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Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000

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CRYPTOS | 04/26/2024 06:54:00 GMT

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Bitcoin price is likely to dip into the $59,111 to $53,120 imbalance, allowing sidelined buyers to accumulate.

A bounce from this zone could propel BTC to $80,000, a new all-time high.

On-chain metrics support the short-term upswing in BTC.

Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.

Also read: Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in

Bitcoin price sets the stage for next move

Bitcoin price has been hovering above the imbalance on the weekly chart, extending from $59,111 to $53,120, failing to dip into it. As mentioned in previous forecasts, this inefficient zone is key for potential buy-the-dip orders to be triggered. To make the corrective outlook more compelling, investors can observe the set of equal lows formed just above the aforementioned imbalance’s upper limit of $59,111. #BitcoinETFs #HKETF #BinanceLaunchpool #Bitcoin❗️