Bitcoin Is Back Below $70K: Is $80K Still in Play?

Bitcoin erases price gains recorded at the start of the week.

Boy doesn't know why the Bitcoin price is very linear.
Created by Kornelija Poderskytė from DailyCoin
  • Bitcoin has wiped out price gains from Monday, April 8.
  • 10x Research founder Markus Thielen explains what might be behind the drop.
  • Thielen and other analysts have weighed in on Bitcoin’s short-term direction.

Bitcoin, the largest crypto asset by market capitalization, is back in the red again. 

Over the weekend, the asset launched an impressive rally that saw it trade near recent all-time highs above $70,000 at the start of the week. The price move had sparked significant optimism, with several analysts predicting a near run to $80,000.

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However, with Bitcoin back below $70,000 in the past 24 hours, is this run to $80,000 still possible in the short term?

Bitcoin Erases Monday Gains

Over the past 24 hours, Bitcoin has plummeted about 6% from highs of over $72,700 to lows of around $68,200, effectively wiping out gains recorded on Monday, April 8. While the asset appears to be paring some of its recent losses to trade at around $69,200 at the time of writing, it remains below the psychological $70,000 level.

BTC/USD daily candle chart.
BTC/USD daily candle chart. Source: TradingView

Speaking with DailyCoin about the recent dip, 10x Research founder Markus Thielen suggested that Bitcoin’s recent price correction was a market reaction to “dried up” inflows to the newly approved spot Bitcoin ETFs. Thielen is among analysts who predicted a Bitcoin run to $80,000 in the short term.

"BTC went down because people realize that ETF flows have dried up. Precisely as we predicted three weeks ago," Thielen told DailyCoin over LinkedIn.

As highlighted on Monday, April 8, in CoinShares’ crypto fund flows report, inflows to spot Bitcoin ETFs have significantly slowed in recent weeks and fallen below peaks achieved in March 2024. CoinShares Head of Research James Butterfill ascribed the slowing inflows to “moderating” investor interest.

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Meanwhile, outflows from Grayscale’s GBTC continue at a significant pace. Per BitMEX Research, GBTC experienced $303 million and $155 million in outflows on Monday, April 8, and Tuesday, April 9, respectively.

Despite the slowing interest in spot ETFs, Thielen’s view that Bitcoin will surge to $80,000 has not changed, and he is not alone.

Bitcoin to $80K Still in Play?

Speaking with DailyCoin, Thielen asserted drying spot Bitcoin ETF inflows were “not a big deal.” Referencing a recent report to clients, Thielen noted that 10x Research believed that the real metric to watch was stablecoin inflows. These strong inflows and Bitcoin’s break of a symmetrical triangle chart pattern are the reasons behind the analyst’s bias.

Similarly, prominent technical analyst Ali Martinez, who also predicted that Bitcoin is likely to break above $80,000 in the near term, has asserted that “the odds favor the bulls.” 

Martinez expressed this view by sharing IntoTheBlock data showing that Bitcoin had significant support between $68,200 and $70,325 as 1.4 million addresses purchased 893,000 BTC in this range. On the other hand, he noted that the resistance between $70,760 and $71,200 was only supported by 474,000 addresses holding 285,000 BTC.

Read this for more on Bitcoin:
Bitcoin Halving Looms 10 Days Away as BTC Reclaims $70K Mark

Learn more about Binance’s increasingly compliant trajectory:
Binance Hunts for Global HQ in Symbolic Operational Shift

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.