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Home»Bitcoin»“Bitcoin Price Could Go Parabolic and Rise 27% IF These Levels…” – Analyst
Bitcoin

“Bitcoin Price Could Go Parabolic and Rise 27% IF These Levels…” – Analyst

2024-09-15No Comments4 Mins Read
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  • One analyst believes that BTC is positioned to reach its all-time high again
  • Significant buying activity from major investors and other key indicators supported this trend

BTC’s recent recovery on the charts has been notable, wiping out previous losses on the charts. In fact, it is now showing strength across all time frames, with traders and investors seeing their portfolios turn positive after a 24-hour gain of 3.42%.

However, more growth could be in store, especially as further analysis appeared to highlight the potential for new ATHs.

Is $75,000 coming now?

That’s what analyst Carl Runefelt says graphicBitcoin’s recent gains followed the recovery from a key support level between $52,250.33 and $50,647.52. This level is significant because it coincides with the bottom of the descending channel that Bitcoin has been trading in lately.

A descending channel on a price chart generally indicates a potential upward move due to increased liquidity driving the asset’s price upward.

Source:

According to Runefelt, the convergence of these levels could propel Bitcoin by 27.10%, reaching the upper edge of the descending channel around $66,000.

In another analysis by Runefelt, he noted that Bitcoin also formed a descending resistance line.

Breaking this line could lead to significant profits. Runefelt added,

“It [BTC] could go parabolic.”

Source:

From the levels indicated on its chart, this breakout could push Bitcoin into the next major liquidity zones between $72,000 and $74,000. Or possibly even higher, depending on market momentum.

A spike in whale activity bodes well for BTC

AMBCrypto also discovered a notable increase in whale activity, which was marked by significant inflows of funds into the market. This could positively impact Bitcoin’s price on the charts.

See also  Bitcoin Price Stabilizes After $64K Peak – But Is Another Rally Coming Soon?

It was a striking transaction The acquisition of MicroStrategy of 18,300 BTC between August 6 and September 12. The company’s latest trades brought its total holdings to 244,800 BTC – meaning an unrealized gain of $4.71 billion.

In addition, other whales have also been active. Recently, one such investor acquired 1,062 BTC, increasing his total holdings to 10,043 BTC worth $603.84 million.

Acquiring whales like these is a sign of renewed confidence in ownership. Such confidence tends to increase demand for the asset, in this case BTC.

Additionally, there has been an increase in market liquidity through stablecoins. Most recently, for example, the USDC Treasury Department beaten 50 million USDC and transferred it to Coinbase, indicating rising demand as market participants look to acquire more.

There was also one during this period significant transfer from $30,950,165 from Coinbase Institution to Coinbase – Another sign of the underlying demand for liquidity to buy tokens.

As whale activity continues, retail investors have begun to mirror these buying patterns. According to Coinglass, BTC Open Interest was up 5.22% to $31.72 billion at the time of writing – the highest level since early September.

Source: Coinglass

If this trend continues, the chances of Bitcoin climbing to higher price levels will soon become more and more likely.

A new high is close for BTC

Finally, recent data from Mint glass liquidations showed that short traders, who bet on the fall in the price of BTC, suffered large losses.

In 24 hours alone, $48.81 million of the $55.1 million in short positions were forced closed as BTC surged past $60,000. This trend suggested that the market currently favors bull traders over bear traders.

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Moreover, there has been a notable decline in BTC supply on several exchanges. In fact, according to IntoTheBlock, the Exchange Netflows over the past seven days revealed a reduction of 9.67k BTC and 4.55k BTC.

A drop in available BTC on exchanges often leads to a supply contraction, which typically drives prices north.

If these metrics remain on their current path, it is likely that BTC will see a further rise on the charts.

Next: Toncoin rises 25% in a week, leaving TON holders with 6.2% gains and…

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Analyst Bitcoin Levels Parabolic Price Rise
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