According to leading market analysts, Bitcoin (BTC), is displaying strong signs that a price increase will soon occur. These factors include a convergence of positive indicators in Bitcoin’s favor. But after a 6-month low BTC’s value has fluctuated between $58,000 and $62,500 for the last seven days, compared to $49,000 on 5 August.
Despite the fact that digital assets are poised to break out in a major way, it is possible for the recent dips below the highs reached by the markets largest asset, $73,7000.
The Bitcoin rally could be 2-3x bigger than expected.
Jamie Coutts is a Technical Analyst and he has highlighted this. “first bullish regime signal” For his “composite global liquidity momentum model” The largest crypto on the marketplace could see massive gains in the coming years.
Recent studies have shown that the number of people who are able to speak English is increasing. social media post Coutts, on X, formerly Twitter, noted that Bitcoin had risen 75% between November 2023 and April 2024, before the trend reversed. BTC also fell 25% since its highs of earlier in the month.
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Coutts says that the surge in global liquidity is driving the Bullish Signal. The Bank of Japan, and People’s Bank of China have added $400 billion, and $97 billion, to their respective balance sheets during the last month.
Coutts says this coordinated move is also a response to the recent sharp fall in US dollars. central bank Action, most likely done with Federal Reserve’s consent (Fed), is setting the stage for Bitcoin to take off. next leg up.
“For BTC to meet this target, the DXY must be well below 101, prompted by ongoing central bank injections. This would push global M2 well over $120T this cycle,” Coutts predicted that Bitcoin would rise by 2-3 times its current value.
Comparison of previous market cycles Coutts says that, like 2017, where BTC rose 19x, and then 6x, to 2020, he believes another 2-3 time increase is possible, which will more than double current high of $75,700, aiming the Bitcoin price at $177,000.
Growing ‘HODL’ Trend
Crypto analyst Ali Martinez is also adding to the bullish sentiment. observed Bitcoin investors have shifted from distribution towards accumulation.
Nearly 300,000 BTC were added to the long-term portfolios of HODLers over the last three month, a signal that their conviction is growing.
The largest cryptocurrency currently on the market trades at $59.330. This is up only 0.6% over the past 24 hours after a recent low of $57,700.
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The question is, will they? macroeconomic conditions This will likely fuel a new upward trend for the overall crypto markets. BTC bulls should be able to capitalize on it, break through higher resistance levels and test BTC’s major obstacle of $70,000.
Image from DALLE and chart by TradingView.com
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Source: www.newsbtc.com