- The two-week Ichimoku Cloud indicator has predicted potential Bitcoin highs in the fourth quarter
- Institutions and retailers are becoming deeply involved in Bitcoin
Bitcoin (BTC) is once again at the forefront of the crypto market, driving momentum toward a long-awaited bull market.
At the time of writing, Bitcoin was trading at $66,000, sparking excitement about potential new all-time highs (ATHs) in the final quarter of the year. However, here it is worth looking at historical data. Particularly the 2-week Ichimoku Cloud indicator, as it has accurately predicted Bitcoin’s ATHs in previous cycles.
With the current cycle progressing ahead of schedule, there is probably no need to wait for the moving averages to cross. The leading periods show us when this will happen, indicating that a new high could be formed in November.
Source: CryptoCon/X
Many are now wondering if November will be the month Bitcoin reaches new heights. Especially as institutions and traders are keeping a close eye on this timeline.
Repeat of the Covid19 crash pattern
A key factor supporting this possibility is the repeat of the 2019 pattern. The Gaussian channel on the three-day BTC chart has turned red, which has historically only happened twice: during the Covid crash and during phase 2 of the previous Bitcoin bull run.
When this pattern last emerged during Covid 19, it led to a significant rally, pushing Bitcoin to new ATHs. If history repeats itself, Bitcoin could be poised for another major upward move and possibly new highs in November.
Source:
Ultimately, however, market dynamics will determine the outcome, and it remains to be seen whether this pattern will indeed lead to higher prices.
Potential impact of heavily borrowed USDT
Another factor that could push Bitcoin higher is the impact of heavily borrowed USDT. Traders have borrowed large amounts of USDT to buy Bitcoin. However, instead of driving up the price, this initially led to a decline, leaving over-indebted traders with losses.
This type of market behavior often precedes a significant rally. Especially now that retailers are being shaken out by liquidations. If the current trend continues, this will create a perfect preparation for Bitcoin to soar to new highs, possibly in November.
Source: Hyblock Capital
Blackrock continues to buy BTC
Furthermore, BlackRock’s continued accumulation of Bitcoin lends further confidence in the bullish outlook. Earlier this week, BlackRock (IBIT) purchased 4,460 BTC, worth $289 million, increasing its total holdings to over 362,000 BTC.
This was followed by another purchase of 1,434 BTC worth $94.3 million. They recently added another 5,894 BTC, bringing their total holdings to 363,626 BTC, worth $23.68 billion.
BlackRock’s significant and ongoing investments in Bitcoin mean they expect a significant price increase, possibly as early as November.
Source: Lookonchain/X
With historical patterns, market dynamics, and institutional support all aligning, Bitcoin’s price could reach new highs in the near future. The potential for a bullish run remains high, and traders and investors will be keeping a close eye on developments as November approaches.
If these factors come together, Bitcoin could not only reach new ATHs but also establish itself firmly in higher price ranges for the rest of the year.
