Bitcoin Price’s Rise To $80,000 Requires 8% Rise: Can BTC Make It?
Bitcoin's rise toward $80,000 depends on sustained technical and on-chain support, driven by reduced holder losses and long-term accumulation.Summary
Bitcoin has recently surged, supported by long-term holders, leading to renewed bullish sentiment. On-chain metrics show improvement, with the Net Unrealized Profit and Loss (NUPL) metric declining from -26.6% to -21.9%, indicating easing financial stress among holders and a healing market structure.
Further supporting the bullish case is Bitcoin's Liveliness metric, which has hit a four-month low, signaling that long-term holders are accumulating rather than selling, which reduces circulating supply and creates upward price pressure. Technically, Bitcoin is trading above the 50-day Exponential Moving Average (EMA), a significant recovery signal.
The next major target is $80,000, requiring about an 8% increase from current levels around $73,915. While the Money Flow Index (MFI) is climbing above 73.5, a sustained push above 80.0 could signal overbought conditions, potentially leading to a pullback toward $70,552 and invalidating the $80,000 target.
(Source：BeInCrypto)