Can the Bulls Take Bitcoin to $80K This Week?

Quick overview

Selling pressure may be easing off of Bitcoin (BTC) as the token is nearing $75,000 once more and could surge to $80K in the next few days.

Industry experts say that sellers are losing momentum on Bitcoin and that market indicators point toward a long bullish streak. The coin hit $74,8681 (BTC/USD) on Thursday and gained 0.58% from the previous day. Trade volume slowed from the previous session, but strong ETF inflows for the week show that Bitcoin is active and well supported.

Diminished selling trends show that realized losses are down to $400 million a day from their previous highs of $2 billion. Sellers are falling away and buyers are stepping in to take over, especially this week as the market recovered from several weeks of selling pressure brought on by the Iran conflict.

Global Factors Improve Bitcoin’s Journey Back to Previous Highs

One of the largest influencing factors in recent weeks has been the ongoing fight between the United States and Iran, with Israel joining in as well. The fighting has centered in large part on the Strait of Hormuz, an important waterway that accounts for a large portion of the world’s oil shipping lanes. The Trump administration has been working to reopen that strait and has gone so far as to set up a blockade there to ensure safe passage for vessels while they work out a deal with Iran.

All of that fighting created an energy crisis and prompted investors to be much more careful with their spending. If the price of oil remains very high for very long, investors will have to save their money, spend less on risky assets, and withdraw from the equity and digital assets markets in fear. Bitcoin fell to a low of $65,604 in recent weeks as the fear reached a fever pitch but has since recovered.

The wider cryptocurrency market is bullish Thursday, with gains of 3.97% for XRP (XRP) and 2.14% for Solana (SOL). Dogecoin (DOGE) is up 3.5% over the last 24 hours, and Cardano (ADA) gained 3.01% in the same period. We are seeing widespread gains, although some of the leading crypto tokens are only marginally higher than they were the previous day. Ethereum (ETH), for example, has only gained 0.01% over the last day and BNB (BNB) is up just 0.40%.

Bitcoin has the potential to reach $80,000 this week and would only have to jump 7.2% to make that happen. If there is a peace deal between Iran and the U.S., then that kind of gain is entirely possible, although the coin may pull back slightly after such a large increase. Because of low selling pressure and strong bullish sentiment behind the coin, we expect the BTC rate to move higher over the next week with few losses from day to day.

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.

Strategy Reports $1.3 Billion Bitcoin Profit in Two Weeks as Holdings Reach 780,897 BTC Worth $58.1 Billion

3 h ago

Save

Tether Adds $70M Bitcoin as Holdings Reach 91,141 BTC Worth $7.2B While BTC Tests $74K Support

3 h ago

Save

New Price Prediction for Bitcoin after It Slips under $75K

23 h ago

Save