Analyst: BTC could reach $80K within days

Bitcoin is expected to reach $80,000 within a few days, according to Gabe Selby, head of research at the UK-based crypto benchmark index provider CF Benchmarks. In an interview with DL News, Selby explained that institutional investors are driving the current rally, with capital inflows coming from advisory firms and large asset managers rather than from short-term traders or hedge fund arbitrage. He added that Bitcoin successfully passed a stress test over the past weekend. Despite a $300 million hack on a major DeFi protocol that triggered a $10 billion outflow from various crypto projects, investor sentiment in Bitcoin remained solid, and the damage was limited to a few projects. Selby also noted that a strong stock market is again boosting the crypto sector, pointing to the 90-day moving correlation coefficient between Bitcoin and the tech-heavy Nasdaq 100, which has risen from 0.49 in early October of last year to 0.58 this month. This strengthening coupling signals a broader recovery in risk-on sentiment, he said.