Bitcoin Bulls Eye $83K as CLARITY Act Vote Looms

Bitcoin is holding firm above $80,000, prompting renewed bullish calls from crypto commentators. According to an expert, this bounce is more than a short-term relief rally and points to further upside rather than a retest of the $58,000 lows some traders had feared.

The setup for Bitcoin's continued growth includes several key events: the CLARITY Act vote on September 15, which could open up the $10 trillion 401k market to crypto exposure. Additionally, an estimated $176.8 trillion currently sits with Registered Investment Advisors who cannot yet access spot crypto, and the SEC has filed to change that. Coinbase has also introduced Bitcoin-backed mortgages, allowing buyers to access home financing without selling their holdings.

The Treasury's ongoing bond buybacks are seen as capping yields and softening the dollar, which is contributing to renewed risk appetite in software and tech markets. Strong earnings from Nvidia and Salesforce have added to this sentiment.

The expert has set a short-term target of $83,000 to $84,000 for Bitcoin in the coming days and expects continued upward pressure leading up to the CLARITY Act vote. However, they acknowledge that the vote itself could still trigger a sell-the-news reaction.