Bitcoin Stalls at $79,500 as Analysts Weigh Chances of Reaching $80,000
Bitcoin's price has been skyrocketing in recent days, gaining over 20% in just five days. This rapid growth is an astonishing 140 times faster than the average annual return of the S&P 500 stock market since 1928.
The current price of BTC is hovering around $79,500, mere inches from its previous all-time high of $80,000. Analysts are divided on whether the cryptocurrency will reach this target over the weekend.
According to Jamie Coutts, a chartered market technician at Helios Analytics, there is a 'wall of overhead supply' at the low $80k range that Bitcoin needs to work through.
Coutts also analyzed 14 comparable moves and found that in most cases, the price of BTC either remained higher or dipped slightly after the initial surge. However, he notes that this sample size is thin and not conclusive.
On the other hand, Ki Young Ju, founder and CEO of CryptoQuant, is more optimistic, stating that 'rallies like this in bear markets usually signal the bottom is in.' He also points out that net new demand for Bitcoin has reached a 2026 high of 25,000 BTC.