Bitcoin Price Prediction as BTC Shoots Past $70,000 Resistance – $80,000 Incoming?

Forex
April 8, 2024
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Bitcoin Price Prediction

The surge of Bitcoin (BTC/USD) past the $70,135 mark signifies a robust uptrend, igniting speculation about its trajectory towards $80,000. Amidst prevailing market optimism and pivotal movements, this ascent reflects a broader acceptance and growing confidence in Bitcoin’s potential as a leading digital asset. Let’s jump into Bitcoin price prediction.

Coinbase Warns of Challenges in Bitcoin Halving Amid Market Slump

Coinbase has highlighted concerns about Bitcoin’s upcoming halving, suggesting it faces a challenging period due to the historically weak cryptocurrency market conditions. Despite the general optimism that halving, which reduces the reward for mining Bitcoin, usually boosts prices, Coinbase points out the need for a compelling narrative to lift the market.

The exchange recognizes Bitcoin’s enduring appeal as “digital gold” and its substantial market presence, holding a 50.6% share. Market trends suggest that price dips could spur increased buying activity.

#BTC Bull Market Progress:

▓▓▓░░░░░░░ 35.7%

(Progress bar based on standard Halving Cycles)$BTC #Crypto #Bitcoin pic.twitter.com/zRnmLvOacV

— Rekt Capital (@rektcapital) April 6, 2024

Historical patterns, like the price surge post-2020 halving, support this view. Additionally, Coinbase’s recent legal victory in a securities case may also influence Bitcoin’s market dynamics, intertwining halving expectations with legal and market developments.

Coinbase stresses the halving event’s timing during a market low could impact Bitcoin’s price rise.
Bitcoin’s role as “digital gold” and its market dominance could drive future investment.
Legal victories for Coinbase may affect market confidence and Bitcoin’s valuation.

Peter Brandt Challenges Peter Schiff’s Narrow View on Gold and Bitcoin

Gold advocate Peter Schiff criticized Bitcoin as gold prices rose and Bitcoin fell, predicting gold’s ascent and Bitcoin’s decline. In response, seasoned trader Peter Brandt advised considering a broader perspective, pointing to a chart showing Bitcoin’s long-term outperformance compared to gold.

Come on Peter, put things in a broader perspective. I like Gold too – I am long a bunch – but which race horse has done better since BTC’s inception? This represents the # of oz. of Gold to purchase one Bitcoin. In the past 50 years Gold price as increased at CAGR of 5.2%, barely… https://t.co/N3iLGRYDaI pic.twitter.com/zz8GWqds6H

— Peter Brandt (@PeterLBrandt) April 6, 2024

Despite Schiff’s argument that Bitcoin could lose significant market value after surpassing gold in the last 2.5 years, he also predicted a surge in gold prices due to U.S. fiscal issues. This ongoing debate reflects skepticism among gold supporters towards Bitcoin.

Schiff’s criticism may impact short-term Bitcoin sentiment, potentially causing price fluctuations.
However, Bitcoin’s enduring adoption and fundamentals suggest its ability to withstand such critiques.

Fed’s Bowman Hints at Future Rate Hikes Amid Persistent Inflation Concerns

Federal Reserve Governor Michelle Bowman suggests potential rate hikes, contrasting with market expectations of cuts, due to persistent inflation worries. Rising consumer costs are pressuring American households, impacting affordability and leading to increased financial strain.

With the federal funds rate influencing borrowing costs, tighter credit conditions could emerge, affecting loans and mortgages.

Fed Governor Bowman Insists High Inflation Could Necessitate Future Rate Hikes. pic.twitter.com/UgyQWSjJc4

— Rohitash Yadav (CCM) (@RYadav8177) April 7, 2024

Other Fed officials, like Loretta Mester and Lorie Logan, advocate for keeping rates steady amidst economic uncertainties. Bowman’s cautious stance on rate cuts, fearing inflation spikes, aligns with a proactive approach to monetary policy.

Bowman’s remarks hint at a cautious, inflation-focused Fed approach.
Bitcoin’s demand may grow as investors seek hedge against inflation.

Bitcoin Price Prediction

Bitcoin (BTC/USD) experienced a rise to $70,135, over 1% increase, indicating a positive market sentiment. The cryptocurrency is trading above the pivotal $68,930 mark, suggesting a potential continuation of the buying trend. Immediate resistance levels are identified at $70,320, $71,715, and $73,155, with support at $67,415, $66,055, and $65,075.

Bullish sentiment prevails with BTC trading above the pivot point.
Key resistance and support levels define the trading range.
Market indicators support a continued upward movement for BTC.

Bitcoin Price Prediction

The RSI stands at 64, supporting a bullish stance, and the 50-day EMA at $68,300 further underlines this trend. A decisive move above $68,950 could reinforce the upward trajectory, while a dip below this threshold may initiate a downward correction.

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