- BTC’s price has been in a consolidation phase during the last few days.
Most of the on-chain metrics looked bullish on the coin.
As a seasoned crypto investor with a few battle scars and a heart full of hope, I find myself intrigued by the current state of Bitcoin (BTC). After witnessing its meteoric rise above $66k, only to see it consolidate again, one can’t help but feel a mix of frustration and anticipation.
As I watched the charts unfold, it seemed like Bitcoin had surged past the $66k milestone, only to retreat once more as its value dipped below this level again. But upon closer inspection, there appeared to be more going on beneath the surface.
It’s possible that Bitcoin is gearing up to reach another record high. If everything aligns correctly, anticipating a fresh all-time high might not be overly optimistic.
Bitcoin’s secret plan
Over the past day, King Coin has experienced quite a rollercoaster ride with its value fluctuating up and down. However, despite these fluctuations, it failed to overcome the significant barrier at $66k yet another time due to the instability.
In fact, AMBCrypto reported earlier that a bearish divergence appeared on Bitcoin’s price chart, which suggested a price drop. At press time, BTC was trading at $65,692.70.
Based on statistics from IntoTheBlock, approximately 46.54 million Bitcoin wallets held more Bitcoin than they originally paid for it, representing around 86% of all active Bitcoin wallets.
Nonetheless, AMBCrypto’s analysis revealed an interesting development. We found that BTC successfully tested the bull market support a few days ago. After that, the coin displayed a double bottom pattern.
When this occurs, it often implies potential for a significant increase in Bitcoin’s price. If the trend holds true, Bitcoin could potentially reach its previous record high again.
The positive development indicates that if the price surpasses this point, it might potentially reach around $80k within the upcoming weeks.
Odds of BTC reaching $80k
After examining the on-chain information associated with Bitcoin (the so-called ‘King Coin’), AMBCrypto sought to determine if this data indicated a potential rise in its price.
The examination of the Pi Cycle Top indicator for Bitcoin suggested that it had surpassed a possible price floor around $61,000, indicating a potential upward movement.
According to the data, if this leap occurs as expected, Bitcoin might reach its projected peak of around $110,000. Some found this prediction a bit far-fetched.
As a crypto investor, I found the Bitcoin Rainbow Chart to be quite promising. Seeing BTC‘s price positioned within the “BUY” zone suggested that this was an excellent moment for me to gather more coins before their value takes off and soars even higher.
Another bullish metric was the long/short ratio as it moved up. A rise in the metric means that there are more long positions in the market than short positions, suggesting a rise in bullish sentiment around an asset.
As a researcher, I delved into examining Hyblock Capital’s data due to the generally optimistic trends we observed in most metrics. To my findings, it appears that there exists a significant resistance level around the $66k mark for BTC, which may result in liquidation of a considerable amount of Bitcoin at this price point.
As a researcher studying Bitcoin’s market trends, it’s evident that breaking through the current consolidation phase is pivotal for Bitcoin (BTC). Surpassing the $66k threshold could potentially catapult BTC towards unprecedented new highs.
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2024-09-30 15:03