Bitcoin (BTC) Poised to Reach Record High of $81,000, Analysts Suggest

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.

As Bitcoin (BTC) continues to show signs of regaining its bullish momentum, several analysts are keeping a close eye on the cryptocurrency’s price action to determine whether it could lead to another all-time high in the coming weeks.

One such analyst, who goes by the pseudonym Yoddha, suggested in a post on X on August 9 that Bitcoin could be headed towards a record high of $81,000.

According to Yoddha’s analysis, Bitcoin’s price has experienced a rollercoaster-like movement over the past year. After reaching $65,000, the cryptocurrency experienced a sharp decline, dropping to a low of $49,000.

This drop, the analyst explained, was a “liquidation hunt,” where large sell-offs trigger stop losses, leading to a cascade of selling and a temporary price dip.

However, despite this setback, Bitcoin has since rebounded, returning to trade within its monthly range of above $60,000, which Yoddha interprets as a sign of underlying bullish momentum.

Bitcoin's next record high: A closer look at the technicals

The analysis further highlights key levels that Bitcoin needs to overcome to continue its upward trend. Currently, Bitcoin is just below its yearly high, a crucial resistance level.

If BTC closes August with strength, it could easily go above $81,000, the expert suggested.

According to Yoddha, the path to $81,000 is clear, with several key price levels playing pivotal roles. The current yearly low of $31,400 is a critical support level that Bitcoin must maintain to avoid downward pressure. The $65,000 level, which marked the peak before the liquidation hunt, is also important to reclaim.

If Bitcoin can close above $81,000, it could pave the way for even higher prices with longer-term targets that could reach as high as $112,727, $157,598, and $244,890.

Another trading expert, Michaël van de Poppe, also expressed optimism in an August 9 X post, stating that the asset “is doing great.”

After the recent rebound, Poppe highlighted that investors should watch for the $57,500 support zone, which is critical for maintaining bullish momentum.

According to Poppe, if this support level holds, there is a strong possibility for Bitcoin to rally towards an all-time high in the September to October timeframe.

Bitcoin price analysis: BTC attempts to gain strength above $60K again

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.

The above is the detailed content of Bitcoin (BTC) Poised to Reach Record High of $81,000, Analysts Suggest. For more information, please follow other related articles on the PHP Chinese website!