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Sui Sui (SUI) $3.74 ↓ -4.25%
Stellar Stellar (XLM) $0.41 ↓ -4.71%
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Litecoin Litecoin (LTC) $108.42 ↓ -1.53%
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Uniswap Uniswap (UNI) $9.92 ↓ -5.23%
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Bitget Token Bitget Token (BGB) $4.50 ↓ -1.77%
Pepe Pepe (PEPE) $0.00 ↓ -5.51%
Cronos Cronos (CRO) $0.14 ↓ -3.26%
Aave Aave (AAVE) $274.80 ↓ -5.00%
Ethena Ethena (ENA) $0.56 ↓ -7.45%
Bittensor Bittensor (TAO) $368.52 ↓ -7.68%
NEAR Protocol NEAR Protocol (NEAR) $2.63 ↓ -5.78%
Ethereum Classic Ethereum Classic (ETC) $21.14 ↓ -5.41%
Pi Pi (PI) $0.41 ↓ -5.21%
Aptos Aptos (APT) $4.44 ↓ -6.03%
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OKB OKB (OKB) $47.97 ↓ -1.06%
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Mantle Mantle (MNT) $0.75 ↓ -2.82%
Kaspa Kaspa (KAS) $0.09 ↓ -7.21%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -6.69%
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Bonk Bonk (BONK) $0.00 ↓ -14.63%
Algorand Algorand (ALGO) $0.25 ↓ -6.01%
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VeChain VeChain (VET) $0.02 ↓ -4.52%
Render Render (RENDER) $3.77 ↓ -7.45%
Worldcoin Worldcoin (WLD) $1.04 ↓ -7.06%
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Sei Sei (SEI) $0.30 ↓ -8.44%
Cosmos Cosmos (ATOM) $4.43 ↓ -5.42%
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Jupiter Jupiter (JUP) $0.52 ↓ -7.02%
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Home Cryptocurrency

Is Bitcoin Entering a Bull Market? Target Could Be $80,000, But…

Lois Zaytsaw by Lois Zaytsaw
16 October 2024
in Cryptocurrency, News
Reading Time: 2 mins read
0
themed around the concept of a Bitcoin bull market. The image should include a large bold Bitcoin symbol combined with the

As Bitcoin tests the critical resistance level at $66,000, a potential breakout may signal the beginning of a new bull run. The rising flow of funds into spot Bitcoin ETFs and growing interest from institutional investors is creating upward pressure on Bitcoin’s price.

Bitcoin is currently trading at a key resistance point, struggling to break above. This suggests that a strong price breakout could be imminent.

Table of Contents

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    • Kraken Eyes $15B Valuation Ahead of 2026 IPO: $500M Raise Underway
  • Spot Bitcoin ETF Inflows Drive Price Surge
  • Is Bitcoin Poised for a New Bull Market?
  • Volatility Persists Amid Resistance

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Spot Bitcoin ETF Inflows Drive Price Surge

On Monday, a significant inflow of funds into spot Bitcoin ETFs was recorded, which is seen as one of the main reasons behind Bitcoin’s recent price jump. The increased interest from institutional investors is exerting strong upward pressure on BTC.

Bitcoin recently exited a double bottom formation, aiming for the $67,000 level. However, the resistance between $67,000 and $68,000 remains a critical hurdle that Bitcoin needs to overcome.

Bitcoin is potential bull market and a target of 80000. The visual should feature a prominent Bitcoin symbol with price charts

Is Bitcoin Poised for a New Bull Market?

According to analyst Josh, Bitcoin is testing a crucial downward resistance level near $66,000. If this barrier is breached and the $68,000 level is also surpassed, Bitcoin could gain stronger momentum, pushing it towards higher levels. This development could potentially mark the start of a long-awaited bull market. Currently trading at $67,200, Bitcoin is moving in line with the trend the analyst has outlined.

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The daily chart shows a potential “cup and handle” formation. If confirmed, this could propel Bitcoin’s price toward the $80,000 level. Completing this formation could accelerate Bitcoin’s upward movement.chart 8

Volatility Persists Amid Resistance

Recently, Bitcoin’s fluctuations between $66,700 and $67,500 have caused many investors to close their positions. This has increased market volatility and the lack of liquidity has made price movements more unpredictable. Until new funds enter the market, this volatility is expected to persist.

As Bitcoin approaches these key levels, investors are closely watching whether the cryptocurrency will break out and enter a new bull market. Stay updated with the latest crypto trends and insights on Turkish NY Radio.

Tags: $80000 targetbitcoinbull marketresistance levelsSpot bitcoin ETF
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Lois Zaytsaw

Lois Zaytsaw

Content Editor, News Meet Lois, a dynamic Crypto, Blockchain, and Finance Writer/Journalist based in the bustling metropolis of New York City. With a passion for technology and a keen understanding of finance, Lois has been covering the latest developments in the world of cryptocurrency and blockchain for several years. Her insightful articles have been featured in numerous leading publications, including The Wall Street Journal, Bloomberg, and CryptoBriefing. Lois' fascination with blockchain and cryptocurrency began during her time as a student at university, where she studied economics and computer science. She was drawn to the disruptive potential of blockchain technology to revolutionize the traditional financial industry, and since then, she has been following the latest trends and innovations in the space.

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