Bitcoin Price Forecast: BTC traders eye $80k breakout as US Fed says ‘No Recession’

Within 48 hours on Powell’s statement, there has been increased bullish activity among BTC LONG traders. As indicated in the chart above, Bitcoin funding rate surged 100% from 0.03% on March 29, to 0.06% at the time of writing on March 31.

An increase in positive funding rate essentially means that LONG traders are now paying higher fees to SHORT position holders to keep their contracts open.

This occurs when LONG traders are confident of an imminent price surge, which could see them book outsized profits, as evidenced by their preference to take on more leverage.

BTC Price Forecast: All Eyes on $80,000 target

At the time of writing, BTC has maintained an average price of $70,200 over the last 72-hours. This means that the bullish speculative traders raising funding rates now have their sights set on a potential Bitcoin price breakout towards $75,000 following Fed Chair Jerome Powell’ confident statement cooling fears of a 2024 recession.

To validate this optimistic Bitcoin price forecast, bull must establish a steady support base above the previous peak of $73,900.