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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Snoop Dogg’s Telegram NFT Drop Sold Out in Half an Hour

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    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

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  • Guides
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    What Is Copy Trading in Crypto? A Beginner’s Guide

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

  • Metaverse
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    Why a ‘Mobile-First’ Mentality Drove OpenSea’s Latest Acquisition

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    Donald Trump Had Said, ‘The US Government Will Not Sell Cryptocurrency From Now On,’ But Something Strange Is Going On — Onchain Data Shows…

    What are Floki’s Flokitars?

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  • Gaming
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    ChatGPT vs X: Who Sees Crypto Narratives First?

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    Why AAA Game Studios Will Eventually Embrace NFTs

    Blazpay and Onmi AR Unite to Elevate Web3 Gaming Experience

    Blazpay and Onmi AR Unite to Elevate Web3 Gaming Experience

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    Floki’s Valhalla Surpasses 100K Veras Minted Within Days of Launch

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    Gear Runner Integrates with Meta Arena to Deliver Gamified Real-World Activity and Move to Earn for GameFi Fans

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    Less Hype, More Utility: 5 Ways NFTs Are Rebuilding in 2025

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    ‘OpenSeason’ Crypto Game Goes Offline as Devs Pivot to Gambling on Nudity

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    Off The Grid studio unveils Solana cofounder-inspired skin

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  • Blockchain
    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    LFG Boosts Token Launches with Community Power

    Polyhedra Network launches Proof Cloud in open beta

    Polyhedra Network launches Proof Cloud in open beta

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

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  • AI
    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

    ETH Daddy Discusses Ethereum and AI

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    UAE emirate launches new free zone for digital assets, Web3 and AI

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  • Guides
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    What Is Copy Trading in Crypto? A Beginner’s Guide

    A Step-by-Step Guide for Risk-Takers

    A Step-by-Step Guide for Risk-Takers

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

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    Crypto Risk Management Strategies for Trading (2025)

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    What Is Crypto Staking? How to Earn Crypto by Holding It

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    What Is Liquid Staking? How It Works & Why It Matters in Crypto

    What Is Liquid Staking? How It Works & Why It Matters in Crypto

    A Full Comparison of Layer 2 Solutions

    What are Rollups in Crypto? ZK Rollups and Optimistic Rollups Explained

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Dogecoin Bull run

    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

‘Bitcoin’s price can go parabolic and hike by 27% IF these levels…’ – Analyst

September 15, 2024
in Bitcoin
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‘Bitcoin’s price can go parabolic and hike by 27% IF these levels…’ – Analyst
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  • One analyst believes BTC is positioned to revisit its all-time high
  • Significant buying activity from large investors, other key indicators supported this trend

BTC’s recent recovery on the charts has been notable, wiping out previous losses on the charts. In fact, 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%.

More growth could be on the horizon though, especially as further analysis seemed to highlight the potential for new ATHs. 

Is $75,000 coming up next?

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 lately. 

A descending channel on a price chart typically signals potential upward movement due to greater liquidity driving the asset’s price higher.

Source: X

According to Runefelt, the convergence of these levels could propel Bitcoin by 27.10%, reaching the upper edge of the descending channel around the $66,000-mark.

In another analysis by Runefelt, he observed that Bitcoin also formed a descending resistance line.

Breaking this line could lead to significant gains. Runefelt added, 

“It [BTC] could go parabolic.”

Source: X

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.

A spike in whale activity bodes well for BTC

AMBCrypto also discovered a notable hike in whale activity, one characterized by significant fund inflows into the market. This 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. The firm’s latest transactions brought its total holdings to 244,800 BTC – Meaning, unrealized gains of $4.71 billion.

Additionally, 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.

See also  Will Avalanche's ecosystem growth aid AVAX's price?

Whale acquisition such as this is a sign of renewed confidence in the asset. Such confidence tends to increase the demand for the asset, in this case, BTC.

Moreover, there has been a surge in market liquidity through stablecoins. For instance, USDC’s Treasury recently minted 50 million USDC and transferred it to Coinbase, indicating rising demand as market participants look to acquire more.

During this period, there was also a significant transfer of $30,950,165 from Coinbase Institution to Coinbase – Another sign of the underlying demand for liquidity to purchase tokens.

As whale activities persist, retail investors have begun to mirror these buying patterns. In fact, according to Coinglass, Open Interest in BTC had climbed by 5.22% to $31.72 billion at press time – Its highest level since early September.

Source: Coinglass

Should this trend continue, the likelihood of Bitcoin climbing to higher price levels will soon appear increasingly probable.

A new high is close for BTC

Finally, recent data from Coinglass on liquidations suggested that short traders, who bet on the price of BTC falling, have seen major losses. 

In 24 hours alone, $48.81 million out of $55.1 million in short positions were forcibly closed as BTC surged past $60,000. This trend suggested that the market is currently favoring bull over bear traders.

Additionally, there has been a notable decline in BTC supply across various exchanges. In fact, according to IntoTheBlock, the Exchange Netflows for the past seven days revealed a reduction of 9.67k BTC and 4.55k BTC.

A fall in available BTC 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 BTC will see further movement upwards on the charts.

Next: Toncoin surges 25% in a week to leave TON holders 6.2% in profit and…

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • One analyst believes BTC is positioned to revisit its all-time high
  • Significant buying activity from large investors, other key indicators supported this trend

BTC’s recent recovery on the charts has been notable, wiping out previous losses on the charts. In fact, 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%.

See also  MVRV Pricing Bands Suggest Ethereum Cycle Peak Is Still Ahead – Analyst Sets $7,000 Target

More growth could be on the horizon though, especially as further analysis seemed to highlight the potential for new ATHs. 

Is $75,000 coming up next?

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 lately. 

A descending channel on a price chart typically signals potential upward movement due to greater liquidity driving the asset’s price higher.

Source: X

According to Runefelt, the convergence of these levels could propel Bitcoin by 27.10%, reaching the upper edge of the descending channel around the $66,000-mark.

In another analysis by Runefelt, he observed that Bitcoin also formed a descending resistance line.

Breaking this line could lead to significant gains. Runefelt added, 

“It [BTC] could go parabolic.”

Source: X

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.

A spike in whale activity bodes well for BTC

AMBCrypto also discovered a notable hike in whale activity, one characterized by significant fund inflows into the market. This 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. The firm’s latest transactions brought its total holdings to 244,800 BTC – Meaning, unrealized gains of $4.71 billion.

Additionally, 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.

See also  Solana: $110 price predictions gain traction again, here's why

Whale acquisition such as this is a sign of renewed confidence in the asset. Such confidence tends to increase the demand for the asset, in this case, BTC.

Moreover, there has been a surge in market liquidity through stablecoins. For instance, USDC’s Treasury recently minted 50 million USDC and transferred it to Coinbase, indicating rising demand as market participants look to acquire more.

During this period, there was also a significant transfer of $30,950,165 from Coinbase Institution to Coinbase – Another sign of the underlying demand for liquidity to purchase tokens.

As whale activities persist, retail investors have begun to mirror these buying patterns. In fact, according to Coinglass, Open Interest in BTC had climbed by 5.22% to $31.72 billion at press time – Its highest level since early September.

Source: Coinglass

Should this trend continue, the likelihood of Bitcoin climbing to higher price levels will soon appear increasingly probable.

A new high is close for BTC

Finally, recent data from Coinglass on liquidations suggested that short traders, who bet on the price of BTC falling, have seen major losses. 

In 24 hours alone, $48.81 million out of $55.1 million in short positions were forcibly closed as BTC surged past $60,000. This trend suggested that the market is currently favoring bull over bear traders.

Additionally, there has been a notable decline in BTC supply across various exchanges. In fact, according to IntoTheBlock, the Exchange Netflows for the past seven days revealed a reduction of 9.67k BTC and 4.55k BTC.

A fall in available BTC 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 BTC will see further movement upwards on the charts.

Next: Toncoin surges 25% in a week to leave TON holders 6.2% in profit and…
Tags: AnalystBitcoinshikeLevelsParabolicPrice

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Bitcoin above $90K – $5.42 billion in profits despite rising sell pressure means…
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Bitcoin above $90K – $5.42 billion in profits despite rising sell pressure means…

November 16, 2024
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