As market sentiment continues to tilt towards the bullish side, Bitcoin (BTC) price also appears to be following suit. With an 8.50% increase in the past seven days, the cryptocurrency is targeting levels that could bring substantial profits to its holders.
As such, this on-chain analysis explains how this potential price increase could precede a new all-time high (ATH) before the next quarter ends.
Bitcoin em bull run?
According to crypto asset management firm 10x Research, Bitcoin is gearing up for an explosive move. However, in its weekly report dated September 22, 10x Research stated that the asset needs to retest two key levels before the prediction can be validated.
âThe two key levels to watch in Bitcoin are the previous cycle high of $68,330 and the 21-week moving average. A break below the moving average could signal the end of the current cycle, while a break above it â especially if the previous cycle high comes into play â could indicate an extension,â Thielen wrote in the report.
Supporting the thesis, the firm notes that liquidity in the broader crypto market is reaching new highs, meaning BTC could benefit from the inflow of new capital.
Crypto market liquidity. Source: 10x Research
Based on data from IntoTheBlock, Bitcoinâs potential run to $68,000 could unlock long-sought profits. Using Global In/Out of Money (GIOM), it can be seen that over 4 million addresses holding 2.14 million BTC at an average price of $67,694 are at a loss.
With the aforementioned bullish outlook, the cryptocurrency could be poised to extend gains for these holders. Thus, a run to $68,000 could translate into $145 billion in gains and make almost all holders profitable.
GIOM for Bitcoin (BTC). Fonte: IntoTheBlock
Read more: Top 5 Most Secure Bitcoin Wallets of 2024
Price forecast
On the weekly chart, Bitcoinâs recent price rally has formed a flag pattern. A sharp rally forms the âflagpole,â followed by a brief consolidation between two parallel trendlines, signaling the possible continuation of the uptrend.
Currently, the price is trading at $63,447. The bullish outlook is strengthened by the support level holding at $55,016. For the rally to continue, Bitcoin needs to break the resistance at $64,196. If successful, the next target could be above its all-time high, potentially reaching $76,035.
Bitcoin (BTC) Chart on TradingView
However, if Bitcoin faces rejection at this resistance, a downward movement could follow. In this case, the bullish forecast could be invalidated, and the price could retreat to $55,000.
The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.