Bitcoin may return to the $80,000 mark in March, according to Cointelegraph analyst Yashu Gola. He identified technical factors indicating further movement of the asset.
Breakout of the Symmetrical Triangle
On March 4, Bitcoin’s price surpassed $71,000. The price broke through the upper line of a “bearish pennant”. The breakout was accompanied by high trading volumes.
The symmetrical triangle formed in the range of $63,000 to $72,000. The technical pattern suggests a target around $80,000, where the 100-day moving average (EMA) also lies.
The nearest resistance for Bitcoin is the 50-day EMA at $74,400. If buyers fail to hold this level, a correction to $68,700 (20-day EMA) is possible.
Unclosed Gap on CME
The $80,000 target coincides with an unclosed gap on the CME futures exchange. The gap on the chart appeared in early February in the range of $79,660-$81,210 due to a weekend trading halt.
Statistics show that nine out of the last ten “windows” have been closed. Traders view this area on the chart as the main target for price movement, Gola concluded.
Bets on Polymarket
Users of the prediction platform Polymarket have shifted to a bullish sentiment. The probability of reaching $80,000 in March increased from 20% to 39% within a day.
The odds of Bitcoin rising to $75,000 jumped from 40% to 67%. Simultaneously, traders reduced bets on the asset falling to $65,000 and $60,000.
Earlier, on March 3, Bitwise’s Chief Investment Officer Matt Hougan noted that U.S. strikes on Iranian territory have turned cryptocurrencies into the “world’s main trading platform.”