Three Signs That $80K Is The Next Target For Bitcoin Bulls

Bitcoin (BTC) rallied above $73,000, extending a bullish run at the Wall Street open on Friday. Traders will now return to $80,000 by the end of April as many indicators suggest that bulls have regained control of the crypto market.

Bitcoin breaks bearish chart pattern.

On Tuesday, Bitcoin broke an initially bearish trend on the daily chart.

Related: Old Bitcoin Whales Sold for $271M in BTC: Is the Crypto Rally at Risk?

The BTC/USD pair broke through the pennant's upper transition line at $70,000, jumping 7% to a six-week high of $73,300 on Friday. His breakup came with a surge in trading volume, indicating a stronger belief behind the rally.

The price also recovered key support lines including the 200-week exponential moving average (EMA, blue line), 20-day EMA (red wave) and 50-day EMA (orange wave) at $68,350, $69,520 and $70,580.

That simultaneously increased the odds of a symmetric-triangle bullish reversal.

A symmetrical triangle is formed when the price makes lower highs and higher lows, squeezing into a tight range. It resolves when the price breaks from both trend lines and moves about the maximum height of the pattern.

In Bitcoin's case, the measured move above the upper trend line suggests a roughly 20% move from the current price to $87,000.

The bullish divergence from the Relative Strength Index (RSI) shows that bullish momentum has been steadily increasing over the past two months, reinforcing BTC's upside potential.

Bitcoin's next hurdle is the 100-day EMA (blue) near $75,400.

As Cointelegraph reports, rejection there weakens the breakout and increases the chances of a pullback.

Onchain data boosts Bitcoin to $80,000.

According to data from TradingView, Bitcoin has spent more than six weeks consolidating in the $60,000–$70,000 range, making several failed attempts to sustain a strong walk above $72,000.

The Glassnode Risk Indicator shows significant resistance between the true market average at $78,000 and the short-term holding price around $80,000.

“This is a particularly meaningful step,” Glassnode said in last week's Onchain newsletter.

“Any rally into this zone could face meaningful spread pressure from near-term buyers or those looking to exit during the break.”

The chart above reinforces the view that any attempt at a recovery as seen in 2023 may be halted from the true market average and STH's proven value.

Glassnode's Adjusted UTXO Realized Price Distribution (URPD) shows the current batch of BTC UTXOs at which prices are generated, and also reveals that BTC price has entered a relatively open zone between $72,000 and $82,000, with little resistance.

This means that BTC may move more freely in this range in the short term, if the momentum continues, an upside of 82,000-$85,000 is possible. This is where investors got more than 1.3 million BTC.

Meanwhile, BTC's Cost-Fundamentals Spread heatmap shows a clear rally between $78,000 and $84,000, suggesting a short-term path to this level.

Polymarket's opportunity to raise 80,000 BTC in April

Polymarket, a crypto-based prediction market where users trade contracts on real-world outcomes, is showing a clear bullish turn for Bitcoin in April.

Traders now assign a 26% chance that BTC/USD will reach 80,000 in April, a 5% increase in the last 24 hours. A target of $75,000 results in stronger convictions at 76 percent.

At the same time, the chances of the price of BTC reaching $65,000 in April are lower than before, which suggests that the public is lowering its expectations.