Bitcoin (BTC) may hit up to $80,000 by August, a new prediction says as data lays out key nearby BTC price levels.
Key points:
- Bitcoin can continue to $70,000 and higher next month if it clears nearby resistance, says new analysis.
- Market participants identify the most significant support and resistance levels now circling spot price.
- A macro tide could be the spark to ignite the next move higher this week.
BTC price roadmap sees $68,000 within two weeks
In an X update on Wednesday, crypto trader and analyst Michaël van de Poppe said that BTC/USD was successfully defending “crucial” support.
“It’s holding the crucial level at $61,000 and flipping important MAs for support, indicating that there’s more momentum on the horizon,” he wrote, referring to moving average trend lines.
“I’m expecting to see a rally to $68,000 in the next 1-2 weeks, followed by a continuation towards $75,000-80,000 in August.”
BTC/USDT one-day chart. Source: Michaël van de Poppe/X
Van de Poppe’s first target coincides with exchange order-book liquidity hurdles that price would encounter if it were to break out of its local range.
Updating X followers on whale orders, monitoring resource CoinGlass showed the area at $67,000 and above as key for the cohort. Support, meanwhile, sat principally between $63,500 and $63,800.
BTC/USDT 15-minute chart with whale orders. Source: CoinGlass
Others remained cautious, with declining spot-market volume causing suspicion about the strength of the latest gains.
“Wouldn’t get excited about this pump, this can easily end up being a failed auction above value area,” commentator Exitpump warned on Tuesday.
BTC/USDT perpetual contract one-hour chart. Source: Exitpump/X
Previously, trader and analyst Rekt Capital warned that July strength should reverse by August as Bitcoin repeats standard bear-market behavior.
QCP Capital: Crypto market still needs “conviction”
In market research issued on Monday, trading company QCP Capital suggested that a macro “catalyst” could be all that was needed to propel crypto higher.
Related: Bitcoin bear market will bottom when two-month RSI metric hits zero, trader predicts
As Cointelegraph reported, the coming days will see the release of key US inflation data prior to the Federal Reserve’s decision on interest-rate changes at the end of the month. Tuesday’s data came in below expectations, helping to send Bitcoin back toward $65,000.
“Should this week’s macro data and earnings continue to validate the bullish narrative, improving risk sentiment could spill over into digital assets as investors rotate into markets that have lagged the broader equity rally,” QCP wrote.
“Until then, crypto appears caught between supportive long-term fundamentals and a market still waiting for conviction.”