Bitcoin Approaching “Escape Velocity” That Will Take Prices Past $70,000: Analyst
27 Fevereiro 2024 - 3:00PM
NEWSBTC
With the Bitcoin price rallying, one analyst has taken to X,
highlighting the current state of bullish affairs. In a post, the
analyst thinks the world’s most valuable coin is approaching
“escape velocity,” with price action deviating from candlestick
arrangements in the past. This is usually the case, especially when
prices are approaching all-time highs. Will Bitcoin Rip Past
$70,000 In Coming Days? The analyst notes that a normal BTC cycle
would, at current prices and considering how the coin has been
rallying in the past few weeks, typically have seen a pullback. The
correction would then be followed by an extended period of
consolidation, often stretching at least six months. Related
Reading: Ethereum Price Rally Stalls As Bitcoin Pumps But Bulls Are
Not Done Yet However, since there is a clear deviation, looking at
price action in the monthly chart, the analyst is convinced that
Bitcoin is about to lift off. The resulting rally would be at
“escape velocity,” the coin would easily extend gains, easing past
all-time highs. Bitcoin is firmly in an uptrend at spot
rates, looking at events in the daily chart. Specifically, Bitcoin
trades above $57,200 when writing, registering new 2024 highs. Over
the past day, the coin has broken above key resistance levels,
easily breaking $53,000 and later $55,000 in a buy trend
continuation formation. Rising Funding Rates And Open Interest As
Institutions Double Down With soaring interest, exchange data shows
that there has been a spike in annualized funding rates and open
interest across multiple platforms, enabling the trading of Bitcoin
perpetual futures. Data from Coinglass shows that the funding
rate in Binance is now at over 0.0686%. The same has been observed
with open interest, which now stands at over $6.2 billion
on Binance. Changes in open interest and funding rates are leading
indicators that can be used to gauge market sentiment. Usually,
rising open interest and funding rates suggest increasing bullish
sentiment, especially among leverage traders. In this scenario, the
possibility of prices maintaining the uptrend remains high.
Confidence among traders is exceptionally high. It is fueled by
recent institutional developments, macro factors, and the
expectations ahead of the incoming halving event. For context, the
ten approved spot Bitcoin exchange-traded funds (ETFs) in the
United States have since received billions. Related Reading: SOL
Price Restarts Rally – Why Solana Could Surge Over 10% Observers
now worry that at this pace, and ahead of the Bitcoin halving
event, there would be a supply shock crisis. The concern is that
after April, the number of coins released will be way less than
those being gobbled by institutions. BTC prices will likely rally
out of this, which will be out of reach for ordinary folks. Feature
image from DALLE, chart from TradingView
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