Bitcoin (BTC) Price to Hit $84K in Next 6 Weeks: Here’s Why

The post Bitcoin (BTC) Price to Hit $84K in Next 6 Weeks: Here’s Why appeared first on Coinpedia Fintech News

The excitement about Ethereum’s first spot ETF has caused one of the best days in crypto for 2024. Ethereum, Uniswap, Pepe, Bonk, and Lido are all up more than 20% in just 24 hours. Even Bitcoin hitting $71.4K for the first time in 6 weeks seems less important compared to this according to Santiment data. 

BTC Price to hit $84K?

In a recent video analysis, Crypto Banter revealed how Bitcoin is showing strong potential for a significant price surge, with predictions indicating it could reach $84,000 within the next six weeks. Despite market turbulence caused by geopolitical events, Bitcoin’s recent close above crucial levels suggests a bullish trend, setting the stage for this possible rally.

The sudden Bitcoin price pump resulted in heavy liquidation of short traders, amounting to more than $345 million in revenue from crypto derivatives trading. As a result, it is safe to assume Bitcoin bulls are in control and a new all-time high is on the horizon.

Historically a Bullish Period

Historical data and trend analysis support this optimistic forecast. The stochastic RSI, with both values under 20 and trending upward, confirms a positive cycle. Additionally, a close above the weekly trend line is crucial. Previous breakouts from similar patterns have seen 30-40% increases, and applying this to the current scenario makes reaching $84,000 plausible.

Why is Bitcoin Price Pumped?

Several factors indicate increased liquidity and market interest. More money is flowing into Bitcoin, driving prices up. Positive trends in overall market liquidity, influenced by Federal Reserve policies, benefit Bitcoin. An increase in USDT and USDC supply signals more capital for crypto investments. 

Bitcoin price reacted to the news that the US SEC has changed its stance on Ethereum and its spot Ether ETFs application. Combined with other factors, such as the recent Bitcoin halving, the flagship coin is well-positioned to rally further.

Broader market dynamics also play a role. Nvidia’s earnings reports influence tech and AI sectors, indirectly affecting Bitcoin. The upcoming Ethereum ETF decision could have a ripple effect on Bitcoin, regardless of the outcome.

What Next For Bitcoin Price?

Key technical indicators support the bullish sentiment. Low RSI levels indicate Bitcoin is not overbought and has growth potential. Bitcoin has been consolidating for 82 days, and a breakout above $74,000 would signal the start of a new upward phase.

All indicators suggest that Bitcoin could reach $84,000 within six weeks, backed by robust technical analysis and market dynamics. Investors should closely monitor key levels and trends. While optimistic, this forecast underscores the importance of staying informed and making data-driven decisions in the volatile crypto market.

Bitcoin’s price surged as the US SEC shifted its stance on Ethereum and spot Ether ETFs. Along with the recent Bitcoin halving, these factors position Bitcoin for further gains.