- Bitcoin’s price increased by more than 2% in the last seven days.
- Most metrics looked bullish on Bitcoin.
As a seasoned crypto investor with a knack for deciphering market trends, I’m keeping a close eye on Bitcoin [BTC]. The recent price increase of over 2% in the last seven days, as indicated by CoinMarketCap, is an encouraging sign. However, BTC’s slow-moving price action under $70k might be misleading.
The performance of Bitcoin [BTC] falls short of expectations, as it remains below the $70,000 mark during press time, contrary to the optimistic outlook suggested by its weekly price trend.
Slower-than-usual Bitcoin price movements could be an indication of an impending significant price surge in the near future.
Bitcoin is set to pump
According to recent data from CoinMarketCap, Bitcoin’s price has experienced a rise of over 2% within the past week. At present, the cryptocurrency is being bought and sold at approximately $69,329.89. Its market capitalization currently exceeds one trillion dollars.
As an analyst, I’ve observed that despite Bitcoin’s current trading price below $70,000, it holds the potential for a significant bullish surge based on hidden factors.
A well-known crypto analyst named Trader Tradigrade shared an intriguing observation in a recent tweet. According to his post, Bitcoin’s price was exhibiting signs of consolidation within a bullish pennant formation.
A breakout above could allow BTC to touch new highs.
So, the recent sluggish price movement could just be a result of this consolidation phase.
BTC to $88k?
AMBCrypto’s look at Glassnode’s data revealed that BTC had the potential to surge substantially.
Based on the analysis of BTC‘s Pi cycle tops, it appears that the cryptocurrency was approaching its market bottom. A potential price point for BTC to surpass the $88k threshold might be in the offing.
As a crypto investor, I’d explain the Pi Cycle indicator in this way: The Pi Cycle is based on two moving averages of Bitcoin’s price. Specifically, it uses my personal 111-day moving average (111SMA) and double the value of the 350-day moving average (350SMA). For beginners, this means that the Pi Cycle looks at the average price of Bitcoin over the last 111 days and compares it to the average price over the past 350 days, with the longer-term average having a greater impact on the indicator’s readings.
An analysis by AMBCrypto using CryptoQuant’s data revealed that the demand for Bitcoin was strong, with its reserve on exchanges decreasing significantly at that moment. This indicated a potential increase in price towards $88k.
As a long-term crypto investor, I’m pleased to note that the Binary Coin’s Buy and Sell Volume History (CDD) has remained green over the past week. This indicates that the trading volume of holders in the last seven days was lower than usual. It suggests that these investors are holding onto their coins for the long term, potentially due to their belief in the coin’s future potential or a strategic plan to ride out market volatility.
As a crypto investor, I’ve noticed some positive signs emerging in the derivatives market. The funding rate for Bitcoin (BTC) has risen, which indicates that the demand for long positions is stronger than that of short positions. In simpler terms, more investors are willing to bet on BTC increasing in value and are prepared to pay a premium to those holding opposing views.
Among derivatives investors, there was a strong positive attitude towards buying, as indicated by the green Taker Buy Sell Ratio.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Investors may need to be patient before witnessing a Bitcoin price surge, as some signs suggest a delay. For instance, the MACD (Moving Average Convergence Divergence) of Bitcoin exhibits a bearish crossover.
As a crypto investor, I’ve observed that the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators have remained relatively stable around their neutral levels.
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2024-06-09 17:11