{"id":363144,"date":"2021-11-05T23:53:24","date_gmt":"2021-11-05T20:53:24","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoins-consolidation-is-normal-analysts-set-80k-btc-price-target\/"},"modified":"2021-11-05T23:53:24","modified_gmt":"2021-11-05T20:53:24","slug":"bitcoins-consolidation-is-normal-analysts-set-80k-btc-price-target","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoins-consolidation-is-normal-analysts-set-80k-btc-price-target\/","title":{"rendered":"# Bitcoin\u2019s consolidation is \u2018normal\u2019 \u2014 Analysts set $80K BTC price target"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a325651dcdf2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a325651dcdf2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoins-consolidation-is-normal-analysts-set-80k-btc-price-target\/#%E2%80%9CBitcoin_is_still_on_the_path_to_90000%E2%80%9D\" >\u201cBitcoin is still on the path to $90,000\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoins-consolidation-is-normal-analysts-set-80k-btc-price-target\/#A_simple_target_at_80000\" >A simple target at $80,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoins-consolidation-is-normal-analysts-set-80k-btc-price-target\/#Whale_wallets_dominate_exchange_deposits\" >Whale wallets dominate exchange deposits<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin\u2019s consolidation is \u2018normal\u2019 \u2014 Analysts set $80K BTC price target <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) bulls are still hoping for a major breakout but at the moment, bears are <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lying pressure and keeping the digital asset pinned below $61,000.\u00a0<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that an early morning breakout by bulls to make a run above $62,000 was met with a strong defensive line from the bears who handily rejected the attempt. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/4948e21c-078e-4dae-a90b-bdeae4e181be.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Here\u2019s a look at what traders and analysts are saying about Bitcoin&#8217;s current price action and what they expect in the short term.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CBitcoin_is_still_on_the_path_to_90000%E2%80%9D\"><\/span>\u201cBitcoin is still on the path to $90,000\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While some traders may have found themselves bored with Bitcoin&#8217;s sideways price action, independent market analyst \u2018Rekt Capital\u2019 recently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1456611000854122503\">posted<\/a> the following chart highlighting the fact that BTC has flipped a major resistance level into support. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/b448b070-5e87-49d8-a71a-f94434c48440.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week chart. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Rekt Capital said, <\/p>\n<blockquote><p>\u201cThough BTC has been moving sideways for weeks now\u2026 It has continued to successfully retest a major area of previous resistance (red) as new support (green)\u201d<\/p><\/blockquote>\n<p>As for what comes next for the BTC should it manage to hold support here and head higher, analyst and Cointelegraph contributor Micha\u00ebl Van De Poppe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1456376960943263748\">posted<\/a> the following chart outlining one potential path the price could follow as it closes out 2021. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/6f2df080-08db-467a-8f14-6894ea65699c.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>van de Poppe said, <\/p>\n<blockquote><p>\u201cBitcoin is still on the path to $90K.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"A_simple_target_at_80000\"><\/span>A simple target at $80,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A more simple and straightforward price projection was provided by Twitter user \u2018GalaxyBTC,\u2019 who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/galaxyBTC\/status\/1456536470441840642\">expects<\/a>\u00a0a breakout target of $80,000. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-11\/6ed2d33f-5e2f-49fe-b4be-645dc60469cc.jpg\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>The analyst said, <\/p>\n<blockquote><p>\u201cTrying to keep things as simple as possible. $60,000 is the new $40,000. $80,000 is next.\u201d<\/p><\/blockquote>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin whale selling jumps while BTC price holds $60K and buyers snap up supply<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Whale_wallets_dominate_exchange_deposits\"><\/span>Whale wallets dominate exchange deposits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to CryptoQuant CEO Ki Young Ju, whale wallet activity is still having a significant impact on Bitcoin price. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> holds support above $60k in spite of whale dumping.<\/p>\n<p> Most <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> exchange deposits are coming from whales. Top 10 TXs take almost 90% of the total volume in an hour.<\/p>\n<p> Exchange reserve is decreasing, leading to less supply on exchanges.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/XSEdjzHnQy\">https:\/\/t.co\/XSEdjzHnQy<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/UtJpGzp0UK\">pic.twitter.com\/UtJpGzp0UK<\/a><\/p>\n<p>\u2014 Ki Young Ju \uc8fc\uae30\uc601 (@ki_young_ju) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ki_young_ju\/status\/1456571968312856578?ref_src=twsrc%5Etfw\">November 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As highlighted above, the majority of Bitcoin exchange deposits are being conducted by whale wallets, but exchange reserves continue to decrease, which is a bullish sign for BTC because the reduced supply available for purchase tends to lead to price increases when demand spikes.<\/p>\n<p>The overall cryptocurrency market cap now stands at $2.712 trillion and Bitcoin\u2019s dominance rate is 42.6%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-s-consolidation-is-normal-analysts-set-80k-btc-price-target\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin\u2019s consolidation is \u2018normal\u2019 \u2014 Analysts set $80K BTC price target &#8221; Bitcoin (BTC) bulls are still hoping for a major breakout but at the moment, bears are applying pressure and keeping the digital asset pinned below $61,000.\u00a0 Data from Cointelegraph Markets Pro and TradingView shows that an early morning breakout by bulls to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":363145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTEvZGJjMmMzMDQtN2Y1MS00MjNiLTgxZGEtMzI0NTc5NWViZTAwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-363144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/363144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=363144"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/363144\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/363145"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=363144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=363144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=363144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}