Bitcoin has been consolidating for quite a while now. But it is still very much in a bull run, and the reason for that is the current price action. Bitcoin’s price has been consolidating, but the daily and weekly closes have been over $60k, which is excellent. Bitcoin also broke below this level a few times, but $58k provided great support, and we are back up again. All this retesting and confirming support levels is only adding strength to this rally, and we might soon break above the new $67k ATH. And therefore, even analysts are predicting an $80k price target for Bitcoin.
$80k price target for Bitcoin
Bitcoin is facing some strong resistance between $62k and $65k, where the price is getting rejected again and again. The price is entering this level but is unable to breakthrough, which is why the BTC rally is at a halt right now. Another important thing to note is that the price is constantly getting rejected but creeping up again. This is a good sign showing that bulls hold $60k strong and won’t let it break. And as evident from previous patterns, bears will have to cave as we see large green candles.
The current target for BTC is $80k, and it is not that tough to reach that level. We are looking at $60k being the next $40k, which was important to hold. But unlike the last crash, where $40k broke, $60k didn’t. And therefore, we can look at $80k as the new $60k. The market is consolidating, and whales are taking profits, but retail buyers are surprisingly holding up, and BTC is above $60k.
What’s next?
Nobody is ready to see $10k daily BTC candles, but I think that’s next. The price of Bitcoin could soon get into discovery mode, and then $80k, $90k, or even $100k is just a matter of time. Plan B has given a $98k monthly close for BTC in November, which seems very optimistic. But we should also note that his prediction of the $63k October close was almost on point. He recently put out a tweet that even in the past, we have seen 60% price increases in a month, and even this time, it’s possible.
Some people think Nov close $98K is too big a jump. It is +60% from current level. Yes that is a big jump. But #bitcoin did this many times before:
May 2019 +62%
Aug 2017 +66%
May 2017 +66%
Nov 2013 +451%
Oct 2013 +61%
Mar 2013 +181%
Feb 2013 +63% etc pic.twitter.com/1VAmwxAYox— PlanB (@100trillionUSD) November 5, 2021
What are your thoughts on the $80k price target for Bitcoin? Or are you with Plan B on the $98k November close price prediction? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Brazil’s new law will allow workers to accept Bitcoin as salary.