Bitcoin's Next Test Is $80,000 as Jackson Hole Meeting Looms
Bitcoin's Next Test Is $80,000 as Jackson Hole Meeting Looms
He expects the market to hold its range, with $80,000 "an important upper boundary." Whales had stopped selling and begun to accumulate again, he wrote, though not yet at a scale that would imply "an immediate and sustained breakout," which he did not expect them to reach over the next 12 months.
Tim Sun, senior researcher at HashKey, noted the change in what is driving the price rather than the level itself. A thoroughly deleveraged market, a weaker dollar, concentrated short liquidations, and returning ETF flows together suggest the market "seems to be forming a consensus around the bottom range," he said.
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Like Butterfill, Sun also put "clear resistance" near $80,000, adding that clearing it would need "new incremental capital and more definitive macroeconomic catalysts." He stated the cycle's bear market bottom had "essentially taken shape," with any further fall more likely "a secondary confirmation of the bottom area" than a break below the previous low. He described this as "a trend re-selection phase in the late stage of the bear market."
Wundke explained the week's movement represented "a textbook demonstration of supply illiquidity meeting a sudden demand shock." Spot ETFs compounded the squeeze because, unlike futures, they require firms to buy and lock up actual Bitcoin, "directly depleting the already scarce exchange reserves." Treasury yield relief, ETF buying, and regulatory signals were "the spark," while the cascading liquidations "provided the explosive fuel."
With many holders back in profit at current levels, Wundke suggested the bear market may be over. "The next major obstacle is $82,000," he noted, adding that clearing it could open a path toward $95,000, and Bitcoin now "looks like any sell-offs in price will be treated as buying opportunities from here on."
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Bernard Fisher, chief marketing officer at payments firm Oobit, landed between them. There is "more to this than just another random pump," pointing to ETF inflows, a weaker dollar, and the squeeze alongside Trump's comments. He is not, however, ready to declare the bear market over. "The big question now is whether Bitcoin can hold these levels once the hype settles down," he remarked. "For now, I am cautiously bullish, but I would not rule out a bull trap just yet."
This article has been published in decrypt.co via Yahoo News.
Bitcoin's Next Test Is $80,000 as Jackson Hole Meeting Looms
Kevin Warsh gives his first Jackson Hole keynote as Fed chair on Friday, with futures now pricing a September rate hike at 36%.
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