Bitcoin Price Breakout Predicted to Reach $80K Amid Rising Open Interest

A compression zone in Bitcoin's price chart has analysts predicting an imminent breakout, potentially reaching $80,000. According to CoinDesk, Bitcoin has held the $71,500 mark four times this week, with open interest climbing to $16.5 billion and funding rates turning positive.

The setup resembles the inverse head and shoulders pattern that preceded a 14% rally in late February, as observed by CryptoQuant. This suggests that a breakout could be on the horizon, with analysts Mikybull and Bernstein sharing their targets.