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

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

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

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Researchers Use AI to Reconstruct 3,000-Year-Old Babylonian Hymn

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    The Next Big BTC Innovation After Ordinals and Runes?

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    WizoLayer Partners with KingdomStarter to Revolutionize Web3 Gaming and DeFi

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    Former Riot, Blizzard Game Developers Raise $30.5M to Build AAA Shooter on Etherlink, Tezos L2

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    EverQuest, Planetside Co-Creator Reveals Open-World Shooter Game ‘Reaper Actual’

    Floki’s Valhalla to Take Over Delhi NCR with Real World Campaign

    Floki’s Valhalla to Take Over Delhi NCR with Real World Campaign

    Moku Chief Business Officer shares why crypto gaming is broken — and how to fix it

    Moku Chief Business Officer shares why crypto gaming is broken — and how to fix it

    SCOR on Sweet Drops ‘Flappy Racquet’ Featuring Top Tennis Pros for Wimbledon

    SCOR on Sweet Drops ‘Flappy Racquet’ Featuring Top Tennis Pros for Wimbledon

    Wimbledon Stars Lead ‘Flappy Racquet’ Telegram Game Ahead of SCOR Token Launch

    Wimbledon Stars Lead ‘Flappy Racquet’ Telegram Game Ahead of SCOR Token Launch

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    From Static Credentials to Smart Identity: The Potential of AI-Driven NFTs

  • 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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    It’s a Different Sort of Olympics as Cryptographers Face Off in Polyhedra’s ‘Proof Arena’

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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

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    Space and Time Becomes ZK Coprocessor in Karak’s Ecosystem

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

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

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  • Guides
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    A Full Comparison of Layer 2 Solutions

    A Full Comparison of Layer 2 Solutions

    What are Optimistic Rollups? How They Work and Why They Matter

    What are Optimistic Rollups? How They Work and Why They Matter

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    What Does DCA Mean in Crypto? A Simple Breakdown – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

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    Long and Short Positions in Crypto Explained for Beginners

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

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

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

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Home Bitcoin

Is Bitcoin ready for the moon? Patterns and metrics all point to…

October 25, 2024
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Is Bitcoin ready for the moon? Patterns and metrics all point to…
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  • Bitcoin’s “Cup & Handle” pattern pointed to a bullish run, closely following the S&P500 and Gold
  • A potential BTC rebound to $69,785 could liquidate $91.32 million in shorts

Bitcoin (BTC), at press time, appeared to be mapping out a “Cup and Handle”  pattern, one quite familiar to both the S&P500 and Gold, according to an analyst’s recent tweet. Based on the setup, a bullish breakout could see the price of Bitcoin climb as high as $230k over the coming months.

Hence, the million-dollar question that investors are eager to see answered is whether or not this cryptocurrency market will follow other traditional assets in its surge to this target.

Shorts may fall…

Bitcoin’s potential rebound could trigger an extremely intense liquidation event if its price bounces back to $69,785.

Currently, $91.32 million worth of short positions are at risk, should the crypto head north. With momentum building across the market, significant volatility should be expected.

Source: Coinglass

Bitcoin addresses surge on the verge

AMBCrypto further analysed IntoTheBlock’s data, with the same indicating a surge in the number of active addresses over the last 24 hours.

Bitcoin’s network has become considerably more active lately. In fact, its number of active addresses went flying 14% higher to 733k addresses. This hike in participation is a sign of greater interest and engagement, lending more fuel to the king coin’s price momentum.

Source: IntoTheBlock

Exchange inflows add to a potential bullish rally

With most analysts now expecting BTC to rally bullishly, it’s worth noting that the asset has been recording significant inflows of late. The same was evidenced by the latest findings on CryptoQuant. 

See also  Bitcoin halving aftermath: LTC, LINK emerge as investor favorites

This can be interpreted to be a sign of high Open Interest and demand for Bitcoin, with all metrics alluding to the crypto possibly heading to the moon too. 

Source: CryptoQuant

With Bitcoin following in the footsteps of major assets like Gold and the S&P500, the next few months could be crucial for its future. 

If the asset manages to reach its projected height, many potential ripple effects on the larger economy could be on cards.

Previous: Optimism’s short-term targets – Is the $1.96 level next to fall for OP’s price?
Next: Axelar crypto pumped by 43% in October – Time for a cool-off now? 

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

  • Bitcoin’s “Cup & Handle” pattern pointed to a bullish run, closely following the S&P500 and Gold
  • A potential BTC rebound to $69,785 could liquidate $91.32 million in shorts

Bitcoin (BTC), at press time, appeared to be mapping out a “Cup and Handle”  pattern, one quite familiar to both the S&P500 and Gold, according to an analyst’s recent tweet. Based on the setup, a bullish breakout could see the price of Bitcoin climb as high as $230k over the coming months.

Hence, the million-dollar question that investors are eager to see answered is whether or not this cryptocurrency market will follow other traditional assets in its surge to this target.

Shorts may fall…

Bitcoin’s potential rebound could trigger an extremely intense liquidation event if its price bounces back to $69,785.

See also  Russia: Crypto to counter international sanctions, here's how

Currently, $91.32 million worth of short positions are at risk, should the crypto head north. With momentum building across the market, significant volatility should be expected.

Source: Coinglass

Bitcoin addresses surge on the verge

AMBCrypto further analysed IntoTheBlock’s data, with the same indicating a surge in the number of active addresses over the last 24 hours.

Bitcoin’s network has become considerably more active lately. In fact, its number of active addresses went flying 14% higher to 733k addresses. This hike in participation is a sign of greater interest and engagement, lending more fuel to the king coin’s price momentum.

Source: IntoTheBlock

Exchange inflows add to a potential bullish rally

With most analysts now expecting BTC to rally bullishly, it’s worth noting that the asset has been recording significant inflows of late. The same was evidenced by the latest findings on CryptoQuant. 

This can be interpreted to be a sign of high Open Interest and demand for Bitcoin, with all metrics alluding to the crypto possibly heading to the moon too. 

Source: CryptoQuant

With Bitcoin following in the footsteps of major assets like Gold and the S&P500, the next few months could be crucial for its future. 

If the asset manages to reach its projected height, many potential ripple effects on the larger economy could be on cards.

Previous: Optimism’s short-term targets – Is the $1.96 level next to fall for OP’s price?
Next: Axelar crypto pumped by 43% in October – Time for a cool-off now? 
Tags: BitcoinmetricsMoonpatternsPointReadyto..

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