Bitcoin Price Nears All Time High, High Chances of Testing $80,000

A survey commissioned by Finder to study figures across Fintech industry specialists found out that strong on-chain fundamentals, launch, and approval of ETFs, and a favorable macro environment was going to drive the price of BTC/USD to all-time highs above $80,000. The findings went on to assert that the target would be achieved sooner during the last quarter of 2021.

Regardless, the BTC/USD pair is trading along a bullish trajectory on the daily chart after gaining 2.65%. A price increase has enabled the bulls to break above the $64,000. Overbought conditions that might have influenced the direction of Bitcoin could be the debut of a regulated exchange-traded BTC fund. The first day of the launch saw the ETF fund record solid uptakes within 24-hours. 

The overall cryptocurrencies market is trading with mixed signals. Gainers are Bitcoin, Ethereum, Polkadot, Ripple, and Avalanche. Losers on the 24-hour chart include Cardano, Dogecoin, Binance Coin, Solana, and Litecoin.

On our daily Bitcoin price prediction, BTC/USD has traded within a very tight range starting from $63481 – $64375. According to data from Coin Market Cap, the 24-hour trading volume for BTC decreased by 5.81 percent and is now at $37.5 billion. On the other hand, the market capitalization is trading at $1.203 trillion after a 2.33 percent ascent on the daily chart. 

Bitcoin Price Prediction: Rising market capitalization break above $1.2 Trillion

The market capitalization for the past few days has been historical after surpassing the all-time high market value at $1.19 trillion that was set on April 14th, 2021. 

BTC market capitalization data by Coin Market Cap

Besides, the price of Bitcoin is also closing up a tiny gap before breaking above the all-time high currently set at $64.8K. The yellow line indicates the difference between the current price and the all-time high for Bitcoin. While the green arrow shows the bullish rally that has occurred in the month of October. 

1 year BTC/USD chart by TradingView

The BTC/USD has recorded a stellar performance since the beginning of October after the bulls retraced above $41,000. Since the start of the rally, Bitcoin has gained nearly 40%. The bulls are struggling to keep the bears in check and activate a strong rapid rally towards the April 14th All-Time High.

Our Bitcoin price prediction anticipates that the price of the market leader will post further gains in the next 24-hours as buyers’ eye support at $65. Therefore our Bitcoin price analysis will remain bullish for the remaining hours of the day.