Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target

Bitcoin is seeing an uptick following its recent reclaim above the $60,000 mark in the past day. Amid this price performance, renowned crypto analyst Mags on Elon Musk’s social media platform X shared his latest asset analysis. According to Mags, Bitcoin could be poised for a major rally, driven by factors related to the USDT dominance (USDT.D) and the forming technical chart patterns. Related Reading: September 10: A Bitcoin Game Changer, Says Hedge Fund Founder Bitcoin On The Verge Of A $72,000 Rally? Mags explained that the inverse correlation between USDT dominance and Bitcoins price is a key indicator to watch. USDT dominance refers to the market share of Tether (USDT) in the overall cryptocurrency market, and its movements can often signal shifts in Bitcoins price. Mags pointed out that USDT.D recently broke down from a strong trendline support and is currently testing the point of breakdown, which could lead to forming a bear channel. Meanwhile, Bitcoin forms a broadening wedge pattern, typically seen as a bullish continuation signal. If USDT.D continues to decline, Mags anticipates that Bitcoin could see a notable “leg up,” potentially pushing the price to $72,000 or higher. #Bitcoin pump incoming ? If you’ve been paying attention to USDT.D, you already know about the inverse correlation between USDT.D and BTC. Looking at the chart, USDT.D broke down a strong trendline support and is currently testing the point of breakdown with a possible pic.twitter.com/lqZ6SPCgaQ Mags (@thescalpingpro) August 22, 2024 Volatility on the Rise: A Catalyst for BTC’s Next Move? In addition to the technical indicators, another factor contributing to the growing anticipation of a Bitcoin price surge is the recent increase in market volatility. Bitcoins volatility has surpassed levels not seen in the past months and has continued to rise, which could be a potential catalyst for Bitcoin to see a significant break out towards the upside. Crypto analyst Daan Crypto Trades highlighted this development in a recent X post, noting that after a period of low volatility, Bitcoins volatility levels are ramping back up, approaching the levels seen earlier this year during the assets all-time highs. Related Reading: Bitcoins MVRV Ratio Nears Critical Death Cross: Will The Market See A Bearish Shift? Daan Crypto Trades emphasized that this volatility increase is needed to end Bitcoins consolidation, potentially leading to a decisive price movement in one direction or the other. #Bitcoin After a big slump in volatility levels, it’s now ramping back up and getting close to levels we saw earlier this year at the all time highs. It’s what’s eventually needed to put an end to this massive consolidation in one way or another pic.twitter.com/CHoZXHk5K4 Daan Crypto Trades (@DaanCrypto) August 21, 2024 Featured image created with DALL-E, Chart from TradingView

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Historically accurate decaying peaks study sees Bitcoin price at $164K by 2025

The same study correctly predicted Bitcoin price to reach $65,732 in 2021, a mere $1,050 price difference from the previous all-time high.

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Bitcoin Reclaims $56k But Still Faces Potential Drop to $47K, Analyst Reveals Why

Bitcoin has recently exhibited resilience that has surprised many market spectators. Following a dismal drop to a 24-hour low of $53,898, Bitcoin clawed its way back above the $56,000 mark, up 1.6% in the past hour. This rebound has been catalyzed by the latest US NFP report revealing a surge in the unemployment rate, which [...]

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Is Cardano the Next Big Winner? Analysts Predict Massive Surge as Bitcoin Wobbles

Amidst recent fluctuations, analysts have focused on Cardano (ADA) due to its potential for a significant rally. Similarly, Bitcoin (BTC), the market leader, has shown patterns that traders must understand as they navigate the current market conditions. Related Reading: Cardano ADA Trades Below The $0.41 Mark, Will It Break The Barriers? Is Cardano (ADA) On The Brink of a Parabolic Rise? Cardano, often lauded for its technological foundation, has recently caught the attention of experts predicting an imminent rally. Dan Gamberdello, a prominent advocate for Cardano, has publicly stated his expectations for an “explosive” growth phase for ADA. Analyzing the chart shared by Gamberdello, ADAs price of $0.410 stabilizes above critical moving averages, which Gamberdello interprets as a bullish signal. Traders often use the 200-period and 50-period moving averages to gauge long-term and short-term market trends, respectively. Both indicators suggest a bullish outlook for ADA in the short term. Additionally, a pattern analysis of ADA compared to BTC on the weekly timeframe from another analyst named Sssebi on X further supports this bullish view, drawing parallels with previous cycles that led to significant rallies. His technical analysis reinforces Sssebi is optimistic outlook, which reveals that ADAs Relative Strength Index (RSI) levels indicate it is currently oversold, historically a precursor to substantial price increases. There couldn’t be a better moment to swap your $BTC to $ADA than right now. Here’s why When you check the daily ADA/BTC chart it seems like $ADA has gone up a lot vs BTC but there is so much room left and I think we have just reached the bottom and are about to start a big https://t.co/vH1RX3QMUU pic.twitter.com/UnnY9Htgtu Sssebi (@Av_Sebastian) July 3, 2024 This technical indicator suggests that the current market sentiment around ADA might be more bearish than warranted, presenting a potential buying opportunity for strategic investors. The analyst noted: “There couldn’t be a better moment to swap your $BTC to $ADA than right now.” What is up With Bitcoin? Meanwhile, Bitcoin has recently experienced a notable decline, dipping below the critical $60,000 mark to about $57,257. This downward trend is seen concurrently in the broader crypto market, including ADAs recent dip to $0.3789. However, popular market analysts have highlighted significant technical movements, such as BTC/USD crossing its 200-day moving average for the first time in ten months, suggesting potential market reversal points. Such technical milestones are closely monitored as they can indicate significant market shifts. $BTC 4H First test of 200D MA since oct 2023 reclaim (pre – ETF) so far since trend rejection & reversal around $63.8K spot selling has been the main driver of this trend so in order for this HTF MA to actually act as a systematic trigger for the market we need to see market pic.twitter.com/FuW3A48mnJ Skew (@52kskew) July 4, 2024 Despite the bearish short-term trends, long-term analyses remain optimistic. For instance, trading platforms like DecenTrader point out potential zones of large liquidations that could stabilize or further depress market prices. Related Reading: Buckle Up: Here Is Why Bitcoin Might Just Be Gearing Up For a 200% Surge If Bitcoins price were to break down further, a significant cluster of long liquidations could activate around the $50,000 mark, presenting both a risk and an opportunity depending on market responses. Feature image created with DALL-E, Chart from TradingView

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Is a Bitcoin Breakout Looming? Options Markets Signal Imminent Volatility Surge

QCP Capital has recently released a new market analysis offering insight into what might be in store for the price of Bitcoin (BTC) more importantly, which direction it could move next. These fresh insights particularly focus on the options market. Market Anticipates Movement: Analyzing Bitcoin Options The latest report from QCP Capital has identified [...]

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Market Analysts Eye July for Potential Big Wins in Bitcoin and Ethereum Heres Why

In the financial market, historical trends often offer a glimpse into potential future outcomes and so far, July has historically been a strong month for both Bitcoin and Ethereum, and analysts are eyeing this pattern to predict another fruitful period. A Profitable July For Bitcoin And Ethereum According to seasoned market analysts from QCP Capital, [...]

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Bitcoins Stubborn Stand Below $100K: Whats Holding It Back?

Bitcoin continues to be the market leader. However, despite significant developments, such as the introduction of spot Bitcoin Exchange-Traded Funds (ETFs), the anticipated price surge to $100,000 remains unrealized. Charles Edwards, founder of Capriole Investments, commented on this and took to Elon Musks social media platform X to explain the hurdles preventing Bitcoin from achieving [...]

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Bitcoin Zombies Awaken: Dormant Coins Move For First Time In Years, Whats Going On?

According to recent data from on-chain analytics platform CryptoQuant, in recent weeks, the Bitcoin market has witnessed a fascinating phenomenon: long-dormant BTC, untouched in wallets for up to a decade, are suddenly springing into action. This movement coincides with Bitcoins price once again reclaiming the $70,000 mark, a dynamic that has not only captured the [...]

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Buckle Up: Bitcoins Ride to $74K Could Start Any Minute Heres Why

Although Bitcoin has yet to reclaim its peak of over $73,000 from March, it achieved a 24-hour high of $70,188. This performance is part of a gradual increase, with Bitcoin rising 1.2% over the past week and 2% in the last 24 hours, bringing its current price to $69,211. Amid this price performance, the crypto has shown promising fluctuations that suggest a possible upswing in its market value, with developments in trading patterns and analyst forecasts painting a bullish future. Related Reading: Is This The Biggest Bitcoin Bull Run Ever? Analyst Says Yes! Breaking Resistance: BTC Eyes Major Breakout In the current market environment, Bitcoin is nearing a critical resistance level that could set the stage for its next big price movement. Crypto analyst Ali has pointed out that BTC is on the verge of breaking out from a “symmetrical triangle” pattern on the charts. This pattern, characterized by two converging trend lines, represents a period of consolidation before the price potentially moves in a more decisive direction. Ali suggests that if Bitcoin can sustain a close above the $69,330 resistance level, it may quickly ascend to around $74,400. This move would break the recent static trend and signal the beginning of a more substantial rally. #Bitcoin appears to be breaking out from a symmetrical triangle! A sustained close above the $69,330 resistance level could send $BTC to $74,400. pic.twitter.com/UrZrJqZdrr Ali (@ali_charts) June 3, 2024 Adding to the optimistic outlook, analyst TechDev has provided a comprehensive analysis that supports the potential for an unprecedented breakout. His observations are backed by historical data and technical indicators that align with Bitcoin’s current market activity. According to TechDev, Bitcoin is exhibiting a pattern that could indicate a major bullish phase. He notes that historically, Bitcoin has experienced significant price increases, known as “blowoff tops,” which have typically been followed by notable corrections. However, the current scenario is different. Bitcoin did not experience a blowoff top in 2021, which diverges from its historical behavior and suggests a potential buildup to a more sustained price increase. Impending Bitcoin Supply Squeeze In support of these technical analyses, the market is also witnessing significant movements in terms of ownership and storage. Data from BTC-ECHO’s Leon Waidmann reveals that the percentages of Bitcoin and Ethereum held on exchanges are at their lowest levels in years, indicating strong holding behavior among investors. Related Reading: Bitcoin In Euphoria Wave How Long Until The Bull Run Ends? This decrease in exchange balances and continued accumulation by whales suggest that a supply squeeze could be imminent, potentially driving prices up as availability decreases. Exchange balances for both #Bitcoin and #Ethereum are at their lowest levels in years! Whales continue to accumulate. #BTC on exchanges is down to 11.6% and #ETH is at 10.6%! Supply squeeze incoming. Get ready for the next big move. pic.twitter.com/u4j13DZBJk Leon Waidmann | On-Chain Insights (@LeonWaidmann) June 2, 2024 Featured image created with DALL-E, Chart from TradingView

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Bitcoin Bulls Beware: Bears Are Still In Control, Says Top Analyst Heres Why

Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edymes foray into the crypto universe is nothing [...]

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Bitcoin To Hit New Heights? Analyst Predicts 10x Growth In Few Years Heres How

In a recent surge of online discussion, renowned crypto analyst and entrepreneur Willy Woo has made headlines with his optimistic prediction for Bitcoins future on Elon Musks social media platform, X. Woo suggests that Bitcoin, already gaining traction among traditional financial circles as an emerging asset class, could see exponential growth. He argued that if [...]

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Will Bitcoin Have A Red Monday, Green Week? Analyst Sets $63,500 Target

Bitcoin (BTC) faced a sharp price drop as the last week of Q2 began. The dramatic decline saw the flagship cryptocurrency momentarily lose its support above the $60,000 level on Monday. Related Reading: Bitcoin Takes A Beating: Another $630 Million Exits, Price Drops Lower The drop left many investors wondering whether the bullish rally is over. However, crypto analysts remain optimistic about BTCs performance and consider the drag down to be part of the quarterly retest. Is Bitcoin Headed For A Chop Summer? On Tuesday, crypto analyst Jelle made a case for Bitcoins bullish momentum. Amid the bearish sentiment from some community sectors, the crypto investor believes BTCs bull run isnt over. Per Jelles posts, Bitcoin has been holding key support levels despite its brief fall under $60,000. Additionally, the largest cryptocurrency by market capitalization displays a still firmly bullish higher-timeframe structure. This structure exhibits BTCs performance consistently, making higher highs (HH) and higher lows (HL) for the last year and a half. Per the chart, the price drop remains a higher low than the May 1 retrace, which remains the deepest this cycle. Jelly criticized those who send hate to bullish investors, highlighting that Bitcoin has consistently moved higher for nearly 20 months. He suggested that In a bull market, conviction pays. Moreover, he pointed out that the flagship cryptocurrency exhibits a bullish flag below all-time high levels. To the analyst, this consolidation could play out similarly to the consolidation below the $30,000 resistance range. If it were to happen, Bitcoin would see a chop summer below the new key resistance, the $74,000 ATH price, before breaking out. According to Jelle, the breakout could cost BTC $100,000. Quarterly Retest: Red Monday, Green Week? Despite the long-term forecast, Jelle set a $63,500 target for this week. During Mondays drop, the analyst stated that BTCs performance was playing out like it was in 2016-2017. Furthermore, pointed out that Bitcoins key support level of $58,000 is doing its job during this quarterly retrace. To Jelle, BTC can lock in a lower-timeframe higher low this Tuesday. As a result, the analyst considers that bulls can run the flagship cryptocurrency to $63,500 by the end of the week. Jelle also believes Bitcoin could surpass its weekly open, making it a Red Monday, Green Week. Altcoin Sherpa also suggested that BTC could reach the weekly open. Per the analyst, the current range remains a bounce region, which could return the price to $64,000. He expects this performance to relieve altcoins, although he doesnt consider it THE bottom. Related Reading: Crypto Winter Arrives Early For The Altcoin Market As Venture Capital, Founder Selloffs Mount Sherpa believes there will be more volatility before the local bottom: 4h EMAs all bearish; expecting price to pull back when we see it interact with them at 64kish. To the analyst, BTCs local bottom will come in the next few days and could test the May 1 retrace levels. At the time of writing, Bitcoin is trading at $61,700, representing a 4.5% recovery from Mondays pullback. Featured Image from Unsplash.com, Chart from TradingView.com

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Bitcoins Correction Is Not Done: $54K Could Be On The Horizon, Says Top Analyst

Recent trends in the Bitcoin market have shown a significant flushing out of leverage, a process commented on by prominent crypto analyst Willy Woo. While this corrective phase has seen Bitcoin’s price fall to as low as $58,000 yesterday, it has partially rebounded, currently trading around the $61,500 mark. However, the journey could be smoother, as ongoing liquidations and market adjustments pose challenges. Related Reading: Is The Bitcoin Bottom In? Heres What 7 Experts Say Analyzing The Depth Of Current Market Correction Woo’s insights highlight that Bitcoin’s market correction hasn’t been done despite the recent recovery. Particularly, the market continues to grapple with the impact of post-halving miner capitulations and the high costs associated with mining hardware upgrades. These factors contribute to the ongoing pressure on weaker miners, forcing them out of the market and potentially leading to further price drops. According to Woo, while Bitcoin has slightly recovered, the overall market sentiment remains cautious. Technical indicators suggest that although Bitcoin could rebound from recent lows, there is still potential for a further drop. Short term technicals point to a reversal playing out here. 2 hours away from a TD9 reversal on daily candles. If this plays out, then we go into a hidden bullish divergence to correct for the overselling of the market. pic.twitter.com/TPWRhmeGYn Willy Woo (@woonomic) June 24, 2024 Woo predicts that Bitcoin could see a descent to $54,000 if current support levels fail. This key threshold may trigger another round of liquidations and potentially usher in a bearish phase for short-term holders. The importance of this price level lies in its role as a demarcation line between bearish and bullish market regimes. Falling below it, especially given the current macroeconomic setup, could significantly affect Bitcoin’s price trajectory. Bitcoin Bearish Market Ongoing, But Don’t Despair Adding to the conversation, Billy Markus, co-creator of Dogecoin, shares a somewhat philosophical take on handling the current crypto market’s bearish phase. He advises investors to view their crypto investments with detachment, likening it to “throwing money into a fire.” Such a mindset, he argues, could help weather the emotional rollercoaster of market ups and downs. Related Reading: SkyBridge Capitals Scaramucci Says Bitcoin Will Reach $250,000 Is This US Presidential Candidate Wins Meanwhile, renowned investor Robert Kiyosaki, author of “Rich Dad Poor Dad,” expressed his strategy in light of the recent downturn. Kiyosaki, a vocal supporter of Bitcoin, views the current price dip as a buying opportunity, advocating a long-term investment approach akin to Warren Buffett’s philosophy of “buy and hold on forever.” Bitcoin is crashing. Most people should sell. I am waiting to buy more. All markets go up and down. Many people make a lot of money trading markets which means buying low and hopefully selling low. The problem with trading any asset is taxes, specifically short term Robert Kiyosaki (@theRealKiyosaki) June 24, 2024 Featured image created with DALL-E, Chart from TradingView

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Is Bitcoins Rally Over? New Insights from CryptoQuant Predict a Market Downturn

According to the latest insight from a CryptoQuant analyst, Bitcoin might be poised for a notable price correction. This possibility of a price correction is based on major Bitcoin metrics such as the Adjusted Spent Output Profit Ratio (ASOPR), signaling a notable implication for Bitcoins trajectory. Understanding ASOPRs Role In Predicting BTC Corrections The ASOPR, [...]

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Survival of the Fittest: Heres How Bitcoins Next Rally Hangs on Miner Capitulation

Amidst a backdrop of declining Bitcoin prices and economic uncertainty, renowned crypto analyst Willy Woo has offered a forecast that suggests a complex road ahead for BTC, with potential gains on the horizon after some ‘inevitable’ turbulence. Bitcoin Rally Hangs On Miner Capitulation, How? Bitcoin’s current market behavior is largely influenced by its miners, whose actions can significantly impact its price. According to Willy Woo, the key to understanding when Bitcoin might start its recovery lies in observing miner capitulation and the subsequent recovery of the hash rate. Related Reading: Bitcoin And Solana Brace For Quiet Q3: What Crypto Traders Should Know Miner capitulation occurs when less efficient miners, unable to sustain profitability, are forced to sell their holdings and exit the market. This phase is critical as it typically decreases selling pressure, allowing for market consolidation and setting the stage for potential price increases. Woo points out that this cycle is not a quick one. Historical data from previous Halving events, which reduce the reward for mining Bitcoin, show that recovery can take time. I’ll break it down in simple terms. When does #Bitcoin recover? It’s when weak miners die and hash rate recovers. This one is for the record books as it’s taking a lot of time for miner capitulation post-halving. Probably can thank ordinal inscriptions boosting profits. pic.twitter.com/19MB0b8mHO Willy Woo (@woonomic) June 20, 2024 The current cycle appears prolonged, with miners taking longer than usual to capitulate due to the profitability provided by new market mechanisms like ordinal inscriptions. This extended adjustment period might be difficult for investors, but it is a necessary step toward achieving a healthier market. Key Indicators to Watch: Hash Ribbons and Market Signals Willy Woo emphasizes the importance of monitoring Bitcoin’s hash ribbons. This indicator provides insights into the economic viability of Bitcoin mining. Related Reading: Bitcoin Miners Reserves Deplete Amidst High OTC Selling, What This Means A reduction in hash ribbons suggests that the cost of mining is becoming more aligned with the market price of Bitcoin, signaling that the worst of the sell-off may be over and a recovery could be forthcoming. In addition to hash ribbons, Woo advises investors to keep an eye on broader market signals. Here’s a view of just how much paper bets on #Bitcoin there is right now. The solid yellow chart is a z-score oscillator looking at how significant it is locally. We need a solid amount of liquidations still before we get the all clear for further bullish activity. https://t.co/tswxQwxlc1 pic.twitter.com/TwGG5tf50z Willy Woo (@woonomic) June 19, 2024 For instance, the current speculative environment in Bitcoin, marked by a high volume of theoretical trading, requires a series of liquidations to achieve market balance. This clean-up phase, although painful, is essential for setting a solid foundation for the next bull run. The analyst noted: I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out. On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally. Look for compressions in this ribbon. Buy and hodl in these regions. Featured image from DALL-E, Chart from TradingView

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Quiet Summer Ahead For Bitcoin, But Ethereum Holds Potential for Surprise QCP Capital

According to the latest report by QCP Capital, options data reveals a plunge in trading volatility, particularly for Bitcoin, meaning cryptocurrency traders could be in for a tamer summer. The research firm, which is well known for spotting new market trends, points out that the data patterns in the charts suggest that we are likely [...]

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Legendary Trader Warns: Bitcoin Could Plunge Below $50,000 If These Key Levels Break

Renowned trader Peter Brandt recently provided insights on the Bitcoin price potential market movements, projecting a challenging period followed by a significant rally. This analysis comes as Bitcoins current trading behavior exhibits signs that might concern short-term investors. Related Reading Bitcoins Precarious Path: Potential Drop and Subsequent Rally Brandts analysis indicates that if Bitcoin breaks [...]

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Bitcoins Breakout Blueprint: Analyst Reveals Roadmap For Imminent Surge

As Bitcoin navigates through 92 days of consolidation, the crypto community watches closely for the next major move. Notably, this extended phase of stability, which is now the longest in Bitcoins history, has been seen as the calm before a significant price storm by some crypto analysts. Crypto analysts like Mags have been particularly vocal [...]

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The "Crypto Queen" Stole $4.5 BILLION... then Disappeared. Now, New Info has Law Enforcement Asking: is She on the Run, or DEAD?

We've covered and followed the story of the 'Crypto Queen', one of the FBI's most wanted fugitives who's managed to remain free for years regardless of any efforts made by international law enforcement. 
Recently they may have gotten closer than ever before - but it's given them more questions than answers. 

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"Crypto Queen" Stole $4.5 BILLION, then Disappeared - Why Some Are Saying She's DEAD...

We've covered and followed the story of the 'Crypto Queen', one of the FBI's most wanted fugitives who's managed to remain free for years regardless of any efforts made by international law enforcement. 
Recently they may have gotten closer than ever before - but it's given them more questions than answers. 

Video Courtesy of BBC NewsSubscribe to GCP in a reader

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