Ethereum

Solana

Bitcoin

Dogecoin

Shiba Inu

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>A key indicator suggests that Bitcoin (BTC) could potentially reach above $90k.</li> 
 <li>If BTC hits an all-time high, other altcoins such as Ethereum (ETH) and Solana (SOL) are expected to follow suit.</li> 
</ul>  
<p>Bitcoin enthusiasts have been buzzing with optimism as the digital currency’s price shows an uptrend, sparking hopes of it reaching an all-time high.</p> 
<p>In an attempt to understand the potential trajectory of the crypto market, several indicators and metrics have been analysed.</p> 
<h2 id="bitcoin-s-potential-rise">Bitcoin’s Potential Rise</h2> 
<p>Bitcoin bulls have been pushing the cryptocurrency towards the $70k mark. As this value is much closer to its all-time high, there’s a possibility that BTC could retest that mark or even surpass it.</p> 
<p>At the time of writing, BTC was trading at $69,630.41 with a market capitalization of over $1.37 trillion, showing a rise of more than 2% in the last 24 hours.</p> 
<p>Data from Glassnode reveals an indicator suggesting that Bitcoin might well reach a new high. The Pi Cycle Top indicator suggests that BTC’s price is close to its potential market bottom, indicating a possible market top of $98k.</p> 
<h2 id="market-indicators-and-impact">Market Indicators and Impact</h2> 
<p>Analysis of CryptoQuant’s data shows that BTC’s net deposit on exchanges is dropping, indicating a rise in buying pressure. Additionally, Bitcoin miners seem to be holding onto their assets, selling fewer holdings compared to the one-year average.</p> 
<p>However, not all indicators are optimistic. BTC’s NVT ratio has seen a sharp increase, suggesting overvaluation and potential price corrections.</p> 
<p>Furthermore, BTC’s Fear and Greed Index stands at 71%, indicating a “greed” phase in the market, which often precedes a price correction.</p> 
<p>If BTC does reach an all-time high, it’s likely to impact the entire crypto market. Historically, altcoins tend to follow Bitcoin’s price trend. Top altcoins like <a href="https://coineagle.com/price/ethereum/">Ethereum (ETH)</a> and Solana (SOL) are showing promising performance. However, popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) are not currently following this trend.</p>

Anticipating a Record-Breaking Week in Crypto: Bitcoin Prepares for All-Time High

Table of Contents

CoinEagle.com

Andre artikler udgivet 30. jul. 2024

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