Connect with us
Active Currencies 14791
Market Cap $2,469,545,528,576.10
Bitcoin Share 51.84%
24h Market Cap Change $-2.13

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

2min Read

It seems the liquidity at $67.8k might be enough to propel Bitcoin back above the $71.2k resistance zone.

Bitcoin price prediction: Increased demand can undo damages from the recent dip

Share this article

  • 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

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.


Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.