Bitcoin Traders Set Sights on AU$123,840 (US$80,000+) as Post-Halving Optimism Grows

Following the recent Bitcoin halving event, analysts are now predicting a surge in Bitcoin's value, potentially testing the AU$123,840 (US$80,000) zone. This comes after Bitcoin achieved its highest daily close in more than ten days on April 21, breaking past the AU$100,445 (US$65,000) threshold. From a low of AU$99,538 (US$64,346) on that day, Bitcoin's price climbed by 3.5% to reach an intraday high of AU$102,960 (US$66,527) on April 22.

Currently, Bitcoin is valued at around AU$103,000 (US$66,560), showing a 1.7% increase over the last 24 hours, and a 5% rise since the halving, which reduced miner rewards from 6.25 BTC to 3.125 BTC per block. This has sparked discussions among traders about the potential for continued upward momentum.

Exploring the Drivers of Bitcoin's Potential Climb

Data from Coinglass indicates a renewed interest in long positions as Bitcoin's open interest funding rate turned positive on April 22, now sitting at 0.0079%. This shift in market sentiment is often a precursor to significant price movements.

Bitcoin's open interest had dipped to its lowest in six months, mirroring conditions seen in October 2023 when Bitcoin began a notable ascent, surging 146% since then. If history repeats, Bitcoin could spearhead a sustained market rally.

Technical Analysis and Market Support

Last week, Bitcoin encountered resistance at each Wall Street open but has since found robust support above AU$92,856 (US$60,000). Skew, an independent trader, highlighted the AU$100,445 to AU$102,060 (US$65,000 to US$66,000) range as crucial for maintaining the current bullish trend.

Further reinforcing this support level is data from IntoTheBlock, which indicates significant buying activity between AU$99,538 and AU$102,515 (US$64,380 and US$66,338), suggesting a strong foundation for Bitcoin's price.

The Road Ahead: Re-accumulation and Breakout Potential

Bitcoin may enter a re-accumulation phase, oscillating between AU$92,856 and AU$108,214 (US$60,000 and US$70,000) before potentially launching into a post-halving price surge.

As the market adjusts to the halving's reduced supply impact, the focus is on the AU$123,840 to AU$131,452 (US$80,000 to AU$85,000) price range. A successful breakout above the bull flag pattern, especially if it closes above the AU$104,302 (US$67,500) resistance, could pave the way for reaching new highs, possibly touching AU$114,038 (US$73,835) and beyond to AU$123,840 (US$80,000).

This bullish scenario is supported by a combination of technical setups and growing investor optimism, setting the stage for what could be another landmark year in Bitcoin's history.

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