Bitcoin Consolidation Is "Normal"
Analysts set $ 80K BTC price target

The Bitcoin (BTC) bulls are still hoping for a bigger breakout, but for now the bears are putting pressure on and holding the digital asset below $ 61,000.
Data from Cointelegraph Markets Pro and TradingView show that an early morning bull breakout above $ 62,000 was answered by the bears with a strong line of defense that easily dismissed the attempt.
"Bitcoin is still on its way to $ 90,000" While some traders may be bored with the sideways movement of Bitcoin, the independent market analyst "Rekt Capital" recently released the following chart highlighting the fact that BTC has turned an important level of resistance into support.
Rekt Capital said "Although BTC has been moving sideways for weeks now, it has successfully tested an important area of previous resistance (red) as new support (green)." Analyst and Cointelegraph employee Michaël Van De Poppe posted the following chart, which shows one possible path that BTC could take through to the end of 2021, should it hold support and continue to rise.
van de Poppe said "Bitcoin is still on the way to $ 90,000." An easy goal at $ 80,000 A simpler and more direct price prediction was provided by Twitter user "GalaxyBTC", who expects an outbreak target of $ 80,000.
The analyst said "I'm trying to keep things as simple as possible. $ 60,000 is the new $ 40,000. $ 80,000 is next."
Whale wallets dominate market deposits According to Ki Young Ju, CEO of CryptoQuant, whale wallet activity still has a significant impact on Bitcoin price.
As highlighted above, the majority of Bitcoin exchange deposits are made by whale wallets, but exchange reserves continue to decline, which is a positive sign for BTC as the reduced supply available to buy leads to price increases when the Demand increases.
The total market capitalization of cryptocurrencies is now $ 2.712 trillion and the dominance rate of Bitcoin is 42.6%.
