Vijesti Analize Is Bitcoin Targeting $80,000?

Is Bitcoin Targeting $80,000?

April 23, 2024 Analize
BITmarkets | Is Bitcoin Targeting $80,000?

The Bitcoin protocol has undergone another of its pre-programmed halvings, thus halving the reward for miners—the entities that facilitate payments on the blockchain.

Due to the high cost of mining Bitcoins, the price needs to rise to at least $80,000 for mining to remain economically viable. Will this price target be achieved, or will the correction continue?

Daily time frame analysis

BTC1D.1

BTCUSD - 1 Day Time Frame

There was a slowdown in the price increase in March, and BTC remains in a bearish corrective range. A Buy-side Liquidity area has formed above the All-Time High (ATH). This area is where traders typically place their Sell Stop orders, which may later serve as a counterparty.

Upon analyzing the Fibonacci levels, we have identified two key levels: 0.214 and 0.382. These levels closely correspond with the Buy-side Imbalance and Sell-side Inefficiency zones. Below the 0.382 level, a Sell-side Liquidity selection occurred a week ago, but since then, the market has only shown a corrective move.

This trend is a negative signal for traders holding buy positions, though the trades themselves have not yet contradicted this pattern.

If the bearish correction continues, it will be crucial to monitor the price action after the selection in the newly formed Sell-side Liquidity area. If bullish patterns start forming, it may be opportune to enter buying positions.

The targets are set based on Fibonacci levels, with the first target at 1.272, equating to a price of $80,000.

Weekly time frame insights

BTC1W.1

BTCUSD - 1 Day Time Frame

On the weekly timeframe, there appears to be a potential Order Block that could support the already executed buy orders.

However, if the price fails to close above last week's high, it will signal a likelihood of continued correction, potentially leading to even more favorable buying conditions.

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