As the first month of the second quarter of 2026 comes to an end, the global cryptocurrency market cap has risen from $2.45 trillion to over $2.7 trillion. Following similar patterns, Bitcoin also broke past the $70,000 resistance level, changing hands to $76,893.57 at the time of writing.
Seeing this, CoinGecko turned to X and highlighted that BTC will soon reach almost $80,000. This is because during the early hours of April 27, the major cryptocurrency was trading at $79,189.79.
Confirming the sentiment, a well-known investor, Ted Pillows, said noted,
Coinbase Bitcoin Premium is still positive, meaning spot demand has not disappeared.
Institutional demand for Bitcoin is rising
For perspective, the Coinbase Premium is an index that measures the price difference of Bitcoin on Coinbase and Binance.
Since the index was at 0.02 at the time of writing, this strongly suggested that the institutions and the whales were buying Bitcoin, pushing the price of BTC further up.
Ted believes that if the buying momentum continues, Bitcoin [BTC] will reach $84,000 in a few days. However, if the $80,000 level is not recovered, sellers should target the $75,000-$76,000 level as the next price level.
This was further confirmed by Santiment’s Bitcoin Supply Distribution chart, which highlighted that the most notable move was made by the $10,000-$100,000 BTC line. The remaining lines moved largely sideways, indicating a period of accumulation.
Another well-known analyst, Ali Martinezrepeated a very similar analysis when he said:
For the ascending channel to remain valid, buyers must defend $77,000.
Martinez added,
If this bottom holds, it could serve as a strategic rebound zone to send BTC back into the mid-range of the channel near $81,500, with a secondary target at the channel top around $84,500.
On-chain resonates with the analysts, but…
Bitcoin’s Spend Output Profit Ratio (SOPR) indicator, which was otherwise close to 1.0, indicated that the market was at a breakeven point. This means the market is testing whether the $77,000 price level is the new normal or just a peak before a correction.
However, CryptoQuant’s Bitcoin Bull-Bear Market Cycle indicator, which is in the bull zone, suggested that buyers are not yet that strong.
This could also be due to a recent discrepancy between BTC price action and the ETF behavior that the April rally exposed, as reported by AMBCrypto.
But now that the Crypto Fear and Greed Index has finally risen from the ‘Fear’ and ‘Extreme Fear’ levels to the ‘Neutral’ zone, things may turn bullish in the short term.
Final summary
- Bitcoin price rising above $70,000 lays the foundation for an upcoming bull run to $84,000.
- On-chain metrics are also supportive, but Bitcoin’s April rally still raises eyebrows.