Bitcoin Price Forecast: Another $5K Jump and We Are In Bull Market, Says Analyst

Today’s Bitcoin price forecast shows BTC trading at $78,100, up 0.51% today, and one analyst’s call is circulating with a simple thesis: a $5,000 move from here confirms a fresh bull leg. The order flow underneath is messier, and a number further down this piece changes how to read that $5,000 target.

The setup follows a stretch of range-bound trading between roughly $76,000 and $79,000, with CoinMarketCap’s latest read placing Fibonacci support at $77,559 and resistance at $78,956 against a backdrop of macro uncertainty ahead of upcoming U.S. policy decisions.

Wintermute told Yahoo Finance that under-allocated investors are still buying dips, framing $75,000 and $82,000 as the levels that matter into the mid-September Federal Reserve meeting. Reuters’ technicals desk pegs resistance near $82,793, with support layered at $71,781 and $75,674, a wide enough band that either a breakout or breakdown remains live.

That tension between a bullish reclaim scenario and a support test is exactly why the $5,000 framing matters. The next section breaks down what actually needs to happen, and where the trade shifts if it doesn’t.

… Continue reading the full article at the original source below.