Bitcoin (BTC) has reached a local top around $73,000 following an impressive rally in the first half of 2024. The flagship cryptocurrency is now signaling further consolidation in the coming months before an anticipated bullish breakout. Last week, Bitcoin closed with a hammer candlestick pattern, indicating that sellers are losing momentum.
In a positive development, US spot Bitcoin ETFs have seen five consecutive days of small cash inflows after a period of notable outflows. This shift in ETF flows could be an early indicator of renewed investor interest and confidence in the market.
According to on-chain analysis firm CryptoQuany, the 60-Day Realized Market Capitalization Variance (RCV) metric is crucial for understanding the current state of the Bitcoin market. The RCV metric measures the two-month change in the realized cap relative to Bitcoin’s market value, providing valuable insights for long-term decision-making.
The RCV metric suggests that Bitcoin has entered a risk zone. However, a possible demand surge around the 0.50 level could mirror the 2017 market behavior, potentially setting a new long-term high for Bitcoin.
Prominent crypto analyst Aurelien Ohayon, creator of the XOR automated trading machine, believes that Bitcoin’s price is gradually mirroring the 2017 macro bull market. Ohayon is confident that Bitcoin will experience a bullish breakout towards a new all-time high (ATH) in October.
Historically, October has shown a strong bullish trend, even during bear markets, earning it the nickname ‘Uptober’. In this upcoming bullish phase, Ohayon has set a long-term Bitcoin price target of beyond $500,000.
$500k Bitcoin? Too optimistic, or just the beginning? Let’s hear your predictions!
Solana (SOL) saw a massive jump in open interest during July, rising by over 370%,…
Cardano (ADA) is showing signs of weakness as its long/short ratio drops, signaling a surge…
With XRP struggling to hold key support and whales quietly loading up, all eyes are…
Ozak AI is catching serious attention as it pushes deeper into its 4th presale stage.…
Michael Saylor is doubling down on Bitcoin again. In a recent CNBC interview, he hinted…
Early investors in Shiba Inu and Pepe Coin saw life-changing returns. Now, ChatGPT and other…
