Carl

Bitcoin

USDC

mirror

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s recent recovery and potential for new all-time highs are supported by significant buying activity and other key indicators.</li>
 <li>Increased whale activity and a surge in market liquidity through stablecoins are positive signs for Bitcoin’s price.</li>
</ul>
<p>Bitcoin’s recent recovery on the charts has been remarkable, erasing previous losses. It’s now showing strength across all timeframes, with traders and investors seeing their portfolios turn positive following a 24-hour hike of 3.42%.</p>
<p>More growth could be on the horizon, especially as further analysis seemed to highlight the potential for new all-time highs.</p>
<h2 id="analysis-predicts-further-bitcoin-growth">Analysis Predicts Further Bitcoin Growth</h2>
<p>According to analyst Carl Runefelt’s chart, Bitcoin’s recent gains followed its rebound from a major support level between $52,250.33 and $50,647.52. This level is significant as it coincides with the bottom of the descending channel in which Bitcoin has been trading.</p>
<p>A descending channel on a price chart typically signals potential upward movement due to greater liquidity driving the asset’s price higher. Runefelt suggests that the convergence of these levels could propel Bitcoin by 27.10%, reaching the upper edge of the descending channel around the $66,000-mark.</p>
<p>In another analysis, Runefelt observed that Bitcoin also formed a descending resistance line. Breaking this line could lead to significant gains. From the levels indicated on his chart, this breakout could push Bitcoin to the next major liquidity zones between $72,000 and $74,000, or potentially even higher, depending on the market momentum.</p>
<h2 id="whale-activity-and-market-liquidity">Whale Activity and Market Liquidity</h2>
<p>A notable hike in whale activity, characterized by significant fund inflows into the market, can positively affect Bitcoin’s price on the charts. A standout transaction was MicroStrategy’s acquisition of 18,300 BTC between 6 August and 12 September.</p>
<p>Other whales have also been active. Recently, one such investor acquired 1,062 BTC, increasing their total holdings to 10,043 BTC worth $603.84 million. These acquisitions are a sign of renewed confidence in the asset, which tends to increase the demand for Bitcoin.</p>
<p>There has also been a surge in market liquidity through stablecoins. For instance, USDC’s Treasury recently minted 50 million USDC and transferred it to Coinbase. During this period, there was also a significant transfer of $30,950,165 from Coinbase Institution to Coinbase, indicating rising demand for liquidity to purchase tokens.</p>
<p>As whale activities persist, retail investors have begun to mirror these buying patterns. Open Interest in Bitcoin had climbed by 5.22% to $31.72 billion at press time, its highest level since early September. If this trend continues, Bitcoin climbing to higher price levels will soon appear increasingly probable.</p>
<p>There has also been a notable decline in Bitcoin supply across various exchanges. A fall in available Bitcoin on exchanges often leads to a supply squeeze, which typically drives prices north. If these metrics continue on their current path, it is likely that Bitcoin will see further movement upwards on the charts.</p>

Analyst Predicts Bitcoin Price Could Soar 27% to New Highs Upon Hitting Certain Levels

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CoinEagle.com

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