The analyst assessed the prospects of bitcoin after overcoming $ 80 thousand.

The past week turned out to be ambiguous for bitcoin, but it ended against the background of the formation of a positive market narrative, which market participants had expected in recent months. Alexander Baryshnikov, the manager of the Mining fund at Record Capital Management Company, told Izvestia on May 4.

According to him, in the period from April 27 to May 3, bitcoin decreased by only 0.11%, staying in the range from $ 74,937 to $79,485. At the beginning of the week, the market was working out the "double top" technical model, after the breakdown of the $77,153 level and the subsequent decline to $74,937.

The pressure on the cryptocurrency market, as the expert noted, was formed under the influence of several factors at once. Among them are the geopolitical tensions around the Strait of Hormuz, the high cost of Brent crude oil in the range of $ 112-125, the maintenance of the US Federal Reserve rate at 3.50—3.75%, as well as the negative information background in the technology sector against the background of events around OpenAI. As a result, the fear and greed index dropped to the level of 27.

At the same time, according to Baryshnikov, the market was supported by institutional purchases. Michael Saylor's Strategy company acquired 56,235 bitcoins in April for $4.13 billion. Spot ETFs recorded a net weekly inflow of $162.8 million, and reserves on crypto exchanges dropped to their lowest levels in the last seven years.

"The key reversal occurred at the beginning of this week in the Asian session: Bitcoin broke the $80,000 level for the first time since February, reaching $80,458. According to the expert, the movement was due to the accumulated momentum against the background of rising stock indices, as well as the massive closure of short positions in conditions of low liquidity," the expert explained.

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Additional support for the cryptocurrency was provided by the weakening of the dollar to 97.44 against the background of Japan's currency intervention, reports of possible negotiations between the United States and Iran mediated by Pakistan, as well as the pro-currency rhetoric of the SEC leadership at the Bitcoin Conference 2026.

In the coming week, from May 4 to May 10, the key issue for the market will be the consolidation of bitcoin above the level of $ 80 thousand.. To continue the growth, it is important to hold this mark at the daily close and overcome resistance around $ 83.6 thousand. In this case, the next target may be a zone above $87 thousand, where significant liquidity is concentrated.

A significant risk factor will be the publication of a report on the US labor market on May 8. With weak data, the dollar may weaken and digital assets may be supported, while strong statistics combined with high oil prices may put pressure on the market.

According to Baryshnikov, if the current dynamics are maintained, the growth phase of bitcoin may continue until mid-June. If the $80,000 level is consolidated as support, the next targets may be the levels of $94,000 and above.

On the same day, it was reported that the cost of bitcoin during trading exceeded $ 80 thousand for the first time since the end of January. As of 05:40 Moscow time, bitcoin was growing by 2.61% and was at the level of just over $80 thousand. By 06:00 Moscow time, the cryptocurrency slowed its growth to $80 thousand (+2.64%).