Bitcoin tops $80K as analysts split on cycle bottom and rally risks

Bitcoin’s move above $80,000 was driven by strong demand from institutional investors and ETFs, an improving regulatory backdrop, and a more supportive macro environment, The Block analyzed. The outlet said some analysts view the advance as a sign Bitcoin may have already passed the cycle bottom, while others warned the rally could be vulnerable to a pullback, citing lower trading volume, narrowing market breadth, and derivatives positioning that shows less conviction than before.