- A key indicator revealed that BTC could rise above $90,000.
- If BTC reaches an ATH, altcoins like ETH and SOL will likely follow suit.
The recent price increases have raised hopes among investors Bitcoin [BTC] reach a record high.
That’s why AMBCrypto planned to take a closer look at what’s going on, to see what the coming crypto week might look like.
Bitcoin road to an ATH
Bitcoin bulls took control of the market as they pushed BTC towards $70,000. Since this value was much closer to all-time highs, BTC could retest this value this week or even go above it.
According to CoinMarketCapthe price of BTC had risen by more than 2% in the past 24 hours. At the time of writing, BTC was trading at $69,630.41 with a market cap of over $1.37 trillion.
AMBCrypto’s look at Glassnode’s data revealed an indicator that suggested the king of cryptos was highly likely to hit a new high.
BTC’s Pi Cycle Top indicator indicated that BTC’s price was near its possible market bottom.
If the indicator is to be believed, BTC’s possible market top was $98,000, further indicating a breakout above the current ATH.
Source: Glassnode
What statistics suggest
Our analysis of CryptoQuant’s facts revealed that net deposits of BTC on exchanges fell compared to the average of the past seven days. This meant that purchasing pressure increased.
Besides investors, BTC miners were also reluctant to sell their assets. BTC’s Miners’ Position Index indicated that miners sold fewer assets compared to the annual average.
Source: CryptoQuant
However, not everything looked optimistic. The king of cryptos’ NVT ratio registered a sharp increase. A rise in the benchmark means an asset is overvalued, which usually results in price corrections.
If that happens, it could take longer for BTC to reach an ATH.
Source: Glassnode
Additionally, at the time of writing, BTCs Fear and Greed Index had a value of 71%, meaning the market was in a “greed” phase. When the measure reaches that level, it suggests that the likelihood of a price correction is high.
How will the market be affected?
Considering the utopian situation of BTC hitting an ATH this week, there is no doubt that the entire market would be affected.
Historically, altcoins have followed Bitcoin’s price trend most of the time. On this occasion, top altcoins are fun Solana [SOL] showed promising performance as its value rose over 6% last week.
Read Bitcoins [BTC] Price prediction 2024-25
Other top alts such as Ethereum [ETH] also looked bullish. If BTC manages to reach an ATH, these tokens will likely remain bullish as well.
However, top memecoins like Dogecoin [DOGE] And Shiba Inu [SHIB] did not follow the trend, as their weekly charts remained in the red at the time of writing.