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Cryptocurrency News Articles
Analyst Predicts Bitcoin (BTC) Will Hit $290,000 Price Mark In The Upcoming Bull Run
Sep 29, 2024 at 03:00 am
In what has been an “unusual” September, Bitcoin (BTC) has now recorded another positive weekly performance.
After an “unusual” September, Bitcoin (BTC) has recorded another positive weekly performance.
According to CoinMarketCap data, the primary cryptocurrency surged by 5.07% in the last seven days, bringing its cumulative gain this month to 11.30%. Notably, with Bitcoin halving now in the past, analysts are still expecting the traditional market bull run for the largest digital asset.
BTC consolidates, gathering momentum for breakout
In an X post on Friday, popular analyst Crypto Rover predicted that BTC will hit a $290,000 price point in the upcoming bull run.
Interestingly, this price projection aligns with previous statements from analysts who set a six-figure price target for BTC following the introduction of Bitcoin spot ETFs, which indicates increased institutional demand for the crypto market leader.
Over the last seven months, BTC has been moving within a range of $55,000 - $70,000, which represents a consolidation state. According to Crypto Rover, after breaking out of this current sideways movement, Bitcoin is expected to enter the “banana zone,” a phase of extreme price growth, as seen in previous bull cycles.
The crypto analyst predicts that during this period, which typically lasts for 12-18 months, BTC could trade as high as $290,000, marking a 339.39% increase from the asset's current price.
For many crypto enthusiasts, it is likely that the much-anticipated breakout will occur in the coming weeks as Bitcoin has now formed an inverse head and shoulders pattern, as highlighted by Crypto Rover in another post. To clarify, the inverse head and shoulders pattern is a common bullish indicator of potential downtrend reversals. If the price breaks above the neckline with significant volume, it indicates a shift to bullish control.
These sentiments on a price breakout are further strengthened by the upcoming Q4, which has proven to be the most bullish period for Bitcoin, with an average gain of 88% over the last 11 years.
Bitcoin Exchange Stablecoins Ratio indicates a buy signal
In more positive news for the Bitcoin community, the Bitcoin Exchange Stablecoin Ratio is currently indicating a buy signal. According to a CryptoQuant analyst known as EgyHash, this metric, which measures BTC reserves (in USD) relative to the combined stablecoin reserves on exchanges, is currently at the low levels last seen in early 2024.
EgyHash explains that a low ratio indicates that traders have increased buying power due to high stablecoin holdings, which could translate into investments in Bitcoin, leading to a price increase. Therefore, the current low Bitcoin Exchange Ratio adds to the bullish signals for Bitcoin investors.
At the time of writing, the premier cryptocurrency is trading at $66,064, up 1.14% in the last 24 hours. Meanwhile, Bitcoin's daily trading volume is down 12.92% at $32.01 billion.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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