Bitcoin Will Hit $80,000 In May Despite Outflows To Ethereum: Analyst

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	432,475,311,626	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

432,475,311,626

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	31.08	0.87%	3,596.62	3,596.73	3,596.79

Price Change

Price Change %

Current Price

Bid Price

Offer

31.08

0.87%

3,596.62

3,596.73

3,596.79

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,609.07	3,538.74	3,562.65	3,565.54	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,609.07

3,538.74

3,562.65

3,565.54

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:42:15	0.001376	3,596.62	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:42:15

0.001376

3,596.62

USD

Price x Volume	Volume	Base Symbol	Related Pairs
84,521,597.45	23,650.98	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

84,521,597.45

23,650.98

Bitcoin Will Hit $80,000 In May Despite Outflows To Ethereum: Analyst

24/05/2024 12:00am

NEWSBTC

Bitcoin is fast-dropping, looking at price action in the daily chart. Even after the impressive spike above $71,500 early this week, there needs to be a conclusive follow-through for optimistic bulls. Despite this correction, one analyst strongly believes Bitcoin will rally sharply, reaching $80,000 by the end of the month. Will Bitcoin Hit $80,000 By End Of May? Taking to X, the analyst thinks HODLers, not speculators, will reap the maximum benefits from Bitcoin. Based on the trader’s assessment, not only will BTC fly above $80,000 by the end of May, but the coin will also spike to peak at $95,000 in June. Accordingly, reading from the candlestick arrangement, those who position themselves at spot rates might enter at favorable prices, scooping the coin at a discount. Even so, when BTC flies to $95,000 in less than seven weeks from now, the trader expects prices to cool off. Related Reading: Bitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows The retracement will also wash out speculators hitching the leg up. At spot rates, the path of least resistance is northward. BTC is also down roughly 6% from this week’s highs, although the uptrend remains. The $72,000 line is emerging as a strong resistance level as prices continue to move horizontally. On the lower end, $60,000 is worth watching. For the uptrend to take shape, a high volume must be close to $72,000. Of note is that bulls have yet to breach and close above this line since the surge to all-time highs in mid-March. Capital Is Flowing To Ethereum: Will The United States SEC Reject Spot ETH ETFs? Sentiment will play a key role in propelling prices higher. So far, the analyst acknowledges that there is a shift in sentiment. As the United States Securities and Exchange Commission (SEC) unexpectedly prepares to approve spot Ethereum exchange-traded funds (ETFs), investors have been rotating capital to ETH. This has slowed the momentum, even lowering prices, as in the current case. The ETHBTC price chart shows that Ethereum outperforms Bitcoin, adding 25% from mid-May 2024. Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto There has been no official communication from the United States SEC on spot ETH ETF approval. However, the analyst believes the agency will disappoint the market by unexpectedly rejecting all proposals. Should this be the case, the crypto markets will clam up, ending what the trader claims have been “manipulative practices.” Feature image from Shutterstock, chart from TradingView

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

ETHUSD Ethereum