Here's when Bitcoin will hit $81,000, according to analyst 💰;
➖ With Bitcoin (BTC) seemingly regaining its bullish momentum, analysts indicate that if this trend continues over the coming weeks, the cryptocurrency could soon record another all-time high. This sentiment is echoed by a crypto analyst using the pseudonym Yoddha, who suggested in a post on X on August 9 that Bitcoin is poised to reach a record high of $81,000. According to Yoddha, Bitcoin’s price action has been nothing short of a rollercoaster over the past year. After reaching $65,000, the cryptocurrency experienced a sharp decline, dropping to a low of $49,000. Yoddha described this drop as a “liquidation hunt,” where large sell-offs trigger stop losses, leading to a cascade of selling and a temporary price dip.
Despite this setback, Bitcoin has since rebounded, returning to trade within its monthly range of above $60,000, which the analyst interprets as a sign of underlying bullish momentum.
➖ The analysis further highlights key levels that Bitcoin needs to overcome to continue its upward trend. Bitcoin is just below its yearly high, a crucial resistance level. The expert suggested that if Bitcoin closes August with strength, it could easily surpass $81,000. Beyond this mark, projections indicate that Bitcoin has the potential to reach as high as $244,890, though these are considered longer-term goals.
➖ Currently, Bitcoin is attempting to establish its price above the $60,000 support zone, having hit a daily high of $61,500. At the time of writing, the asset was trading at $60,677, having rallied over 1% in the last 24 hours, though it is down almost 2% on the weekly timeframe. Overall, based on the experts’ analysis, Bitcoin’s chances of claiming a new record high depend on its ability to maintain its price above the $60,000 support level.
