Bitcoin, ends inflation fears and reclaims bull market dominance...eyes $88,000

▲ Bitcoin (BTC) Bull Market

Bitcoin (BTC) has broken through market pessimism, with bulls reclaiming dominance and initiating a full-fledged rally towards a new target price of $88,000.

According to Cointelegraph, a virtual asset media outlet, on April 11 (local time), the bias in the Bitcoin market has finally shifted towards the bullish side, fueling expectations among traders for a breakthrough to $88,000. Technical analysts have assessed that Bitcoin has successfully escaped a long-term sideways consolidation phase and entered a buyer-dominated market. In particular, with the price support line firmly established in the early $70,000 range, the possibility of an upward breakout is gaining more traction than downward pressure.

Market analysts note that key on-chain indicators, such as Market Value to Realized Value (MVRV), still show room for further upside. With considerable space remaining before entering an overbought zone, which would raise concerns about overheating, the price targets set by bulls are considered realistic. Anonymous analysts predict that if Bitcoin maintains its current technical pattern, it will draw a parabolic upward curve, reaching the $88,000 mark in a short period.

Liquidity supply, coupled with institutional investors' buying spree in Bitcoin spot ETFs, acts as a crucial factor in ensuring the downward rigidity of virtual asset prices. Continuous capital inflows through Bitcoin spot ETFs are absorbing market selling pressure and shifting price determination power from exchanges to long-term holders. Whenever macroeconomic uncertainties are resolved, Bitcoin is the first among risk assets to rebound, demonstrating its leadership in the market.

Bitcoin's upward momentum is also positively influencing major virtual asset markets like Ethereum (ETH) and Solana (SOL), pushing up the overall market capitalization. Among investors, there are signs of increasing holdings before the supply shock, coinciding with the Bitcoin halving, fully materializes. While the Fear & Greed Index has entered the greed phase, the prevailing assessment is that this rally is based on solid fundamentals rather than speculative frenzy, especially when compared to past bull markets.

Bitcoin is currently moving towards the psychological resistance level of $88,000, strengthening the market's bullish bias. As liquidation volumes from sellers are expected to further increase upward volatility, investors are closely monitoring support levels at key price points. The success of settling above $80,000 is expected to be a significant milestone that will define the nature of the large-scale rally to unfold in the future.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*