #Bitcoin pic.twitter.com/zRnmLvOacV
— Rekt Capital (@rektcapital) April 6, 2024
Historical patterns, like the price surge post-2020 halving, support this view. Additionally, Coinbase’s recent legal victory in a securities case may also influence Bitcoin’s market dynamics, intertwining halving expectations with legal and market developments.
Gold advocate Peter Schiff criticized Bitcoin as gold prices rose and Bitcoin fell, predicting gold’s ascent and Bitcoin’s decline. In response, seasoned trader Peter Brandt advised considering a broader perspective, pointing to a chart showing Bitcoin’s long-term outperformance compared to gold.
Come on Peter, put things in a broader perspective. I like Gold too – I am long a bunch –
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