Crucial Bullish Signal For Bitcoin Flashes For First Time Since 2023, Analyst Forecasts Major Rally
15 Agosto 2024 - 9:00PM
NEWSBTC
Bitcoin (BTC) is showing strong signs of an imminent price surge,
according to top market analysts, who point to a confluence of
bullish factors in the cryptocurrency’s favor. However, after
hitting a 6-month low of $49,000 on August 5, BTC has hovered
between $58,000 and $60,500 for the past week. However, the dip
below all-time highs of $73,7000 reached in March of this year may
be short-lived, as evidence mounts that the market’s largest
digital asset is poised for a major breakout. 2-3X Bitcoin Rally
Ahead? Technical analyst Jamie Coutts highlighted the “first
bullish regime signal” for his “composite global liquidity momentum
model” since November 2023, which could lead to massive gains ahead
for the largest cryptocurrency on the market. In a recent
social media post on X (formerly Twitter), Coutts noted that during
the previous bullish signal, Bitcoin rose 75% from November 2023 to
April 2024 before the trend reversed, and BTC fell 25% from its
all-time highs earlier this month. Related Reading: Tron Price
Outshines Bitcoin: Can TRX Keep Momentum and Rise? According to
Coutts, driving the Bullish signal is a surge in global liquidity,
with the Bank of Japan and People’s Bank of China adding $400
billion and $97 billion to their balance sheets over the past
month. Coupled with a sharp decline in the US dollar, Coutts
believes this coordinated central bank action, likely with the
Federal Reserve’s (Fed) consent, is laying the groundwork for
Bitcoin’s next leg up. “For BTC to meet this target, the DXY must
be well below 101, prompted by ongoing central bank injections.
This would push global M2 well over $120T this cycle,” Coutts
projected, estimating Bitcoin could rally 2-3x from current levels.
Comparing previous market cycles such as 2017, when BTC rallied 19x
and 6x to 2020, Coutts claims that he estimates another 2-3 times
increase, which would more than double the current high of
$73,7000, positioning the Bitcoin price with an eye on the $177,000
mark. Growing ‘HODL’ Trend Adding to the Bullish
sentiment, crypto analyst Ali Martinez has observed that Bitcoin
investors shift from distribution to accumulation. Over the
past three months, nearly 300,000 BTC have been added to long-term
holdings, a sign of growing conviction among HODLers. Currently,
the largest cryptocurrency on the market is trading at $59,330, up
just 0.6% in the last 24 hours, after hitting a low of $57,700
early Thursday. Related Reading: Solana At A Crux: Will SOL
Crash To $120 Accelerated By These Factors? What remains to be seen
is whether macroeconomic conditions will fuel another push higher
for overall crypto market prices and whether BTC bulls can
capitalize on this development, attempt to break above higher
resistance levels, and retest BTC’s main obstacle at $70,000.
Featured image from DALL-E, chart from TradingView.com
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