Bitcoin's BTC/USD run to above $70,000 has traders bullish about price predictions of $80,000 and more finally becoming a reality.
What Happened: Popular crypto analyst Jelle shared his Bitcoin insights in a series of tweets, stating that Bitcoin is mirroring its 2017 bull market pattern and is poised for significant growth. Bitcoin has broken through all resistance levels except for its all-time highs.
Jelle writes, "And just like in 2017, the trains are starting to leave the station after ±100 days of chop. Right on queue. It’s time for expansion. Higher.”
He further elaborated that Bitcoin has been consolidating below $72,000 for 100 days, building pressure for a breakout. He predicts that once Bitcoin surpasses this level, it will likely reach around $86,000. "Looks ready for another push. Let's see," he added.
Also Read: Top Crypto Analyst Shuffles Altcoin Portfolio Before Ethereum ETF: Here’s What He Rotated Into
Why It Matters: Jelle’s analysis is significant as it comes at a time when Bitcoin is closely watched by investors and traders to break out of its range and set a new all-time high.
IntoTheBlock data noted a 3.7% increase in daily active addresses, while exchange netflows increased by 209.1%. Currently, 98% of Bitcoin holders are in profit.
Coinglass data shows Bitcoin long liquidations at multi-week lows, while open interest is at its highest since April 1.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin Spot ETFs Can’t Get Enough With Historic 18-Day Buying Spree: Is This A New Gold Rush?
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