As a seasoned analyst with over two decades of market observation under my belt, I must admit that the recent surge in Bitcoin’s price has piqued my interest once again. The bull market is back with a vengeance, and it seems that greed has replaced fear in the hearts of investors.
On Thursday, the BTC/USD exchange rate surged to a new peak, overcoming the barrier at $65,000. As of Friday, there’s an indication that this breakthrough is being confirmed on a daily scale, which, if successful, would pave the way for further growth towards the significant resistance level of approximately $70,000.
Greed is back
Market conditions have switched once more, with optimism now dominating, as reflected in the Market Sentiment Index. Just last month, this gauge was strongly indicating fear, scoring 30 points. The transformation over a few short weeks is quite remarkable.
U.S.-based Bitcoin ETFs are purchasing more again, experiencing only one day of net outflow within the last ten days. The recent inflow of approximately $365.7 million on Thursday marks the largest since July, indicating that institutional investors may be eagerly investing before the Bitcoin price potentially surges once more.
M2 money supply breaks out
Looking ahead, macroeconomic analyst Raoul Pal shared a tweet from Julien Bittel about topic X, indicating that the global M2 money supply has surpassed previous levels. Both analysts believe this trend could significantly boost the value of cryptocurrencies. Bittel also mentioned their shared “Everything Code” perspective on the matter.
As a crypto investor, I firmly believe that if my theory about The Everything Code holds true, we’re only just scratching the surface of its potential. This means it could climb significantly higher yet.
Short term resistances are now support
In the immediate future, Bitcoin (BTC) is expected to climb higher. Previous resistance levels at $63,600 and $65,000, which held firm on Thursday, are now acting as support points on Friday.
The cost might rise again towards the peak of its range, possibly reaching between $68,000 and $70,000. After that, a Fibonacci level could be encountered around $72,750.
Fibonacci levels suggest $102,000 and then $155,000
The weekly chart for $BTC shows a much clearer macro picture for the king of the cryptocurrencies. The price is currently surpassing the tops of the candle bodies for the last bull cycle in 2021, and the top of the bull flag is now very close.
It can be seen how accurate the Fibonacci levels are for the whole of this Bitcoin bull cycle. The 0.786 Fibonacci is now support, and the next major level (1.618) is way up above at $102,000. Also, if one measures the move for the bull flag, this gives a target of just over $100,000.
Regardless of how you view it, Bitcoin seems to have a bright future ahead. Historically, Fibonacci levels have been accurate in predicting significant movements for Bitcoin during its bullish trends, so it’s reasonable to assume this trend will persist. If Bitcoin manages to reach $100,000, the next significant Fibonacci level (2.618) would be around $155,000.
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2024-09-27 12:08