As market sentiment continues to shift towards the bullish end, Bitcoin (BTC) price also appears to be towing the same path. With an 8.50% increase in the last seven days, the cryptocurrency is eyeing levels that could bring in substantial profits for its holders.
Beyond that, this on-chain analysis explains how this potential price surge could precede a new all-time high before the next quarter winds down.
Bitcoin Gives Bull Run Alert
According to crypto asset management firm 10x Research, Bitcoin is preparing for an explosive move. However, in its weekly report dated September 22, 10x Research stated that BTC needs to retest two key levels before the prediction can be validated.
“The two key levels to watch for Bitcoin are the previous cycle high of $68,330 and the 21-week moving average. Dropping below the moving average could signal the end of the current cycle, while breaking above it— especially if the previous cycle high comes into play — could indicate an extension,” Thielen wrote in the report.
Interestingly, this forecast is in line with BeInnCrypto’s prediction last week that Bitcoin price is set for a new all-time high. Backing up the thesis, the firm notes that the broader crypto market liquidity is hitting new highs. As such, BTC could gain from the influx.
Read more: 7 Best Crypto Exchanges in the USA for Bitcoin (BTC) Trading
Based on IntoTheBlock’s data, Bitcoin’s potential run to $68,000 could unleash profits not seen in a long time. Using the Global In/Out of Money (GIOM), BeInCrypto observes that over 4 million addresses holding 2.14 million BTC at an average price of $67,694 are in losses.
With Bitcoin’s bullish outlook, the coin could be set to extend gain for these holders. Thus, a rally to $68,000 could translate to $145 billion in gains and make almost every Bitcoin holder profitable.
“Several factors support this potential surge: wallets holding over $10K in BTC have grown from 3.1 million to 3.45 million; post the Fed’s 50 BPS rate cut, demand is increasing; and strong consolidation is visible on weekly charts. Additionally, post-Bitcoin ETF approval, the $48K-$50K level has become a strong support zone, with the market consolidating firmly above these levels, further indicating the potential for a sustained bullish trend,” Cypher Capital Investment Lead Harsh Agarwal told BeInCrypto.
BTC Price Prediction: $76,000 Nearby
On the weekly chart, Bitcoin’s recent price surge has formed a bullish flag pattern. A steep rise forms the “flagpole,” followed by a brief consolidation between two parallel trendlines, signaling the potential continuation of the uptrend.
Currently, Bitcoin is trading at $63,447. The bullish outlook strengthens with the support level holding at $55,016. For the rally to continue, Bitcoin needs to break through the $64,196 resistance. If successful, the next target could be above its all-time high, potentially reaching $76,035.
“It was six months ago that bitcoin flirted with $74K when it was buoyed by ETF momentum, and while it’s drawn down a little since, it’s remained within catching distance of that price point. Before it can get there, though, $64K has proven to be a key resistance zone and it remains to be seen whether BTC can convincingly break through this barrier. If it does, the ascent to $74K should be much smoother and beyond that we’re into uncharted territory,” Velar CEO & Co-founder Mithil Thakore shared with BeInCrypto.
Read more: How To Trade Bitcoin Futures and Options Like a Pro in 2024
However, if Bitcoin faces rejection at this resistance, a downward move could follow. In such a case, the bullish prediction may be invalidated, and the price could retreat back to $55,000.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
