- The price of BTC has risen by over 3% in the past 24 hours.
- Most of the indicators and metrics were bullish for the coin.
Bitcoin [BTC] A few weeks later, Bitcoin has surpassed the $60,000 level and is showing signs of recovery. This development looks optimistic, and the latest analysis suggests that Bitcoin could reach new highs in 2024. Let’s take a look at Bitcoin indicators to see if that could happen.
Bitcoin on its way to new heights
CoinMarketCap data Over the past 24 hours, the price of the king of cryptocurrencies, Bitcoin, has risen by over 3% to surpass $60,000 once again. At the time of writing, Bitcoin is trading at $60,172, giving it a market capitalization of over $1.17 trillion.
Thanks to this, over 83% of BTC investors made profits.
As posted by popular crypto analyst Titan of Cryptos, things may get even better in the coming days. Tweet He pointed out an interesting development: According to the tweet, a right-angled descending expanding wedge pattern has appeared on BTC’s chart.
If BTC tests this pattern, the recent price increase could just be the beginning of a massive upswing. In fact, the upcoming rally could see BTC hit $88,000 in September. If that happens, 100% of BTC investors will stand to gain.
Source: X
Is Bitcoin poised to surge?
Since the analysis revealed the possibility of a major bull market, AMBCrypto planned to look at the indicators to see what they could suggest.
CryptoQuant Analysis data It was revealed that net deposits on exchanges for BTC were lower compared to the average over the past seven days, which means buying pressure on the coin was high.
The binary CDD is green, indicating that long term holders have performed below average over the past 7 days, so they have an incentive to hold on to their coins.
Additionally, miners were also feeling confident in BTC, as evidenced by the Miners’ Position Index (MPI) being in the green, suggesting that miners were selling less of their holdings compared to the one-year average.
Source: CryptoQuant
We then looked at the coin’s daily chart to see what the market indicators were suggesting, and we saw that most of the indicators were in favor of the bulls, suggesting that the price rally will continue.
read Bitcoin [BTC] Price Prediction 2024-2025
For instance, the MACD has indicated a bullish crossover, while the Relative Strength Index (RSI) has recorded an upswing.
A similar upward trend was also confirmed on the coin’s Chaikin Money Flow (CMF) chart, suggesting that BTC’s value will continue to rise and could reach new highs by September.
Source: TradingView
