In March, the first cryptocurrency may return to the $80,000 mark, according to analyst Yashu Gola from Cointelegraph. He identified technical factors indicating further movement of the asset.
Breakout of the Symmetrical Triangle
On March 4, Bitcoin prices exceeded $71,000. The price broke through the upper line of the "bearish pennant," accompanied by high trading volumes.
The symmetrical triangle formed within the range of $63,000 to $72,000. The technical completion of this pattern suggests a target around $80,000, coinciding with the 100-day moving average (EMA).
Source: Cointelegraph/TradingView.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) may occur.
Source: Cointelegraph/TradingView.Unclosed Gap on CME
The $80,000 target aligns with an unclosed gap on the CME futures exchange. This gap appeared in early February in the range of $79,660 to $81,210 due to a trading halt over the weekend.
Source: Cointelegraph/TradingView.Statistics show that prices have closed nine out of the last ten "windows." Traders view this area on the chart as a primary target for price movement, concluded Gola.
Bets on Polymarket
Users of the prediction platform Polymarket have shifted their sentiment to bullish. The probability of reaching $80,000 in March increased from 20% to 39% in just one day.
Source: Polymarket.The chances of Bitcoin rising to $75,000 jumped from 40% to 67%. At the same time, traders reduced their bets on the asset falling to $65,000 and $60,000.
Recall that on March 3, Bitwise's Chief Investment Officer Matt Hougan noted that U.S. strikes on Iranian territory have turned cryptocurrencies into the "main global trading platform."