Bitcoin Breaks Above $80K, Eyes New Upside Targets Amid Strong ETF Demand
Bitcoin has broken above $80,000 for the second time this month, and analysts are taking notice. The cryptocurrency's sharp recovery from the mid-$60,000s in August has taken it to a three-month high of over $81,000.
The move has been fueled by renewed spot demand and stronger exchange-traded fund (ETF) flows, with U.S.-listed spot Bitcoin ETFs recording approximately $1.92 billion in net inflows over the latest reported week. This is their strongest weekly inflow in about 10 months.
While some analysts are cautioning that the current move may still be driven primarily by short-term market participation rather than a definitive shift toward long-term accumulation, others see this as a sign of a new wave of growth for Bitcoin. According to TradingView contributor HeadsUp2021, Bitcoin has completed an initial five-wave advance and is now undergoing a Wave 2 consolidation.
As long as BTC stays above $78,412, the analyst identifies $84,000 and potentially $87,000 as the next areas of interest during Wave 3. However, some technical indicators are showing that Bitcoin has become increasingly stretched in the short term, with the Relative Strength Index (RSI) at 83, well above the conventional 70 threshold for overbought conditions.