Bitcoin is about to cross $80,000!
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The year 2024 could become a key milestone in Bitcoin’s history, with projections pushing the famous cryptocurrency past the $80,000 mark. As November approaches, analysts and experts see clear signs of an impending explosion of macroeconomic indicators and chart trends. What are the root causes and what should we expect in the coming weeks and months?
Favorable leveling of economic conditions
The foundations of Bitcoin’s supposed rise are not limited to mere speculation. Several factors are at play, particularly global economic indicators. The current situation seems to be favorable for significant appreciation of the cryptocurrency.
Among these indicators is the key role of American monetary policy. Interest rates, inflation data and retail sales in the United States are factors that directly affect the risk asset market, including Bitcoin.
In this context, it is also important to note the inverse correlation between the US dollar and Bitcoin.
Historically, when the dollar appreciates, Bitcoin tends to fall. However, the current trend shows a partial disconnect: although the dollar has risen recently, Bitcoin has also continued to rise.
This is an impressive sign of Bitcoin’s strength, showing that investors are ready to support its rise, despite headwinds in traditional currency markets.
Bitcoin: Technical Analysis That Speaks For Itself
Bitcoin market technical analysis reinforces bullish predictions. Bitcoin’s chart is currently forming a “Bull Flag” or bullish flag, which is a typical sign of trend continuation. If this number is confirmed, it could propel Bitcoin to unprecedented heights.
However, it would be remiss not to mention the risks of a short-term correction. Bitcoin is currently near several major resistance zones around $68,000 to $70,000.
A slight decline could come before a solid rebound. Critical supports, especially those around $65,000, serve as anchor points before a new rally. Once these resistances are broken, it is likely that the crypto will quickly reach $80,000 or more.
Institutional enthusiasm for Bitcoin is also a key factor. Bitcoin Spot transactions (direct purchase) are clearly increasing while revenue is decreasing.
This dynamic suggests that “whales”, those deeply entrenched institutional investors, continue to strengthen their positions, resulting in prices being supported at high levels.
What to expect by the end of 2024?
If Bitcoin manages to break the $70,000 barrier, the path to $80,000 could be relatively clear. What is fascinating about this situation is that the “masses”, i.e. the general public, have not yet fully entered the market.
Institutional investors are in the lead, and only $80,000 to $100,000 will come back in force from individual investors, fueled by media coverage and general enthusiasm.
In the long term, investors should also watch for “altcoin season.” Bitcoin currently dominates the cryptocurrency market, but once its rise stabilizes, investors will turn to altcoins, leading to a new wave of opportunities in these secondary assets. Ethereum in particular is showing signs of an ascending triangle, a potentially bullish signal that could materialize as early as November.
Finally, it is important to note that every bull market is followed by a bear phase. This is an inescapable truth in the cryptocurrency world. Those looking to maximize their profits will need to remain vigilant and consider early exit strategies or risk seeing their profits disappear as quickly as they appeared.
In conclusion, everything looks aligned for Bitcoin to have a spectacular November. With favorable macroeconomic conditions and strong technical signals, the chance that the cryptocurrency will reach or even exceed $80,000 by the end of 2024 is particularly high. However, as always in the cryptocurrency world, caution and expectation remain essential. Meanwhile, Donald Trump’s family will take 75% of his project’s cryptocurrency revenue!
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Fascinated by Bitcoin since 2017, Evariste continued to research the topic. If his first interest was trading, now he is actively trying to understand all the developments focused on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the industry as a whole.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.
