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Wednesday, December 1, 2021

Bitcoin Price Target Set At $80K

Major Bitcoin bulls are still looking for a major breakout, but currently, the bears have been applying pressure to keep it below $61k. According to data received from TradingView and Cointelegraph Markets Pro, there was a morning breakout by the market bulls to put up a run above the price of $62,000 which was then met with an equally strong defensive line from the bears- which saw them rejecting the attempt handily.

This has led to quite a few traders and analysts in the cryptocurrency sphere talking about the major price action of BTC, and their expectations from it in the shorter term. 

“Bitcoin Is Still On The Path To $90,000”

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The sideways price action of Bitcoin has led quite a few traders to get bored with the whole activity. But this has led to Rekt Capital, an independent market analyst, recently posting data that highlighted the fact that the cryptocurrency had gone through a major level of resistance into support. Rekt Capital stated that although BTC had been moving in a pretty haphazard manner for the last couple of weeks, it had successfully retested its major area of a previous resistance as its new support. 

Michael van De Poppe, a major contributor to Cointelegraph, has mentioned that Bitcoin is still on its way to reaching a price of $90k. GalaxyBTC, another analyst on Twitter, brought out a far more simple and straightforward price projection, as they expected the cryptocurrency to break out at a target of $80,000. According to the CEO of CryptoQuant Ki-Young Ju, whale wallet activity will still be having a major impact on the price of BTC. 

As mentioned above, the majority of the exchange deposits of Bitcoin are now being conducted and processed through whale wallets, but several exchange reserves have started decreasing- which is simply a bullish sign for the cryptocurrency due to the supply available getting reduced.

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