Bitcoin (BTC) markets are surging into the weekend

Crypto markets are surging into the weekend, sparking speculation on whether Bitcoin's break above $84,000 could fuel further upside.

Crypto market cap rose 1.48% in the past 24 hours and prices moved upwards.

Bitcoin (BTC) prices moved above $84,000 again on Saturday, sparking speculation on whether the cryptocurrency could continue its rally in the coming days.

Bitcoin prices tested the $84,000 level multiple times this week, finally closing above it on Saturday. This move could be significant as it could open the door for further upside in the short term.

Crypto chart analyst Ali Martinez expressed optimism, suggesting that if the $84,000 support holds over the weekend, Bitcoin could push to $90,000.

Trader Jelle shared a similar view, highlighting that BTC reclaimed $84,000 after a week of testing. Holding this level over the weekend could set up a move toward $90,000.

There we go, after a week of pushing into $84,000 – we're now back above it.

Want to see the area hold over the weekend – so we can charge towards $90,000 next.

Reclaim that level too – and the PO3 comes into play.

Could get interesting. #Bitcoin pic.twitter.com/jvke9MXZDI

— Jelle (@nelle_coin) August 5, 2023

Crypto trader CRG explained that U.S. indices are breaking out on low timeframes – a strong close today could fuel a bullish weekend for crypto if momentum holds.

Javon Marks believes this is not Bitcoin's most bullish phase yet. He highlighted that historical trends and price structure suggest the most explosive bull phase is still ahead.

This is NOT the most bullish PHASES of #Bitcoin yet.

We're still early and the most explosive phases of this bull market are yet to come

Here's a breakdown of what to expect in the next few months based on historical trends and price structures.

Let's break it down 🧵👇https://t.co/eJ8Y4517a3 pic.twitter.7e77lheatl

— Javon Marks (@jvn_mk) August 5, 2023

Bloomberg senior ETF Analyst Eric Balchunas stated that Bitcoin ETF inflows have dipped to $35 billion from a peak of $40 billion, but with $115 billion in assets under management, over 95% of investor cash has held strong despite a 25% price drop.

Nice @JSeyff chart of Bitcoin ETF inflows which are down to $35b (from peak of $40b). Based on $115b of aum that means more than 95% of inv cash has held strong despite painful 25% decline = the Boomers are showing y'all how it's done.. *ducks* pic.twitter.com/8OtH6NM33g

— Eric Balchunas (@Balchunas) August 5, 2023

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