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Cryptocurrency News Articles
Bitcoin (BTC) Halving Is Long Gone, but Analysts Remain Expectant of the Traditional Market Bull Run by the Largest Digital Asset
Sep 29, 2024 at 03:00 am
In what has been an “unusual” September, Bitcoin (BTC) has now recorded another positive weekly performance. According to data from CoinMarketCap, the maiden cryptocurrency surged by 5.07% in the last seven days, moving its cumulative gain in this month to 11.30%.
Bitcoin (BTC) has now recorded another positive weekly performance in what has been an “unusual” September.
According to data from CoinMarketCap, the maiden cryptocurrency surged by 5.07% in the last seven days, moving its cumulative gain in this month to 11.30%.
Interestingly, with Bitcoin halving now in the past, analysts remain highly expectant of the traditional market bull run by the largest digital asset.
BTC Price Could Hit $290,000 In Next Bull Run – Crypto AnalystIn an X post on Friday, popular analyst Crypto Rover predicted BTC will hit a $290,000 price mark in the upcoming bull run.
This price projection aligns with previous statements by analysts who anticipated a six-figure price target for BTC following the introduction of the Bitcoin spot ETFs which signifies increased institutional demand for the crypto market leader.
Notably, BTC has been trading within the $55,000 – $70,000 range for the last seven months, which signifies a state of consolidation. According to Crypto Rover, following a breakout from this current sideways movement, Bitcoin is set to enter the “banana zone” i.e. the phase of astronomical price growth, as observed 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 representing a 339.39% gain on the asset’s current price.
For many crypto enthusiasts, it is likely that the much-anticipated breakout will occur in the fast-approaching weeks as Bitcoin has now formed an inverse head and shoulders pattern as highlighted by Crypto Rover in another post.
To explain, the inverse head and shoulders pattern is a common bullish indicator of potential reversals of a downtrend. 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 bolstered 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 Stablecoin Ratio Shows Bullish SignalIn more positive news for the Bitcoin community, the Bitcoin Exchange Stablecoin Ratio is currently indicating a buy signal. According to the CryptoQuant analyst (EgyHash) , this metric which measures BTC reserves (in USD) to the combined stablecoin reserves on exchange is currently at the low levels last seen at the start of 2024.
EgyHash explains that a low ratio indicates traders have an increased buying power due to high stablecoin holdings which could translate into investments in Bitcoin, thus resulting in a price gain. Therefore, the current low Bitcoin Exchange Ratio adds to the list of bullish signals for Bitcoin investors.
At the time of writing, the premier cryptocurrency continues to trade at $66,064 with a 1.14% gain in the last day. Meanwhile, Bitcoin’s daily trading volume is down by 12.92% and valued 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!
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- Understanding Sweepstakes Casinos: The Role of Sweeps Coins and Gold Coins
- Sep 29, 2024 at 06:20 am
- Sweepstakes casinos are fundamentally dual-currency systems, with Sweeps Coins being the main money utilized. In this article, we will be discussing what the Sweeps Coins are, how they work, promos, and so on.
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- Shiba Inu (SHIB) Beats Bitcoin (BTC) and Dogecoin (DOGE) in YTD Gains as Crypto Market Surges
- Sep 29, 2024 at 06:20 am
- The latest uptick expanded SHIB's year-to-date gains to 85%, beating coins with higher market capitalizations like Bitcoin and Dogecoin.
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- Notcoin (NOT) Attracts Investors' Interest with Impressive Price Performance, Analyst Predicts It Will Hit $0.014 If Buying Pressure Persists
- Sep 29, 2024 at 06:20 am
- Telegram-based cryptocurrency Notcoin has attracted investors' interest in the last 24 hours with impressive price performance.
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- Elon Musk's Tesla and SpaceX Now Hold $1.3 Billion Worth of Bitcoin (BTC) in Reserves
- Sep 29, 2024 at 06:20 am
- On-chain data analytics platform Arkham Intelligence recently disclosed the combined Bitcoin holdings owned by Elon Musk's firms, Tesla (NASDAQ:TSLA) and SpaceX.
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- CYBRO Presale Achieves $2.5 Million Milestone: A One-in-a-Million Investment Opportunity
- Sep 29, 2024 at 06:15 am
- CYBRO is capturing the attention of crypto whales as its exclusive token presale quickly surges above $2.5 million. This cutting-edge platform offers investors unparalleled opportunities to maximize their earnings in any market condition.
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- Which Crypto is the Best Buy in 2024? Notcoin, Ethereum, or BlockDAG
- Sep 29, 2024 at 06:15 am
- Over the last four months, Notcoin has witnessed a dramatic 75% fall in price, sparking concern among its investors. This drop, paired with a marked reduction in network activity, has stirred unease.
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- Bitcoin (BTC) Looks Solid to Reach $100k but Needs to Breach $68k Resistance Level
- Sep 29, 2024 at 06:15 am
- After Bitcoin (BTC) claimed its all-time high of above $73000 in early 2024, most investors have set their target on the $100000 mark as the next
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- Analyst Predicts Bitcoin (BTC) Will Hit $290,000 Price Mark In The Upcoming Bull Run
- Sep 29, 2024 at 06:15 am
- In what has been an “unusual” September, Bitcoin (BTC) has now recorded another positive weekly performance.
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- Dogecoin Co-Founder Billy Markus Reacts to a Take on Ethereum Price
- Sep 29, 2024 at 06:15 am
- As one of the most prominent figures in the meme coin space, Markus often engages with the broader crypto community, offering his witty takes