Bitcoin price surge to $80,000 delayed by declining demand

Bitcoin's (CRYPTO:BTC) anticipated surge to $80,000 has faced delays due to current macroeconomic trends impacting demand.

Although Bitcoin’s price has been poised for a breakout, recent developments have postponed this potential rally.

The cryptocurrency's price has struggled to surpass $60,000 since early August, hindering the recovery from the previous month’s decline.

The price movement is forming a broadening descending wedge pattern, which typically signals that a significant breakout could be on the horizon.

However, the expected rise to $80,000 is delayed as the demand for Bitcoin shows a significant drop.

Data from CryptoQuant reveals a sharp decrease in the holdings of large Bitcoin investors, or whales.

The percentage change in whale holdings has plummeted from 6% in February to just 1% recently.

This decline in whale investment suggests a reduced demand, which often impacts the overall price movement negatively.

Despite this, long-term holders, who accumulate Bitcoin without selling, continue to increase their holdings.

The total balance of these permanent holders has risen by 391,000 BTC monthly, a trend that began as prices declined towards the end of May.

This consistent accumulation by dedicated holders may provide some support against a further price drop but does not necessarily accelerate the expected rise.

Currently, Bitcoin's price is consolidating around $59,280, with expectations of continued sideways movement under $60,000.

The trend since March indicates that Bitcoin may fluctuate within a set range before experiencing a significant price change.

A rise to $65,000 is possible but might take time.

If Bitcoin can breach this level, it could then potentially surpass $71,500 and move toward its all-time high of $73,800.

Until then, a rally to $80,000 seems unlikely in the short term.

At press time, Bitcoin was priced at $60,805.42.