How Bitcoin (BTC) Could Reach $80,000 Before May

Bitcoin (BTC) price is likely to trend upward and may continue to rise after the halving.

This is further evidenced by the fact that investors are holding BTC, demonstrating stronger confidence than ever in 2021.

Bitcoin Investors Show Confidence

After hitting record highs this month, the price of Bitcoin halted its rally as the market cooled. Many have considered this to be a market high, but this may be the midpoint. The reason is the confidence shown by investors.

This can be seen by looking at relative realized profits. When we compare the current bull cycle’s revenue generation to the 2021 cycle, it becomes clear that investors are much more focused this time around. In 2021, realized gains were 3%, reaching an all-time high of $64,500.

Bitcoin relative realized profits. Source: Glassnode

However, the same indicator is currently at a high of 1.8%. This means that 1.8% of the market capitalization was locked in gains for 7 days. Investors showed confidence by not selling as many of their holdings in 2021.

Read more: What happened at the last Bitcoin halving? Forecast for 2024

This is supported by steady accumulation since February. Investors have been significantly increasing their wallets, with over 10,284 BTC worth $728 million purchased on exchanges in the last 11 days of April alone.

Bitcoin balance on exchange. Source: Glassnode

Accumulation indicates confidence among investors as it shows that they are expecting further price rises. This sentiment is likely to be validated as a bullish halving event occurs.

BTC Price Prediction: A Rally Awaits

Bitcoin price over 3 days validates Wyckoff pattern. The Wyckoff pattern is a trading method that analyzes market trends, volume, and price movements to identify accumulation and distribution phases.

BTC/USDT 3-day chart. Source: TradingView

Read more: 7 Best Bitcoin Halving Promotions to Check Out in 2024

However, if the Bitcoin price falls below this support, it could fall to $63,159. Loss of this support will invalidate the bullish view and allow for a correction to $60,000.
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