As a seasoned analyst with over two decades of experience in financial markets, I’ve seen my fair share of market fluctuations and trends. The current state of Bitcoin (BTC) is reminiscent of the dot-com boom, where skepticism gave way to widespread adoption and exponential growth.
After a significant delay, and with the potential loss of several investors over the past half year, the imminent price escalation for Bitcoin (BTC) may not be far off. However, it’s challenging to predict just how high Bitcoin might soar in its upcoming rise.
The positives
Following several months of negative discussions about Bitcoin, encouraging aspects are now becoming more apparent. For instance, there’s the possibility of establishing a Bitcoin Strategic Reserve in the U.S., if Donald Trump wins another term as President.
After a stretch where daily withdrawals occurred for eight consecutive days, causing some concern among institutional investors, U.S.-listed Bitcoin ETFs have generally seen net inflows again.
Moreover, Bitcoin adoption at the state level is ongoing, with El Salvador consistently purchasing one Bitcoin daily, boosting its existing 5,867 Bitcoins. President Bukele remains steadfast in his dedication to accumulating and expanding this rarest asset globally.
According to a report from FirstPost, it’s been found that Bhutan, the compact mountain nation, is the fourth largest Bitcoin holder among nations, surpassed only by the U.S., China, and the UK. The amount of Bitcoin (BTC) mined in Bhutan totals 13,093 units, with the country leveraging its vast hydropower resources for mining.
In summary, one significant factor influencing Bitcoin’s price growth in the upcoming months is the escalating global liquidity. This is largely due to an increase in money supply, as reported by CoinTelegraph following the Chinese central bank’s announcement of injecting approximately $140 billion into their economy – a move similar to the $140 billion injected back in January this year. It is also expected that other major banks will follow suit with additional stimulus measures.
$BTC price rises in ascending channel
Examining the temporary fluctuations in Bitcoin’s ($BTC) market value, it’s evident that the price is steadily increasing within an upward-sloping channel. A recent test of this channel’s lower boundary suggests that the price could soon escalate, possibly exceeding the current local peak at $65,050. This would mark a new high, effectively reversing the trend and pointing towards further price increases.
Macro indicators also positive
Looking at the weekly chart, the situation appears more promising as Bitcoin’s price is climbing higher, approaching the peak of a bullish pennant. Notably, the upper limit of the previous bull run serves as a significant horizontal resistance, located just slightly above the current level.
At the base of the graph, the Stochastic RSI indicates a significant upward shift in price momentum. Meanwhile, the Relative Strength Index suggests that a trend change may be imminent.
At the close of this week, these indicators should deliver definitive data, and if they’re both on an upward trend moving into the next week, it is anticipated that the Bitcoin price will likely follow suit.
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2024-09-24 16:06