3 positive Opinions on Bitcoin's Next Rally to $80K to $150K
"Bitcoin's on-chain metrics post-halving have been decidedly positive," Bitfinex said in its weekly analyst report, Bitfinex Alpha. The latest data shows that the average daily Bitcoin deposited by miners into spot exchanges last month was around 374 BTC, down from 1,300 BTC in February. This suggests that miners sold off their Bitcoin holdings ahead of the halving, spreading potential selling pressure over a longer period of time and preventing a sharp market decline, he explained.
Meanwhile, as Tom Lee, founder of Fundstrat Global Advisors, recently told CNBC, "Bitcoin only needs positive triggers to move higher. If inflation is better than expected, I think we're in a good position to rally," he said. "A lot of people are talking about the current price being a top, but the recent pullback is a normal correction. There will be good opportunities," he added. Last month, Tomley predicted that BTC would break $150,000 in the next 12 to 18 months.
Finally, several traders' analysis based on the funding rate suggests that the price will rise to $80,000 as Bitcoin completes its halving and the funding rate resets. The funding rate indicates trader sentiment in the perpetual futures market, with a positive reading indicating a bullish view and a negative reading indicating a bearish view.
According to CoinGlass data, BTC perpetual futures funding ratios have shown signs of overheating, with the ratio briefly turning negative on the 18th and 21st of this month (local time). "BTC has broken above the somewhat sticky $65,000-$66,000 range, and given the 4-hour candlestick trend, there is more upside to come," said crypto analyst Skew. "Given the post-halving price parabola, the upside is likely to come after a re-buying phase over the next few months," said another analyst, rektcapital. Cointelegraph cited BTC price levels of $67,500 (top of the bull flag) and $73,800 (all-time high) as near-term resistance levels, explaining that "a weekly close above these levels could see a price formation above $80,000."
