Bitcoin Will Hit $80,000 In May Despite Outflows To Ethereum: Analyst

Source Newsbtc
May 23, 2024 23:00

Bitcoin is fast-dropping, looking at price action in the daily chart. Even after the impressive spike above $71,500 early this week, there needs to be a conclusive follow-through for optimistic bulls. Despite this correction, one analyst strongly believes Bitcoin will rally sharply, reaching $80,000 by the end of the month.  

Will Bitcoin Hit $80,000 By End Of May?

Taking to X, the analyst thinks HODLers, not speculators, will reap the maximum benefits from Bitcoin. Based on the trader’s assessment, not only will BTC fly above $80,000 by the end of May, but the coin will also spike to peak at $95,000 in June.

Bitcoin to hit $80,000 by May | Source: @BitQua via X

Accordingly, reading from the candlestick arrangement, those who position themselves at spot rates might enter at favorable prices, scooping the coin at a discount. Even so, when BTC flies to $95,000 in less than seven weeks from now, the trader expects prices to cool off.

The retracement will also wash out speculators hitching the leg up. 

Bitcoin price trending lower on the daily chart | Source: BTCUSDT on Binance, TradingView

At spot rates, the path of least resistance is northward. BTC is also down roughly 6% from this week’s highs, although the uptrend remains. The $72,000 line is emerging as a strong resistance level as prices continue to move horizontally. On the lower end, $60,000 is worth watching.

For the uptrend to take shape, a high volume must be close to $72,000. Of note is that bulls have yet to breach and close above this line since the surge to all-time highs in mid-March.

Capital Is Flowing To Ethereum: Will The United States SEC Reject Spot ETH ETFs?

 

Sentiment will play a key role in propelling prices higher. So far, the analyst acknowledges that there is a shift in sentiment. As the United States Securities and Exchange Commission (SEC) unexpectedly prepares to approve spot Ethereum exchange-traded funds (ETFs), investors have been rotating capital to ETH.

This has slowed the momentum, even lowering prices, as in the current case. The ETHBTC price chart shows that Ethereum outperforms Bitcoin, adding 25% from mid-May 2024.

There has been no official communication from the United States SEC on spot ETH ETF approval. However, the analyst believes the agency will disappoint the market by unexpectedly rejecting all proposals. Should this be the case, the crypto markets will clam up, ending what the trader claims have been “manipulative practices.”

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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