Bitcoin Price Analysis: Trader Targets Profit at $80.000

A popular crypto trader shares his Bitcoin strategy on X. With an average purchase price of $63.400. he is currently sitting on a nice profit as the Bitcoin price trades around $66.600. a rise of 4.2% in the past 24 hours. His plan is clear: take profit just below the $80.000 resistance, wait for a summer dip, and then buy back in with significant size towards a new all-time high.

Bitcoin is available at OKX and Bybit.

Profit target just below $80.000

Trader @cryptokans indicates that his average purchase price is around $63.400, He admits he would have preferred it a bit lower but considers it a solid position. Based on the chart, it can be seen that $80.600 forms a strong resistance zone, and that is exactly where he wants to secure his profit. That would amount to a swing trade of about 26% with considerable size.

That resistance around $80.000 is also visible in the Bitcoin price action over the past months. After a peak in late April, the price fell back towards $60.000. after which a recovery set in. The current price of $66.591 is therefore in the recovery trajectory, but still needs to climb a fair amount before the profit target comes into view.

Summer dip as a new buying opportunity

After taking profit, the trader hopes for a pullback towards the $60.000 zone during the summer. That level acts as the bottom of the current trading range and, according to him, offers an attractive entry point to step in again with size. His ultimate goal is to hold that position until beyond a new all-time high for Bitcoin.

Whether that summer dip actually materialises is, of course, uncertain. The trader himself states that he is not sure about it, but he is closely monitoring the scenario. Earlier this week, Michaël van de Poppe indicated that the Bitcoin price may be approaching a bottom, which reinforces the trader’s scenario. Also, the price previously encountered a bottom around $61.500 and bounced back, indicating that buyers are active in that area.