- Bitcoin registered double-digit growth over the past seven days.
- The market indicators remained bullish on the king of cryptos.
Bitcoin [BTC] has remained bullish over the past week as the weekly and daily charts were both green. Things could get even better for the king of cryptos if he manages to stay above a critical point before the end of this week.
Let’s see what the stats suggest regarding BTC closing above that level.
Bitcoin’s path to $100,000
CoinMarketCaps facts revealed that the price of BTC has risen by more than 11% in the past seven days. The daily price chart of the king of crypto also remained green.
At the time of writing, BTC was trading at $66,998.13 with a market cap of over $1.32 trillion.
As BTC bulls pushed the coin’s price higher, Titan of Cryptos, a popular crypto analyst, recently posted tweet reveal an interesting update.
According to the tweet, if Bitcoin manages to close above $65.1k this week, it could trigger yet another bull rally. If that happens, expecting BTC to reach $100,000 in the coming days or weeks is not a gamble.
Source:
The possibility of BTC reaching $100,000 did not seem very ambitious as a key indicator also pointed to that possibility.
AMBCrypto’s look at BTC’s Pi Cycle top indicator revealed that BTC’s price was finally trading above its market bottom. If the indicator is to be believed, BTC’s possible market top would be $96.4k.
Source: Glassnode
Will BTC maintain its bullish momentum?
AMBCrypto then checked CryptoQuant’s facts to see if the metrics supported the possibility of continued bullish price action. According to our analysis, BTC’s foreign exchange reserve fell, meaning selling pressure on the currency was low.
Both active addresses and transactions have also increased over the past 24 hours, which can be considered bullish.
Moreover, miners also had confidence in BTC. This was reflected in the green Miners’ Position Index (MPI), meaning miners sold fewer assets compared to their annual average.
However, the aSORP was red, indicating that more investors were selling at a profit. In the middle of a bull market, this could indicate a market top.
Source: CryptoQuant
At the time of writing, BTCs fear and greed index had a score of 72%, meaning the market was in a ‘greed’ phase. When the measure reaches this level, it suggests that the likelihood of a price correction is high.
Read Bitcoins [BTC] Price prediction 2024-25
To see if that’s possible, AMBCrypto then checked BTC’s daily chart. Contrary to the above figures, market indicators remained bullish.
For example, BTC’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) recorded increases, indicating continued price appreciation.
Source: TradingView
