• Bitcoin traders forecast $80K+ BTC price target after recent funding rate reset
• Bitcoin’s market structure and on-chain data suggest that BTC price is preparing for a strong upside move
• Bitcoin’s open interest mirrors October 2023, indicating a potential lasting rebound similar to the 146% increase since then
Bitcoin’s price has seen bullish momentum since the recent supply halving event. Analysts now expect the price to continue climbing towards the $80,000 level.
Halving Cuts Miner Rewards, Sparks Bullish Sentiment
The Bitcoin halving occurred two days ago, cutting miner rewards from 6.25 BTC per block to 3.125 BTC. Some investors believe this reduced supply will help drive further upside for Bitcoin’s price.
Bitcoin’s open interest and funding rates have reset following the halving. Funding rates dropped below 0% on April 18th and 21st, indicating declining appetite for long positions. The funding rate has now flipped positive again, suggesting sentiment is shifting bullish.
According to analyst Tedtalksmacro, this pattern mirrors Bitcoin’s price action in October 2021. After that reset, Bitcoin’s price climbed 146% over the following months. A similar move now could spark a major rally.
Bitcoin Price Finds Support Above $60,000
Last week, Bitcoin’s price faced selling pressure around each Wall Street open. However, the weekly close above $65,000 represents a bullish higher high according to some analysts.
Independent trader Skew noted the $65,000 to $66,000 zone has been “sticky” on the higher timeframe trend. Bitcoin has since broken out above this area, finding support around $64,380 based on IntoTheBlock’s IOMAP data.
Popular analyst Rekt Capital also noted Bitcoin has established strength above $60,000. He and others expect Bitcoin to range between $60,000 and $70,000 for a few months before entering a parabolic upside move.
Traders Set Sights on $80,000+ Price Target
With the halving complete, crypto traders are considering Bitcoin’s potential post-halving trajectory. Pseudonymous analyst Moustache sees $80,000 as the next major target, which he has had his eye on since 2021.
Bitcoin’s current price action paints a bull flag on the weekly chart. A breakout from this formation would open the path to retest the all-time high at $73,835 and potentially surge towards $80,000. This would represent a 13% move from the current price.
Conclusion
The Bitcoin halving has set the stage for a renewed bullish impulse in the markets. The combination of on-chain and technical factors point to an extension of the uptrend towards $80,000 and new all-time highs. As miners adjust to the halving and investors buy the dip, Bitcoin appears primed for its next major breakout.
