{"id":609531,"date":"2024-05-23T23:00:46","date_gmt":"2024-05-23T23:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=609531"},"modified":"2024-06-11T08:08:33","modified_gmt":"2024-06-11T08:08:33","slug":"bitcoin-will-hit-80000-in-may-despite-outflows-to-ethereum-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-will-hit-80000-in-may-despite-outflows-to-ethereum-analyst\/","title":{"rendered":"Bitcoin Will Hit $80,000 In May Despite Outflows To Ethereum: Analyst"},"content":{"rendered":"

Bitcoin is fast-dropping, looking at price action in the daily chart. Even after the impressive spike above $71,500 early this week, there needs to be a conclusive follow-through for optimistic bulls. Despite this correction, one analyst strongly believes Bitcoin will rally sharply, reaching $80,000 by the end of the month.\u00a0\u00a0<\/span><\/p>\n

Will Bitcoin Hit $80,000 By End Of May?<\/span><\/h2>\n

Taking to X, the analyst\u00a0<\/span>thinks<\/span><\/a>\u00a0HODLers, not speculators, will reap the maximum benefits from Bitcoin. Based on the trader’s assessment, not only will BTC fly above $80,000 by the end of May, but the coin will also spike to peak at $95,000 in June.<\/span><\/p>\n

\"Bitcoin
Bitcoin to hit $80,000 by May | Source: @BitQua via X<\/figcaption><\/figure>\n

Accordingly, reading from the candlestick arrangement, those who position themselves at spot rates might enter at favorable prices, scooping the coin at a discount. Even so, when BTC flies to $95,000 in less than seven weeks from now, the trader expects prices to cool off. <\/span><\/p>\n

Related Reading: Bitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows<\/a><\/div>\n

The retracement will also wash out speculators hitching the leg up.\u00a0<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending lower on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

At spot rates, the path of least resistance is northward. BTC is also down roughly 6% from this week’s highs, although the uptrend remains. The $72,000 line is emerging as a strong resistance level as prices continue to move horizontally. On the lower end, $60,000 is worth watching. <\/span><\/p>\n

For the uptrend to take shape, a high volume must be close to $72,000. Of note is that bulls have yet to breach and close above this line since the surge to all-time highs in mid-March.<\/span><\/p>\n

Capital Is Flowing To Ethereum: Will The United States SEC Reject Spot ETH ETFs?<\/span><\/h2>\n

 <\/p>\n

Sentiment will play a key role in propelling prices higher. So far, the analyst acknowledges that there is a shift in sentiment. As the United States Securities and Exchange Commission (SEC<\/a>) unexpectedly prepares to approve spot Ethereum exchange-traded funds (ETFs), investors have been rotating capital to ETH. <\/span><\/p>\n

This has slowed the momentum, even lowering prices, as in the current case. The ETHBTC price chart shows that Ethereum outperforms Bitcoin, adding 25% from mid-May 2024.<\/span><\/p>\n

Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto<\/a><\/div>\n

There has been no official communication from the United States SEC on spot ETH ETF approval. However, the analyst believes the agency will disappoint the market by unexpectedly rejecting all proposals. Should this be the case, the crypto markets will clam up, ending what the trader claims have been “manipulative practices.”<\/span><\/p>\n

Feature image from Shutterstock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is fast-dropping, looking at price action in the daily chart. Even after the impressive spike above $71,500 early this week, there needs to be a conclusive follow-through for optimistic bulls. Despite this correction, one analyst strongly believes Bitcoin will rally sharply, reaching $80,000 by the end of the month.\u00a0\u00a0 Will Bitcoin Hit $80,000 By End Of May? Taking to X, the analyst\u00a0thinks\u00a0HODLers, not speculators, will reap the maximum benefits from Bitcoin. Based on the trader’s assessment, not only will BTC fly above $80,000 by the end of May, but the coin will also spike to peak at $95,000 in June. Accordingly, reading from the candlestick arrangement, those who position themselves at spot rates might enter at favorable prices, scooping the coin at a discount. Even so, when BTC flies to $95,000 in less than seven weeks from now, the trader expects prices to cool off. Related Reading: Bitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows The retracement will also wash out speculators hitching the leg up.\u00a0 At spot rates, the path of least resistance is northward. BTC is also down roughly 6% from this week’s highs, although the uptrend remains. The $72,000 line is emerging as a strong resistance level as prices continue to move horizontally. On the lower end, $60,000 is worth watching. For the uptrend to take shape, a high volume must be close to $72,000. Of note is that bulls have yet to breach and close above this line since the surge to all-time highs in mid-March. Capital Is Flowing To Ethereum: Will The United States SEC Reject Spot ETH ETFs?   Sentiment will play a key role in propelling prices higher. So far, the analyst acknowledges that there is a shift in sentiment. As the United States Securities and Exchange Commission (SEC) unexpectedly prepares to approve spot Ethereum exchange-traded funds (ETFs), investors have been rotating capital to ETH. This has slowed the momentum, even lowering prices, as in the current case. The ETHBTC price chart shows that Ethereum outperforms Bitcoin, adding 25% from mid-May 2024. Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto There has been no official communication from the United States SEC on spot ETH ETF approval. However, the analyst believes the agency will disappoint the market by unexpectedly rejecting all proposals. Should this be the case, the crypto markets will clam up, ending what the trader claims have been “manipulative practices.” Feature image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":608295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,1122,78790,1946,6931,3799,91198],"class_list":["post-609531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-ethereum","tag-ethereum-price","tag-sec","tag-spot-ethereum-etfs"],"acf":[],"yoast_head":"\nBitcoin Will Hit $80,000 In May Despite Outflows To Ethereum: Analyst<\/title>\n<meta name=\"description\" content=\"Bitcoin is retracing at spot rates but one analyst thinks the coin will 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Will Hit $80,000 In May Despite Outflows To Ethereum: Analyst","url":"http:\/\/wncen.com\/news\/bitcoin-will-hit-80000-in-may-despite-outflows-to-ethereum-analyst\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-will-hit-80000-in-may-despite-outflows-to-ethereum-analyst\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-Trali-Bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-Trali-Bitcoin.jpeg?fit=1792%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btc price","btcusdt","ethereum","ethereum price","sec","spot ethereum etfs"],"dateCreated":"2024-05-23T23:00:46Z","datePublished":"2024-05-23T23:00:46Z","dateModified":"2024-06-11T08:08:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Will Hit $80,000 In May Despite Outflows To Ethereum: Analyst\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-will-hit-80000-in-may-despite-outflows-to-ethereum-analyst\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-will-hit-80000-in-may-despite-outflows-to-ethereum-analyst\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Ethereum-ETH-Trali-Bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Ethereum-ETH-Trali-Bitcoin.jpeg?fit=1792%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusdt\",\"ethereum\",\"ethereum price\",\"sec\",\"spot ethereum etfs\"],\"dateCreated\":\"2024-05-23T23:00:46Z\",\"datePublished\":\"2024-05-23T23:00:46Z\",\"dateModified\":\"2024-06-11T08:08:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Ethereum-ETH-Trali-Bitcoin.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/609531"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=609531"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/609531\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/608295"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=609531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=609531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=609531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}