2024

Bitcoin

Grayscale Bitcoin Trust

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) is currently experiencing positive sentiments, reclaiming the $48,000 mark for the first time since the launch of the spot exchange-traded fund (ETF). Market participants are now eyeing Bitcoin’s potential retest of the $50,000 level, considering it crucial for triggering a new bull run.</p>
 <p class="paragraph">In this context, crypto analyst <em>Alan Santana</em>, in a <em>TradingView</em> post on February 10, outlined a possible path for Bitcoin to reach a new record high of $80,000. Santana’s <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> focused on the daily Bitcoin Moving Average Convergence Divergence (MACD), indicating a shift toward a bullish trend.</p>
 <p class="paragraph">Noteworthy observations include the successful breach of a local down-trendline originating from its December 2023 peak, signaling a potential reversal of the previous bearish momentum. According to the analyst, the trend is now upward, showcasing Bitcoin’s resilience in the market.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="566" src="https://cdn.thebittimes.com/images/2024/02/11/b1698f4bbfa30d8e5f859d80a161f755.webp" alt class="wp-image-154347" srcset="https://cdn.thebittimes.com/images/2024/02/11/b1698f4bbfa30d8e5f859d80a161f755.webp 1024w, https://cdn.thebittimes.com/images/2024/02/11/b1698f4bbfa30d8e5f859d80a161f755.webp 300w, https://cdn.thebittimes.com/images/2024/02/11/b1698f4bbfa30d8e5f859d80a161f755.webp 768w, https://cdn.thebittimes.com/images/2024/02/11/b1698f4bbfa30d8e5f859d80a161f755.webp 1097w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Currently facing resistance around the 0.786 Fibonacci extension, Bitcoin’s ability to overcome this obstacle is crucial for further advancement while identifying key resistance positions to look out for.&nbsp;</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picked for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Bitcoin sell-off alert: Price drop below $40k imminent? <span class="self-center text-xs text-slate-500">16 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Institutional investors are actively deploying capital to this crypto startup <span class="self-center text-xs text-slate-500">18 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Imminent short squeeze: Pair of cryptocurrencies likely to explode <span class="self-center text-xs text-slate-500">18 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    3 cryptocurrencies to reach $10 billion market cap in 2024 <span class="self-center text-xs text-slate-500">20 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The daily candles look pretty good, we are lacking only a bit of volume. We have five consecutive days green with a small distance being travelled. If Bitcoin can manage to conquer the upper resistance in the $47,500 – $49,500 price range, higher is possible… If this resistance can’t be broken, expect a major crash,” he said.&nbsp;</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-possible-downside-for-bitcoin-nbsp">Possible downside for Bitcoin&nbsp;</h2>
 <p class="paragraph">Additionally, the trading expert pointed out that if Bitcoin faces a downturn, the crypto could hit a temporary stop in the $30,000 – $34,000 range, followed by a brief bounce. However, he cautioned that this rebound could be fleeting, with Bitcoin potentially descending to $27,000.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The bounce will be short lived and then the next drop will push Bitcoin towards $27,000. At this point, people will start panic selling clearing out all the buy orders all the way down to $22K, where the big players will be waiting with their hearts open to buy all the Bitcoins,” he said.&nbsp;</p>
 </blockquote>
 <p class="paragraph">Overall, Bitcoin is facing positive sentiments as investors anticipate a sustained rally. It is worth noting that following the ETF approval, Bitcoin experienced a significant sell-off that led the asset to retest the $38,000 mark. The sell-off was primarily attributed to outflows in the Grayscale Bitcoin Trust ETF.</p>
 <p class="paragraph">As for the ETF, since the approval of the product, it has completed its first 20 trading sessions, reaching the $10 billion milestone in assets under management (AUM). The valuation is expected to increase as institutions enter the ETF space in the coming months.</p>
 <p class="paragraph">Notably, the current positive momentum is returning to the crypto market after the decline in GBTC outflows. Additionally, there is a renewed sense of optimism, considering the upcoming halving event scheduled for April.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis-nbsp">Bitcoin price analysis&nbsp;</h2>
 <p class="paragraph">By press time, Bitcoin was trading at $48,173, reflecting a daily gain of over 2%. Over the past seven days, Bitcoin has increased by more than 12%.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/02/11/ad0e5dc6796dbd3cb2e9f4441ad81955.webp" alt class="wp-image-154348" srcset="https://cdn.thebittimes.com/images/2024/02/11/ad0e5dc6796dbd3cb2e9f4441ad81955.webp 1024w, https://cdn.thebittimes.com/images/2024/02/11/ad0e5dc6796dbd3cb2e9f4441ad81955.webp 300w, https://cdn.thebittimes.com/images/2024/02/11/ad0e5dc6796dbd3cb2e9f4441ad81955.webp 768w, https://cdn.thebittimes.com/images/2024/02/11/ad0e5dc6796dbd3cb2e9f4441ad81955.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Elsewhere, Bitcoin’s technical indicators indicate a bullish outlook for the maiden cryptocurrency. A summary of the one-day gauges obtained from <em>TradingView </em>indicates a ‘buy’ sentiment at 14 while moving averages suggest a ‘strong buy’ at 13. However, oscillators are recommending a ‘neutral’ stance at 8.</p>
 <figure class="wp-block-image aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="207" src="https://cdn.thebittimes.com/images/2024/02/11/d1e292ed7cb569ab4d2cf49e0fd55a31.webp" alt class="wp-image-154349" srcset="https://cdn.thebittimes.com/images/2024/02/11/d1e292ed7cb569ab4d2cf49e0fd55a31.webp 1024w, https://cdn.thebittimes.com/images/2024/02/11/d1e292ed7cb569ab4d2cf49e0fd55a31.webp 300w, https://cdn.thebittimes.com/images/2024/02/11/d1e292ed7cb569ab4d2cf49e0fd55a31.webp 768w, https://cdn.thebittimes.com/images/2024/02/11/d1e292ed7cb569ab4d2cf49e0fd55a31.webp 1536w, https://cdn.thebittimes.com/images/2024/02/11/d1e292ed7cb569ab4d2cf49e0fd55a31.webp 1591w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">In the meantime, as Bitcoin seeks to sustain its rally, the cryptocurrency remains susceptible to elements such as interest rates and the general state of the economy.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.&nbsp;</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/analyst-identifies-bitcoin-s-path-to-80-000-tbt79508.html">https://thebittimes.com/analyst-identifies-bitcoin-s-path-to-80-000-tbt79508.html</a></p>

Analyst identifies Bitcoin’s path to $80,000

Table of Contents

TheBitTimes

Other articles published on Feb 11, 2024

Ripple ‘Going in the Wrong Direction’: XRP Community Begins to Liquidate as Price Declines

Gorilla Price Prediction: GORILLA Meme Coin Soars 10%, But Traders Rush To Buy This Competitor Be...

SHIB Community Stunned by Elon Musk AI Bot Grok Revelation on Shibarium

6-figure BTC price in 2024? Bitcoin analyst says $55K now ‘worst case’

Crypto Wallet: Hot wallet vs cold wallet

Top cryptocurrencies to watch this week: BTC, SOL, AVAX

Join our free newsletter for daily crypto updates!