Here is the Most Significant Barrier for Bitcoin Before $80K Target

Renowned market analysts have commented on the current Bitcoin market trend, projecting new highs at $80K soon after surmounting a significant hurdle.

In the last 24 hours, Bitcoin has re-entered the $70K range, but the asset has been unable to sustain the momentum that got it to this point. In particular, it has ranged between $69,300 and $71,700.

Prominent market watcher Ali Martinez recently explained why Bitcoin has been consolidating around the $70K range. In a recent post on X, Martinez disclosed that Bitcoin struggles to surmount a crucial resistance barrier within the range.

Most Significant Barrier for Bitcoin

Specifically, the analyst highlighted that Bitcoin’s most significant resistance barrier lies between $70,180 and $70,600. According to the analyst, the resistance wall is strengthened by 292,000 wallets holding 397,000 Bitcoin at that point.

The most significant resistance barrier ahead of #Bitcoin is between $70,180 and $70,600, where 292,000 addresses 397,000 $BTC.

If #BTC can break past this barrier, it will likely march toward new all-time highs. pic.twitter.com/f9gdq4h1Gy

— Ali (@ali_charts) March 27, 2024

For context, resistance levels represent price points wherein selling pressure is strong enough to prevent the price from rising further. These levels typically reflect areas where traders believe BTC is overvalued and are thus willing to sell, creating a supply pressure that prevents the price from moving higher.

In this case, the 292K addresses expended approximately $28 billion to enter the BTC market at around the $70K range, per data from market intelligence platform IntoTheBlock. The data indicates that these investors represent the largest pool of BTC investors holding the asset at a loss.

$80K Target After Breakout

Meanwhile, Martinez pointed out that if Bitcoin successfully overcomes this significant barrier, it sets the stage for higher highs, as other resistant points are less formidable.

While Martinez refrained from suggesting how high BTC could go, analyst Michaël van de Poppe has suggested $80K. Michaël issued the $80K target while also examining Bitcoin’s current consolidation.

The analyst underscored that BTC’s pre-halving bull run may be nearing its peak. Yet, he suggested the likelihood of the asset entering the $75,000 to $80,000 threshold within the next three weeks before Bitcoin halves.

Furthermore, Michaël noted that after this pre-halving bull run, the market can expect another severe price correction. Meanwhile, the analyst asserted that the altcoin market could take over during BTC’s correction and consolidation phase.

At press time, Bitcoin trades at $70,180, with a 9% gain over the past week.