|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin (BTC) Price Action Mirrors 2016 and 2020 Bull Market Cycles, Peter Brandt Predicts ATH Retest Soon
Oct 10, 2024 at 05:02 pm
Onchain data analytics platform CryptoQuant reports that the price of Bitcoin (BTC) is trading at a psychologically important level
Cryptocurrency market analytics platform CryptoQuant has reported on the price movements of Bitcoin (BTC) in relation to key psychological levels. These levels historically serve as indicators of market sentiment and provide insights into BTC’s future price trends.
Currently, BTC is trading within the $62,000 price range as it attempts to find a balance. CryptoQuant’s analysts are closely monitoring this price zone to gauge its impact on BTC’s price trajectory.
CryptoQuant Analyst on Bitcoin (BTC) Price Trend Analysis
CryptoQuant’s analyst, DataScope, provided an analysis of BTC's current price dynamics in relation to its anticipated growth trajectory. According to the analyst, BTC is positioned between a critical psychological turning point and a zone of optimism, based on historical market trends.
This price region marks a crucial stage in Bitcoin’s growth trajectory, where market participants tend to develop either optimistic or pessimistic sentiments based on whether they are in profit. However, as long as BTC price remains within this range, a sharp drop is unlikely.
According to DataScope, Bitcoin tends to experience a strong upward trend after crossing the psychological turning point, based on observations from previous bull markets.
Another key factor in this analysis is the “Supply in Profit” metric, which indicates the proportion of Bitcoin supply that is being held for a profit. This metric also contributes to the potential rally support. According to DataScope, BTC price is now testing this optimism zone.
Bitcoin price movements following the HBO documentary and volatility risks
Back in 2008, Satoshi Nakamoto created Bitcoin (BTC) and launched it in 2009 before vanishing from the internet completely in 2011.
Over the years, many have tried to track him down and reveal his identity, and several individuals have even come forward claiming to be the BTC creator. However, based on the evidence gathered so far, the true Satoshi identity remains a mystery.
Now, a new HBO documentary claims to have uncovered the name of the Bitcoin founder.
This is easily one of the hottest topics being discussed in the crypto market over the last few days. The HBO documentary, which became available on Tuesday, points to Peter Todd as being Satoshi Nakamoto, a claim that Todd himself has denied on X.
Unsurprisingly, Bitcoin is reacting to the recent speculations about Satoshi Nakamoto's identity, and it appears that the speculations are having a negative impact on BTC's price.
In the last 24 hours, BTC’s price has decreased by 1.5%, trading at $61,741. During this same period, trading volume went down by 13%, indicating pessimism among investors.
Will Bitcoin Retest ATH Soon? Legendary Trader Has Bullish Outlook
Despite Bitcoin's bearish outlook, legendary trader Peter Brandt has expressed bullish sentiments for the leading coin. In an X post, Brandt is optimistic that BTC will soon reach a new all-time high (ATH) of over $73,750. His prediction is based on Bitcoin's performance following the April halving event.
According to Brandt, Bitcoin tends to experience upticks in the second half of halving cycles. As a result, if historical trends continue, he believes BTC is on track to reach a new ATH this year. In his X analysis, Brandt sets a bullish Bitcoin target of $135,000 by August to September 2025.
However, he does note that if BTC price corrects to below $48,000, his analysis will be invalidated.
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.
-
- Rexas Finance (RXS), Solana (SOL), and Ripple (XRP) Capture Whales’ Attention After a Billionaire Investor Entered the Cryptocurrency Space
- Oct 10, 2024 at 08:10 pm
- After Rexas Finance sold out of its Stage 3 presale earlier than predicted, major investors noticed this innovative platform that emphasizes tokenizing real-world assets (RWAs).
-
- DTX Exchange (DTX) Ready For Mutibagger Rally, SUI Blockchain (SUI) Faces Rejection From March High, and Ripple (XRP) Weakest Coin In The Market?
- Oct 10, 2024 at 08:10 pm
- One of the best ways to track potential cryptos is to find where the smart money guys are investing. Smart money is usually fund houses
-
- Rexas Finance (RXS): A Promising Utility Token Poised to Challenge Solana (SOL) and Ethereum (ETH)
- Oct 10, 2024 at 08:10 pm
- As the cryptocurrency market gears up for the next rally, Rexas Finance (RXS) stands out as a formidable contender poised to challenge the dominance of Solana (SOL) and Ethereum (ETH).