The crypto space is finally on the brink of a massive breakout as the entire market begins with a notable rebound. The assets in the top 10 are slowly gaining bullish momentum and initiating an uptrend to reach their respective targets. Bitcoin price also attempting a firm grip over the bullish trend in order to reach the immediate resistance above $44,000.
The current technical and On-chain conditions are much similar to that of 2013, September/October. The current phase suggests a healthy accumulation phase which may result in a probable breakout very soon.
The above figure showcases the similarity of MCA ( Mean Coin Age) indicators in 2013 to that of 2021. It enables the estimation of the long time holders by calculating the mean of unspent transaction output alive days and its value. The graph formed points out towards the accumulation phase of 2013 which is reaching its peak. Once accumulation is completed, the distribution phase may propel the price to the next highs probably above its ATH.
Bitcoin Netflow From Exchanges & Market Sentiments Are Bullish
As mentioned above the accumulation is showing pretty healthy signs of a massive breakout. And so as the exchange NetFlow, it shows the accumulation in the exchanges is reaching its peak. However, the short term analysis indicates the continuation of a price chop, yet the long term remains extremely bullish.
On the other hand, the holder’s sentiment still remains bullish despite the recent massive sell-off and narrow trend. According to an on-chain platform CryptoQuant, the short term, moderate and long-term holders are accumulating Bitcoin. And hence these traders are slowly increasing their positions keeping the hopes of a bull market alive.
Bitcoin Price Analysis: BTC Price Could Hit $44K
As the bearish September is on the verge of to end and fortunately the crypto space is on the verge to record a flip. Yet the month is not over yet and the uncertainty still prevails through crypto space. The price currently has surpassed $42,000 and attempting very hard to sustain above the levels. However, to reach out to the immediate and strong resistance levels, the price needs to march a little ahead.
The BTC price after successfully breaking the descending parallel channel, ranged a little high and began with a healthy consolidation. To maintain a healthy uptrend, the price needs to sustain above $40,000 and also break the $44,000 pivotal zones at the earliest. And hence re-ignite a super bullish phase that could rally the Bitcoin price above $50,000 in early Q4.