Bitcoin to the moon? BTC price prediction targets $80,000

---

---

As Bitcoin (BTC) price exploded by more than 22% since Monday, fueling the addition of over  $450 billion to the cryptocurrency market as of August 21, on-chain data has revealed the next key targets to consider in the short-term.

Bitcoin price rose by over 22% since the beginning of this week, to reach a local high of $79,500 on Friday. As such, the total crypto market cap surged by $480 billion over the past five days, moving from $2.16 billion on August 17, to a local peak of $2.64 at the time of reporting. 

Bitcoin led the broader cryptocurrency market in bullish sentiment this week fueled by a short squeeze – a sharp upward price rally that occurs when rising prices force short sellers to buy to cover their positions, thus adding extra buying pressure – as Finbold explained. 

Most importantly, Bitcoin’s demand has turned positive in both spot and perpetual futures for the first time since it surged to its all-time high  (ATH) on October 6, 2025, according to data from CryptoQuant.

Bitcoin spot and perpetual futures demand growth (30-day sum). Source: CryptoQuant

Bitcoin price forecast amid renewed demand?

As Bitcoin price led the wider crypto industry in a bullish outlook, fueled by renewed demand, on-chain data analysis shows potential further upside in the near term.  Specifically, BTC’s UTXO Realized Price Distribution (URPD), an on-chain metric that shows the amount of a crypto that last moved within specific price ranges hence revealing where investors acquired their coins, shows that the flagship coin surged above a major resistance level around $75,733, according to updates from Glassnode.

BTC URPD. Source: Glassnode 

Consequently BTC price is eying its next liquidity range of between $83,307 and $84,569, where roughly 1 million coins previously changed hands. With Bitcoin price trading at $76,662 at the time of writing, if the spot and futures demand continues to rise in the near future, it could climb another between 8.67% and 10.31%  before experiencing its next major sell pressure.

Featured image via Shutterstock

The post Bitcoin to the moon? BTC price prediction targets $80,000 appeared first on Finbold.