Bitcoin’s consolidation is ‘normal’ — Analysts set $80K BTC price target

Familiar story, but the price is still up.

The “ethereum price” is a cryptocurrency that has been on the rise for years. The price of Ethereum has been increasing steadily, and analysts have predicted that it will reach as high as $80K.

Bitcoin (BTC) supporters are still looking for a significant breakthrough, while bears are putting pressure on the digital currency, keeping it trapped below $61,000. 

According to data from Cointelegraph Markets Pro and TradingView, a bullish break over $62,000 in the early morning was greeted with a firm defensive line from the bears, who easily rejected the effort.

4-hour chart of BTC/USDT. TradingView is the source of this information.

Here’s what traders and experts are saying about Bitcoin’s current price behavior and what they think may happen in the near future.

“Bitcoin still on track to reach $90,000”

While some traders may have grown tired of Bitcoin’s sluggish price movement, independent market analyst ‘Rekt Capital’ just published the chart below, demonstrating how BTC has switched a critical resistance level into support.

1636146369_649_Bitcoins-consolidation-is-%E2%80%98normal-%E2%80%94-Analysts-set-80K-BTC-price1 week chart of BTC/USD. Twitter is the source of this information.

According to Rekt Capital,

“Despite the fact that BTC has been going sideways for weeks… It’s been retesting a big region of former resistance (red) as fresh support (green) with great success.”

If the BTC manages to maintain support and go higher, analyst and Cointelegraph contributor Michal Van De Poppe produced the graphic below, illustrating one possible route the price may take as 2021 draws to a conclusion.

Bitcoins-consolidation-is-%E2%80%98normal-%E2%80%94-Analysts-set-80K-BTC-price1 day chart of BTC/USDT. Twitter is the source of this information.

According to van de Poppe,

“Bitcoin is still on track to reach $90,000.”

At $80,000, it’s a straightforward objective.

Twitter user ‘GalaxyBTC’ presented a more basic and obvious price forecast, predicting a $80,000 breakout objective.

1636146370_52_Bitcoins-consolidation-is-%E2%80%98normal-%E2%80%94-Analysts-set-80K-BTC-price4-hour chart of BTC/USDT. Twitter is the source of this information.

“According to the analyst,”

“I’m attempting to keep things as straightforward as possible.” $60,000 has replaced $40,000 as the new standard. Then it’ll be $80,000.”

Related: Bitcoin whale selling soars as the price of the cryptocurrency hovers around $60K and buyers gobble up supplies

Exchange deposits are dominated by whale wallets.

Whale wallet behavior, according to CryptoQuant CEO Ki Young Ju, continues to have a substantial influence on Bitcoin pricing.

Despite whale dumping, #Bitcoin maintains support over $60,000.

Whales make up the majority of $BTC exchange deposits. In an hour, the top ten TXs consume about 90% of the overall volume.

Exchange reserves are dwindling, resulting in dwindling supplies on exchanges.

November 5, 2021 — Ki Young Ju (@ki young ju)

As previously stated, whale wallets account for the bulk of Bitcoin exchange deposits, yet exchange reserves continue to decline, which is a positive indication for BTC since the limited quantity available for purchase leads to price hikes when demand soars.

The total cryptocurrency market capitalization is currently $2.712 trillion, with Bitcoin commanding 42.6 percent of the market.

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Every investing and trading choice has risk, so do your homework before making a decision.

The “shiba inu coin price” is a cryptocurrency that was created as a joke. It has since become an actual currency and now has a market cap of $1,000,000.

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