Bitcoin is aiming for the potential milestone of $80,000

Having recently broken out of the recent $60,000 to $70,000 trading range, hitting an intraday high of $71,671, Bitcoin (BTC) is now maintaining its position just above the $71,000.

Currently, the leading cryptocurrency is following a sideways trend but can still be considered bullish, as it broke through the recent barrier of $70,000.

Considering that it is currently within 4% of its historical high price, options traders expect that Bitcoin (BTC) undergoes a significant increase in value, potentially reaching the $80,000 before the end of the month.

In the meantime, the most popular altcoinssuch as Ethereum, Dogecoin, Ripple, Solana and Litecoin (LTC), all recorded gains while the index Fear & Greed reached the value of 78 (Extreme Greed) out of 100. The global cryptocurrency market has reached $2.64 trillion, with a gain of 0.40% in the last 24 hours.

The upward trend can be attributed to several factors, including the increase in inflows into ETFs Bitcoin spot and rising open interest in the futures market. Additionally, growing bets on the Fed’s rate cut are keeping U.S. bond yields low, weighing on the U.S. dollar and contributing to Bitcoin’s price gains.

Economic trends influence Bitcoin: falling yields and weakening US dollar push prices higher

The US dollar has lost strength as markets anticipate an imminent rate cut by the US Federal Reserve, due to the slowdown in the economy. This led US Treasury bond yields to fall to their lowest levels in two months.

Recent weak US macroeconomic data has further strengthened expectations that the Fed will begin cutting interest rates later in the year, further depressing bond yields.

In May, theADP reported that U.S. private sector employment increased by 152,000, below the expected 173,000 and down from the previous month’s revised 188,000.

Furthermore, theISM Services PMI it rose to 53.8 in May, the highest reading since August, beating expectations of 50.8, although the prices paid sub-component fell slightly to 58.1 from 59.2. Softer data from the personal consumption expenditure price index (PCE) in the United States indicated easing inflationary pressures.

Together, these factors have pushed U.S. Treasury yields lower, supporting gold prices and boosting Bitcoin prices as investors seek alternative assets amid expectations of Federal Reserve interest rate cuts .

• L’ADP reported 152,000 jobs added in May, below the expected 173,000.
• L’ISM Services PMI rose to 53.8, exceeding expectations.
• Falling bond yields and a weakening US dollar are pushing up prices Bitcoin.

Kiyosaki’s Bold Prediction of Bitcoin at $350,000 by August 2024

The well-known investor Robert Kiyosaki sparked excitement among cryptocurrency investors with his bold prediction that Bitcoin could reach the $350,000 by August 2024; Kiyosaki clarifies, however, that this is a speculative opinion, not a guaranteed result.

Kiyosaki also expresses confidence in Ethereum And Solana, suggesting significant price increases for these cryptocurrencies as well. Criticize the president Biden and the chairman of the SEC Gary Gensleradvocating cryptocurrency investments as a hedge against what it sees as ineffective leadership.

Despite his optimism, however, industry experts consider his forecasts unrealistic given the historical growth patterns of Bitcoinand urge investors to be wary of such risky predictions.

Despite the skepticism of experts, the continued demand from long-term holders and large investors, the so-calledwhales”, indicates a growth potential in the prices of Bitcoin and Ethereum.

It is likely that the prediction of Kiyosaki stimulates investor optimism in the short term, possibly leading to temporary price spikes. However, the feasibility of reaching $350,000 remains questionable due to Bitcoin’s past performance.

• Kiyosaki predicts Bitcoin could reach $350,000 by August 2024.
• Experts believe that the prediction is unrealistic based on Bitcoin’s growth history.
• Continued demand from “whales” suggests a potential rise in Bitcoin and Ethereum prices.

Bitcoin whales accumulate more than 40% of the total supply

The data on-chain indicate that Bitcoin whales, defined as addresses holding more than 1,000 BTC, now control more than 40% of the total Bitcoin supply. This accumulating trend has held steady since mid-March, signaling bullish sentiment among these influential investors. The increase in their holding balance highlights their confidence in Bitcoin’s future potential.

Market concerns often arise during periods of price consolidation; however, whales view these periods as opportunities to accumulate more Bitcoin.

Their purchasing activity can support short-term price growth, although the concentration of supply in a few hands could impact the decentralization of Bitcoin and long-term market dynamics.

Furthermore, CryptoQuant reports that total Open Interest in the cryptocurrency sector is approaching an all-time high of $51.01 billion. This increased interest underlines the remarkable activity of the market.

The continued accumulation of Bitcoin by whales, which now hold over 40% of the supply, suggests a strong bullish sentiment. This trend is likely to drive price growth in the short term, although investors should be aware of the potential long-term implications.

• The Bitcoin whales they now hold over 40% of total supply, indicating bullish sentiment.
• Accumulation by whales supports short-term price growth.
• L’Open Interest total in the cryptocurrency sector is approaching an all-time high of $51.01 billion.

Bitcoin price prediction

The graph below of TradingView indicated that, at the time of writing the article, Bitcoin (BTC) was listed at $70,900, marking a slight decline of approximately 1%. The pivotal point (green line) was set at $70,600 and also serves as a critical point in today’s trading dynamics, suggesting a potential upside Bitcoin price prediction.

The latest updates, in fact, report that the price of Bitcoin has returned above $71,000and is now following a sideways trend in the price range between 71,150 And $71,300.

The first resistance level is now located at $71,800with further resistance expected to 72,500 And $73,100. On the contrary, if Bitcoin were to move lower again, the immediate support level remains at $70,600with additional support at $69,650 And 68,500 dollars.

The price pattern recently showed a bullish breakout from a symmetrical triangle formation at the level of $70,600, which continues to support Bitcoin. Even the exponential moving average (EMA) to 50 days a $69,000 and the relative strength index (CSR) at 66 suggest a prevailing interest in purchases.

Currently, a pattern double-top close to the resistance of $71,800 calls into question further gains. However, more buying pressure could allow Bitcoin to break above this level and aim for $72,500.

Consider purchasing Bitcoin if you keep above the $70,600to capitalize on the potential earnings towards the 71,800 hey $72,500. But a possible drop below $70,600 could indicate a shift to a bearish trajectory.

Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.

Seize the opportunity with the 99Bitcoins presale before prices go up!

The countdown to the next pre-sale phase 99Bitcoins has started and there are just over four days left: to be precise, 04 days, 19 hours, 17 minutes and 29 seconds.

So far, enthusiastic backers have contributed $1,973,313.98, moving closer to the next goal of $2,727,163.

In this phase of the presale, the price of 99BTC token is fixed at $0.00108. However, this is a fleeting opportunity: prices are set to increase in the next pre-sale phase.

Potential investors will not only begin their cryptocurrency education journey, but will also strive to grow their wallets by positioning themselves as early adoptersamplifying the potential benefits of 99BTC token.

The 99Bitcoins platform stands out for its innovative system “Learn-to-Earn” which transforms the way users gain knowledge in the field of cryptocurrencies. By participating, users learn and earn at the same time 99BTC tokenwhich they can then use to access exclusive content and benefits within the community.

Pre-sale offers a limited-time opportunity to participate at a low entry price; make sure you take this opportunity now to enjoy all the benefits 99Bitcoins has to offer. For more details and community involvement, follow us on X, Telegram And Discord.

Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.

Read also: