Bitcoin Price Prediction: Bitcoin To Rally Through $75k Today

Bitcoin is in a minor correction after a rally to $72,680 on April 8. As of 08:19 UTC, Bitcoin was down by 1.81% to trade at $70,000. 

Bitcoin Retests Key Price Level 

In the last couple of hours, Bitcoin has corrected to $69,850. Bitcoin is retesting the bullish pennant that it broke through on April 8th when it hit highs of $72,000. However, many analysts think it can continue to climb and reach $80,000 within the week if its support at $69,700 holds. 

That’s because cryptocurrency often follows this pattern: breakout, consolidation, and retest. Investors are hopeful that Bitcoin will follow this pattern now that it has retested and bounced off a previous resistance level, which is now Support. Doing so is crucial for Bitcoin’s upward momentum as block-halving hype strengthens. 

Bitcoin Supply On Exchanges Is Shrinking 

Multiple factors support a continuation of the bullish momentum, the key among them being the declining supply of Bitcoin available for trading.

🚨BREAKING 🚨

THERE IS NOW ONLY 1.74M BITCOIN
LEFT ON EXCHANGES.

THIS MEANS MASSIVE SUPPLY
SHOCK IS INCOMING 🔥 pic.twitter.com/2plfQK7EwO

— Ash Crypto (@Ashcryptoreal) April 9, 2024

Right now, there’s only 1.74 million Bitcoin left on exchanges. This scarcity effect could drive up demand as investors look to protect their portfolios against inflation and economic uncertainty.

Bitcoin Halving Is Just 10-days Away 

Moreover, Bitcoin halving is only ten days away. With each halving event in the past, Bitcoin has experienced an exponential price surge due to supply and demand dynamics. This is usually driven by the hype that comes with the Bitcoin block halving. The hype build-up is already evident in the amount of Bitcoin on exchanges getting smaller. This indicates that few people are willing to sell their Bitcoin before halving.

The hype around the halving is not just about the history or mere speculation. Data from Crypto Quant CEO Ki Young Ju suggests that once the mid-April Bitcoin halving occurs, the cost of mining using Antminer S19 XPs will rise from $40,000 to $80,000. This sharp increase in mining expenses adds to the supply squeeze that Bitcoin is facing. As production costs rise, Bitcoin’s scarcity should grow more intense. This could drive up prices even further in the upcoming weeks. 

Institutional Demand Remains Strong

Institutional demand for Bitcoin has been going up, too. As funds and treasuries recognize Bitcoin’s potential, they are adopting it more boldly into their portfolios. This is evident in the continued positive inflows into Bitcoin ETFs, with most buying above $60k. It shows that even institutions expect to rally significantly from current prices after the halving.
Bitcoin is currently retesting its most recent resistance, which is now a critical support level. It is a pattern that usually happens after the price breaks out. With the demand for Bitcoin high and the supply getting smaller by the day, yesterday’s bullish momentum will likely continue. 

Bitcoin Retests Key Support Level, A Signal To Bullish Continuation

Bitcoin is currently in a slight correction and has retested the $69,761 support level in the last few hours. This retest of previous resistance, now support, usually happens after price breakouts as the market tries to find direction. 

If Bitcoin bulls are strong enough and the $69,761 support holds, then BTC could continue yesterday’s rally. In such a scenario, Bitcoin could soon be headed to prices above $75k. 

However, if bulls lose momentum, two scenarios could play out today. The first one is rangebound trading between $71k and $69,761. This would likely continue until the market gets new impetus. 

In the second scenario, Bitcoin bears take control and breach the $69761 support. In such a case, the $67,640 support could come into focus. 

Bitcoin Price Prediction – The Case For $75k Today 

While any of the above scenarios play out today, the odds are higher that Bitcoin could be headed to $75k or more today. This is supported by the fact that demand for Bitcoin remains strong even as supply on exchanges continues to shrink. With the halving around the corner and excitement around it growing, the odds are high that the $69,761 support will hold and that $75k could be in focus today, continuing yesterday’s rally.