- The price of BTC has risen by more than 3% in the past 24 hours.
- Most metrics and indicators were bullish on the coin.
Bitcoin [BTC] has shown signs of recovery after several weeks when it crossed the $60,000 mark. While this development seemed optimistic, the latest analysis suggested that BTC could reach new highs in 2024. Let’s take a look at BTC’s stats to see if that’s likely to happen.
Bitcoin’s Road to New Highs
CoinMarketCaps facts revealed that the price of the king of crypto has risen by more than 3% in the past 24 hours, pushing it past the $60,000 mark once again. At the time of writing, BTC was trading at $60,172 with a market cap of over $1.17 trillion.
Thanks to that, more than 83% of BTC investors made profits.
Things could get even better in the coming days, as Titan of Cryptos, a popular crypto analyst, posted tweet point to an interesting development. According to the tweet, a rectangular, descending, wider wedge pattern appeared on BTC’s chart.
If BTC tests the pattern, the recent price surge could be just the start of a massive rally. In fact, the upcoming rally could push BTC to $88,000 in September. If that actually happens, 100% of BTC investors will make a profit.
Source:
Is Bitcoin ready for a pump?
Since the analysis revealed the possibility of a massive bull rally, AMBCrypto planned to take a look at the statistics to find out what they suggest.
Our analysis of CryptoQuant’s facts revealed that the net deposits of BTC on the exchanges were lower compared to the average of the past seven days. This means that the buying pressure on the currency was high.
The binary CDD was green, indicating that long-term holders’ moves over the past seven days were lower than average. They have a motive to hold on to their coins.
Moreover, the miners also showed confidence in BTC. This was reflected in the fact that the Miners’ Position Index (MPI) was green, indicating that miners were selling fewer assets compared to the annual average.
Source: CryptoQuant
We then looked at the coin’s daily chart to see what market indicators were suggesting. We found that most indicators were in favor of the bulls, pointing to continued price appreciation.
Read Bitcoins [BTC] Price prediction 2024-2025
For example, the MACD showed a bullish crossover. The Relative Strength Index (RSI) registered an increase.
A similar upward trend was also noted on the coin’s Chaikin Money Flow (CMF) chart, suggesting that BTC could continue to increase its value and reach a new high by September.
Source: TradingView