As a seasoned researcher who has been closely following the cryptocurrency market since its early days, I have witnessed firsthand the wild fluctuations and unexpected turns that this space can take. However, the recent developments surrounding Bitcoin (BTC) have me more optimistic than ever before.
In simpler terms, the value of Bitcoin (BTC) has risen by approximately 55% this year as of 2024, with a further increase of around 12.50% in October alone. This recent growth can be attributed to a general positive shift in investor sentiment and optimism, primarily driven by better-than-expected earnings reports from Wall Street companies.
Furthermore, there’s growing anticipation among investors that the Federal Reserve may lower interest rates in November. This expectation is heightened by the increasing likelihood of Donald Trump, who has been supportive of cryptocurrency, winning the 2024 U.S. Presidential election, which adds to their optimism.
Essentially, it seems that Bitcoin could potentially experience an extended period of growth, often referred to as a “bull market,” through the year 2024 and possibly beyond. Additionally, some technical and blockchain-based signals imply a positive upward trend as well.
Bitcoin price will hit $100K in 2025, fractal suggests
Evidence that Bitcoin might be starting a fresh bull trend can be found by looking at its two-month logarithmic graph, as pointed out by independent market analyst Coosh Alemzadeh on platform X.
The chart marks Bitcoin’s historical bullish phases, such as the 60x increase from around 2011, a 20x increase in 2017, and a 6x increase during the 2020-2021 bull run.
The pattern here is that Bitcoin’s price tends to stabilize for a while, then suddenly surges sharply upward in a nearly straight line.
By October 2024, Bitcoin appeared to be on the verge of bursting free from a lengthy period of sideways movement – a situation that frequently precedes a surge in value, often referred to as a ‘bull run’. This potential increase would occur within the parabolic channel demarcated by two red dashed lines.
Market analyst Ted Pillows shared a comparable viewpoint, pointing out a analogous escape from Bitcoin’s confinement range.
He argues that Bitcoin’s “parabolic phase” has started, aligning with historical patterns of rapid price acceleration.
As a researcher examining the intricacies of Bitcoin’s price trends, I find Alemzadeh’s fractal analysis compelling. This analysis suggests that by the year 2025, we might witness Bitcoin surpassing $100,000, and in the long term, it could potentially reach as high as $250,000.
Bitcoin whale data shows pre-COVID rally behavior
A positive indication for Bitcoin is observed through the analysis of whale transactions on popular trading platforms, which shows increased large-scale investment by these significant players.
Right now, the “Exchange Whale Ratio” – as indicated by its 30-day moving average – is showing similar trends as seen in 2020 following the COVID-19 market drop. During that period, Bitcoin whales were noticeably buying large amounts of Bitcoin, which eventually led to the significant bull run that propelled Bitcoin prices to unprecedented highs by the end of 2021.
By October 2024, a pattern reminiscent of whales’ accumulation indicates that significant investors might be preparing for possible price surges. According to the analysis of CryptoQuant’s expert, Woominkyu, this could be an indication of potential price increases.
“They [whales] could be positioning themselves to benefit from the potential long-term price increase after the next Bitcoin halving.”
Stablecoin dominance is declining
The third indicator focuses on stablecoin dominance. Market analyst Doctor Magic points out that the dominance of stablecoins like USDT, USDC, and DAI has steadily declined since mid-2024.
Historically, when money begins moving out of stablecoins, it often signals a surge in prices for leading cryptocurrencies like Bitcoin and others at the top of the rankings, as demonstrated in the chart below.
Essentially, this means that as the influence of stablecoins decreases, it seems like investors believe that Bitcoin will increase in worth compared to the U.S. dollar. This trend suggests an expanding level of risk tolerance and faith in the financial market.
If the current pattern persists, it might strongly indicate that Bitcoin’s parabolic growth stage is commencing, with increasing amounts of funds flowing back into BTC, resulting in a surge in its value.
Read More
- DYM PREDICTION. DYM cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- POPCAT PREDICTION. POPCAT cryptocurrency
- Top gainers and losers
- SKEY PREDICTION. SKEY cryptocurrency
- TURBO PREDICTION. TURBO cryptocurrency
- RUNE PREDICTION. RUNE cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
2024-10-20 14:05