BTC Reaches Fresh 10-Week Peak as Analyst Forecasts $88K Within Weeks
Bitcoin surged past $77,000 as geopolitical concerns eased and the S&P 500 achieved consecutive record-breaking closing sessions.
Bitcoin (BTC) established new highs for February on Friday, with market participants turning their attention to the approaching weekly close and predictions of an extended rally toward $88,000.
Key points:
- Bitcoin achieves its strongest price levels in a ten-week period as markets move past geopolitical concerns.
- BTC's current price momentum could drive a return to $88,000 within a two to four week timeframe, according to one trader's analysis.
- $72,800 emerges as the critical level to monitor for the upcoming weekly candle close.
Bitcoin price local peak brings hope of $88,000
Information from TradingView verified new ten-week price peaks of $77,027 on the Bitstamp exchange.
The BTC price movement sought to leverage recent gains across risky assets, as concerns over geopolitical tensions and questions surrounding global oil supply chains became increasingly factored into market pricing. A ceasefire agreement between Israel and Lebanon seemed to provide additional support to market sentiment.
During Thursday's trading session, the S&P 500 reached 7,050 points for the first occasion in its history, recording its highest-ever closing price and marking its second record peak within the same week.
Providing analysis, cryptocurrency trader Michaël van de Poppe suggested that Bitcoin should experience additional gains in the near term due to diminished macro volatility, particularly within the VIX volatility index.
"As long as the VIX continues to fall, and we're in a new equilibrium, where oil volatility goes down, Gold volatility significantly drops," he wrote in a post on X.
"What will you start to see? More inflows in the $BTC ETF as allocators can allocate more towards Bitcoin."
Van de Poppe's comments referenced the US spot Bitcoin exchange-traded funds (ETFs), which have recorded $330 million in net inflows for the week-to-date period, according to data provided by UK-based investment firm Farside Investors.
"That would also benefit altcoins and $ETH, as they'll follow the path of Bitcoin," he added.
"In that case, I see a strong case for Bitcoin continuing the rally to $85-88K in coming 2-4 weeks."
Meanwhile, trader and analyst Rekt Capital identified $72,800 as the "pivotal" price threshold that needs to be reclaimed during the forthcoming weekly candle close for the BTC/USD pair.
"If Bitcoin wants to Weekly Close above the Weekly resistance ($72,810, blue), then price would need to hold the blue level as support on any upcoming dip," he explained alongside a chart showing key price points.
"The last time Bitcoin rejected from the black resistance in mid-March, price also lost the blue level as support. Which is why a Daily Close below the blue level after any upcoming dip could see price drop back into the blue-blue Weekly Range."
Trader warns of volume-led BTC price downside
Alternative bearish viewpoints included those expressed by trader Roman, who continued to anticipate lower price levels in the coming period.
Decreasing trading volume accompanying the price highs, he cautioned, represented a clear indicator of weakening momentum.
"We're in a macro downtrend which when we see high volume continues downward. Low volume implies consolidation/correction to continue the overall trend," he explained on X.
"The next high volume move likely takes us lower."
As previously covered by Cointelegraph, price levels below $50,000 continue to be a widely anticipated target for Bitcoin's upcoming macro bottom.