Bitcoin analysts say BTC is in a good position above the 200-MA and $65K

Bitcoins strong rally puts it in a good position where the 200-MA and $65,000 level could potentially serve as a new level of support.

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Bitcoin Could Reach $108,000 To $155,000 By 2024 End, Analyst Reveals Why

An analyst has explained why Bitcoin could end the year 2024 inside the $108,000 to $155,000 range if history repeats for the asset. Bitcoin Performance Has Been Similar To Last Two Cycles So Far In a new post on X, analyst James Van Straten has discussed about the BTC price performance from the cycle low chart for the last couple of cycles. As its name suggests, this chart captures the price trend between successive cyclical lows. For the latest cycle, the start-point is naturally the bottom that was observed shortly following the collapse of the cryptocurrency exchange FTX back in late 2022. Related Reading: Bitcoin Hype Remains Low Even After $63,000 Surge: Green Sign For Rally? Below is the chart shared by Van Straten, which shows how this most recent cycle has stacked against the last two so far: As is visible, the asset’s recent price performance has been remarkably similar to that witnessed in the past two cycles at the same stage. “Out of all the graphs, TA etc, Bitcoin from the cycle low continues to be the most valid,” notes the analyst. Given the similarity so far, it’s possible that the coin’s trajectory in the current cycle may continue to mimic that of the last two. Van Straten has pointed out that both these cycles finished September higher. Not just that, this is also the point at which the two began a long-lasting surge that culminated into the bull run highs. Thus, it’s possible that Bitcoin may also surge from here, if the current cycle continues to follow the last two. “If BTC were to finish EOY between the two previous cycles, which it has done for most of the current cycle, we would be looking at 108k-155k,” explains the analyst. From the latest Bitcoin price, a rally to the lower end of this range, $108,000, would mean an increase of around 70%, while that to the $155,000 upper level would suggest growth of more than 144%. Related Reading: These Altcoins Are Seeing High Whale Interest After Fed Rate Cut As always with patterns that depend on history, though, it’s not necessary that BTC would show a rally in this range to end the year. Nonetheless, the analyst says, “if we don’t get a recession, this is entirely possible.” In some other news, as market intelligence platform IntoTheBlock has pointed out in an X post, Tether’s stablecoin, USDT, has reached a new high in its supply recently. As displayed in the above graph, the the USDT market cap has witnessed some sharp growth recently. With the metric’s value now nearly at $120 billion, Tether’s token has left the other stablecoins way behind. The inflows into the stablecoin can actually be relevant to Bitcoin, as capital from USDT generally tends to find its way into the original cryptocurrency. Thus, the growth to a new record suggests the investors potentially have more dry powder available to buy BTC with than ever before. BTC Price Bitcoin has gone stale after its recent recovery as its price is still trading around the $63,600 mark. Featured image from Dall-E, IntoTheBlock.com, Glassnode.com, chart from TradingView.com

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Bitcoin Hype Remains Low Even After $63,000 Surge: Green Sign For Rally?

Data shows the social media users have yet to show excessive hype around the latest Bitcoin rally, a sign that could be positive for its sustainability. Bitcoin Sentiment Ratio Has Spiked, But Value Still Not Too High According to data from the analytics firm Santiment, Bitcoin Fear Of Missing Out (FOMO) has remained low through the latest rally. The indicator of relevance here is the “Positive Sentiment vs. Negative Sentiment Ratio,” which, as its name suggests, measures the ratio between the positive and negative comments around BTC being made on the major social media platforms. Related Reading: These Altcoins Are Seeing High Whale Interest After Fed Rate Cut To separate the posts/threads/messages on these platforms between positive and negative, Santiment’s indicator uses a machine-learning model. When the value of this metric is greater than 1, it means the social media users are making more posts expressing a positive sentiment than a negative one. On the other hand, it being under 1 suggests bearish messages are the norm on these platforms. Now, here is a chart that shows the trend in the Bitcoin Positive Sentiment vs. Negative Sentiment Ratio over the last few months: As the above graph shows, this Bitcoin indicator has observed an uplift alongside the latest recovery run in the cryptocurrency’s price. This rally has come as the US Federal Reserve has announced an interest rate cut. The indicator is currently decently above the neutral mark, meaning that positive posts notably outweigh the negative ones. Historically, the asset has tended to move in a direction opposite to what the crowd is expecting, with the probability of the contrary move going up the stronger this expectation becomes. A very bullish market can be a warning sign for the BTC price. Despite the recent surge in sentiment, FOMO is not yet at a level where it would be a problem. The chart shows that the previous spikes in the indicator that occurred around the tops for Bitcoin were of a significantly large scale. The last few months have also seen the indicator generally maintain a positive level, so the metric’s current value isn’t even that out of place when compared to the norm. “Markets can roll until we see a bullish sentiment spike similar to what we saw during the April 19th and May 21st tops,” notes the analytics firm. If FOMO does end up spiking to high levels in the coming days, BTC could encounter another top. Related Reading: Crypto Shorts Suffer $147 Million Squeeze As Bitcoin Returns Above $63,000 When that happens, another foray into the negative sentiment zone could be to wait since, as highlighted in the graph, the last two such instances proved to be profitable buying points into Bitcoin. BTC Price Bitcoin has enjoyed a surge of almost 6% over the past week, bringing its price back to the $63,200 mark. Featured image from Dall-E, Santiment.net, chart from TradingView.com

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Crypto Shorts Suffer $147 Million Squeeze As Bitcoin Returns Above $63,000

Data shows the cryptocurrency sector as a whole has witnessed a high amount of liquidations following the volatility Bitcoin and others have gone through. Bitcoin Has Recovered Back Above The $63,000 Level Following the news of the US Federal Reserve cutting back on interest rates, Bitcoin has responded positively, with its price breaking above the [...]

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BTC rallies past $62.6K after BlackRock issues Bitcoin white paper

Bitcoins adoption trajectory will largely depend on future macroeconomic and geopolitical concerns, according to BlackRock.

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Bitcoin poised for volatility ahead of US interest rate decision Analysts

The Fed is expected to deliver its first interest rate cut since the pandemic, which could introduce more volatility before the next Bitcoin leg up.

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Crypto and commodities poised for massive rally, says market analyst

According to Michael van de Poppe, an upcoming surge in global liquidity, fueled by debt refinancing, could trigger the next Bitcoin bull run.

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Bitcoin set for 3-month historic rally as analysts eye $92K BTC

According to market analysts, this could be the last dip buying opportunity for Bitcoin before the next leg up.

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Bitcoin Surges Above $57,000, But Investors Still Shorting: Fuel For More Rise?

Data shows derivatives exchange users are still shorting Bitcoin after the recovery that the cryptocurrency has enjoyed beyond the $57,000 mark. Bitcoin Funding Rate Is Still Negative On Major Exchanges According to data from the analytics firm Santiment, investors have been shorting BTC for the last few days. The indicator of interest here is the [...]

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Bitcoins V-shaped recovery could put BTC on path to new all-time high Analysts

Bullish traders bought Bitcoins recent dip, possibly setting BTC on the way to a new all-time high.

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Can Bitcoin get a green monthly close above $64.3K?

Bitcoins summer illiquidity could carry on into September, but lower interest rates could kickstart the real bull market in early 2025, according to analysts.

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Bitcoin Breaks $64,000, But This Pattern Could Mean Bull Run Isnt Safe

On-chain data shows the Bitcoin Supply in Profit indicator has been forming a pattern recently that could put the bull run into jeopardy. Bitcoin Supply In Profit Has Seen Multiple Dips Into “Transition” Zone Recently As an analyst in a CryptoQuant Quicktake post explained, the recent “Supply in Profit” trend could suggest a potential entry into [...]

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Bitcoin Recovers To $61,000, Here Are The Possible Reasons

Bitcoin has made a recovery back towards the $61,000 level during the past day. Here are the factors that could be behind this surge. Bitcoin Has Made Some Recovery During The Last 24 Hours After showing lackluster price action under $60,000 during the past few days, Bitcoin has finally shown some momentum in the last 24 hours, with its price surging by more than 4%. Related Reading: Bitcoin Holders Now Doing Loss-Taking: Sign That A Turnaround Is Near? The chart below shows how the cryptocurrency’s recent trajectory has looked like. At the peak of this rally, BTC had broken above $61,400, but the asset has since seen a pullback. Nonetheless, even after the drawdown, BTC is still trading around $60,800, which is a notable improvement over yesterday. As for what could be behind this surge, perhaps on-chain data can provide some hints. BTC Has Seen Multiple Positive On-Chain Developments Recently There are a couple of developments that have occurred in the cryptocurrency space recently that could be positive for Bitcoin. First, according to data from the on-chain analytics firm Santiment, BTC investors carrying between 100 and 1,000 BTC have made a considerable buying push during the last six weeks. At the time Santiment had shared the chart (which was yesterday), the Bitcoin investors with 100 to 1,000 BTC had held a combined 3.97 million tokens. Out of this, 94,700 coins were bought by them within the past six weeks. The cohort with wallets in this range is popularly known as the “sharks.” Along with the whales, the sharks are considered the key investors in the market, due to the considerable scale of coins that they hold. Thus, the fact that these large investors were accumulating while BTC had been struggling earlier shows that big money was confident that the cryptocurrency would turn itself around. The other positive development has been the uptrend that the supply of Tether (USDT) has been showing recently, as analyst Ali Martinez has pointed out in an X post. Investors generally use stablecoins like Tether whenever they want to escape the volatility associated with assets like Bitcoin. Such investors who store their capital like this, however, eventually plan to venture back into the volatile coins, so the supply of the stablecoins may act as a store of dry powder available for deploying into BTC and others. Related Reading: Bitcoin Still In A Bull Market, Quant SaysHeres Why Naturally, when investors do swap their stables for these assets, their prices observe a bullish boost. With Tether’s supply having seen a sharp jump recently, the investors’ potential purchasing power could be considered to have gone up. This could have happened through two processes: a rotation of capital from Bitcoin and other cryptocurrencies, and fresh capital inflows. The former would imply investors have sold their volatile coins for now, but as mentioned before, these investors may buy back into the market in the future. The latter would be entirely bullish, as it would mean there is fresh interest entering into the space. In reality, both of these likely occurred to some degree and as Bitcoin has managed to find a rebound, it’s possible new capital inflows have made up for more of the increase. Featured image from Dall-E, Glassnode.com, Santiment.net, chart from TradingView.com

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Bitcoin Holders Now Doing Loss-Taking: Sign That A Turnaround Is Near?

On-chain data shows that Bitcoin investors have ended their net profit-taking spree recently, a potential sign that a price reversal could occur soon. Bitcoin Daily Realized Profit Loss Ratio Has Dipped Below 1 Recently As explained by CryptoQuant author Axel Adler Jr in a new post on X, realized losses have started to exceed profits [...]

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Institutional adoption of Bitcoin ETFs surges 27% in Q2

Increasing institutional ETF adoption could bolster Bitcoin price to new all-time highs.

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Key Bitcoin bull signal flashes for first time in nearly 2 years, hinting at 2x price surge

The Bitcoin price could increase by over two-fold based on a key bull signal historically correlated with price rallies.

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Bitcoins bull rally will continue another 350 days: Bybit

Bitcoin's 2024 bull run was mainly driven by institutional inflows, which could be the key to unlocking the next leg up.

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Bitcoin trades in enthusiastic phase as data hints at upcoming range expansion

Bitcoins volatility is compressing, which is a sign that a sharp range expansion is brewing.

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Bitcoin Bears Crushed: $100M In Crypto Shorts See Flush As BTC Breaks $63,000

Data shows the cryptocurrency derivatives market has registered significant liquidations after the Bitcoin rally above the $63,000 mark. Bitcoin Rally Has Resulted In Short Liquidations On Derivatives Market According to data from CoinGlass, the latest volatility in the cryptocurrency market has led to large liquidations on the derivatives side. “Liquidation” here naturally refers to the process that any open contract undergoes where its platform forcibly closes it off after it has amassed losses of a certain degree. Related Reading: Bitcoin Recovery Stalls As HODLers Apply Selling Pressure The table below shows how the derivatives liquidations have looked during the last 24 hours: It would appear that the cryptocurrency derivatives market has registered total liquidations of $126 million in the past day. Out of these, almost $101 million of the contracts were short ones. This figure is equivalent to more than 80% of the total, implying that these investors betting on a bearish outcome for the market were the most heavily affected by the latest volatility. This naturally makes sense, as assets across the sector have seen green returns in this window, led by Bitcoin’s rally. A mass liquidation event like this latest one is popularly called a “squeeze“, and as shorts were the side that contributed to a majority of these liquidations, the squeeze would be known as a “short squeeze.” During a squeeze, liquidations end up feeding further into the price move that caused them, thus unleashing a cascade of further liquidations. As such, the sharp price surge in the past day would in part be fueled by the short squeeze. Related Reading: Bitcoin Crash Forced Weak Hands Into Largest Loss-Taking Since 2022 Lows: Report As for the breakdown of this latest squeeze for the various symbols, it would seem like Bitcoin has come out on top like usual with around $45 million in liquidations. Ethereum (ETH) and Solana (SOL) have made up the rest of the top three with $24 million and $8 million in liquidations, respectively. Interestingly, while most of the sector has seen the dominance of short liquidations, XRP (XRP) on fourth has seen longs edge out instead. This may be down to the fact that the coin has overall only moved sideways while the rest have rallied. BTC Has Managed To Reclaim The $62,000 Support Level With the latest rally, Bitcoin has been able to make some significant recovery, with its price even briefly surging above the $63,000 level earlier in the day. The chart below shows what the coin’s surge has looked like: According to data from the market intelligence platform IntoTheBlock, Bitcoin is now floating above the significant on-chain support level of $62,000. “While resistance is strong above, enough bullish momentum can prevent selling pressure,” notes the analytics firm. Featured image from Dall-E, CoinGlass.com, IntoTheBlock.com, chart from TradingView.com

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Crypto Analyst Says Bitcoin Will Rise To $79,600 If This Holds

An analyst has explained how Bitcoin will “likely rise to test” the $79,600 level if BTC can hold above this important level of a pricing model. Next Bitcoin MVRV Pricing Band Is Currently Valued At $79,600 In a new post on X, analyst Ali Martinez has talked about where BTC’s next destination could be based on an on-chain pricing model. The model uses the popular “Market Value to Realized Value” (MVRV) indicator. This metric tells us how the value that the Bitcoin investors hold right now (that is, the market cap) compares against what they put in (the realized cap). Related Reading: Ethereum Investors Take On Sky-High Leverage: Brace For Volatile Storm? When the value of this indicator is greater than 1, it means that the holders as a whole are carrying a value higher than their initial investment; that is, they are in net profits. On the other hand, the MVRV being less than this threshold implies that the overall market is underwater at the moment. There are a couple of pricing models based on this metric, but in the context of the current discussion, the “MVRV extreme deviation pricing bands” are of interest. This model’s standard deviations around the MVRV mean signify the relevant price levels. Below is a chart that shows how these levels currently look for Bitcoin. As the graph shows, Bitcoin is currently trading above the +0.5 pricing band. At the price level corresponding to this 0.5 level ($66,800 right now), BTC’s MVRV value becomes 0.5 standard deviations above its mean value. According to this model, the next level of interest is the +1, where the MVRV is 1 standard deviation over its mean. The price level at which the MVRV ratio would satisfy this condition is $79,600. Historically, tops in the cryptocurrency have tended to form when the price breaches past this MVRV pricing band level. From the chart, it’s visible that BTC surpassed this level earlier in the year when it set its new all-time high, which continues to be the peak of the rally so far. Related Reading: Bitcoin Realized Volatility Showing Very Rare Trend: What Could Be Next Ali suggests that if Bitcoin can continue to hold above $66,800 (the +0.5 pricing band level), the asset will “likely rise to test the 1.0 pricing band at $79,600.” A potential rally to this level would imply an increase of more than 14% for BTC from its current price. Why do tops tend to be more probable to happen above the +1 MVRV pricing band? The reason could lie in the fact that when the MVRV attains values this high, the investors are holding considerable profits, so they are more likely to participate in a mass selloff. BTC Price Bitcoin witnessed a retest of the +0.5 pricing band earlier, but the level has continued to hold so far, as the coin has rebounded to $69,500 since then. Featured image from Dall-E, Glassnode.com, chart from TradingView.com

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