The indicator continues to be bullish, is Bitcoin still very close?

After the recent rise in the price of Bitcoin and for the first time since May 19, Bitcoin recovered over $ 46,000 a few days ago.

The so-called horizontal is the length and height of the vertical, and after Bitcoin has been dormant for months, the bulls are finally starting to fight. Deep callbacks that are winning market expectations have already asked the market if the competition from Bitcoin is over, but the bull market is not showing up in Bitcoin's immediate performance, and the market is expected to explode as the market measures. continue. . It reaches a new historic high.

Analysts continue to believe that the value of Bitcoin is still relatively insignificant and that the value of Bitcoin will reach $ 100,000 by the end of the year. As demand continues to burn, it looks like the price of Bitcoin will rise further.

Symptoms such as fear of cryptocurrencies and measuring dreams were separated by horror, and the data showed the market was isolated from the fear zone. This indicator has averaged over the past week. As more investors enter the market and the price of Bitcoin continues to rise, the indicator is now entering the realm of speculation. The attitude of the cryptocurrency market is speculative, and as the market grows people become more ambitious, creating fears of extinction.

Crypto Fear and Greed Index Source: Alternatives

The chain analysis also showed that the daily transaction volume for Bitcoin increased by 94%, as the modern transaction volume fell sharply after several drops in the daily transaction volume for Bitcoin. Long-term studies show that the recovery from hitting $ 45,000 is still in its infancy. And with another hike, it looks like Bitcoin prices will rebound above $ 60,000.

On-chain data analysis shows that traders no longer sell their bitcoins and withdraw bitcoins from exchanges to keep them in their wallets. Currently in accumulation mode, the number of bitcoins issued in exchange is significantly higher than the number of bitcoins sent to the exchange for sale, all indicating that there is a demand for bitcoin in the market, which in turn results in an increase in bitcoin. the price. News that Coinbase has added the Apple Pay option to crypto purchases may also attract more potential investors to the market.

Trends show that Bitcoin traders are moving away from money laundering in the middle class, and strong confidence in the market and blockchain technology continues to attract supporters who believe cryptocurrencies are the future entry into. industry available.

Also known as the “white triad,” the educational model often indicates a strong upward trend. According to the well-known investment site Investopedia, this indicator shows a change in market sentiment, the behavior of which continues from the addition of three similar candles. It is important to keep in mind that a large move can lead to temporary overbought situations. If this model works well, it could lead to Bitcoin shortening and increased competition. A similar situation happened about a year ago, and since then Bitcoin has seen its strongest bull in history.

Application gratuite de trois soldats Source Source: TradingView

Well-known cryptocurrency trader Justin Bennett said that Bitcoin's next big strike is $ 47,000 and then could reach $ 65,000 which would surpass previous Bitcoin highs and set a new high all the way through. time. “At any time of the day and every week, the support of $ 47,000 will be reversed and the cattle market will continue to cross the $ 100,000 threshold and the $ 40,000 will be supported. "

Additionally, data released by Glassnode shows that long-term investors are very bullish. As the figure below shows, most bitcoin sold in the market is by short-term investors and long-term investors are held. Data stands for 'behavioral retention'. If the bulls show similar strength and break above $ 47,000, Bitcoin will rise.

Source : Glassnode

Bitcoin and gold have similar characteristics, and these two tools can make books like a huge business. The main difference is in the position of the two tools in the model. When gold passed above the flag a few months ago, the downtrend remains bullish, so downside resistance tried again as support. On the other hand, it is not difficult to find in the chart that Bitcoin has now broken the upper trendline of the bullish flag resistance. If Bitcoin follows the path of the metal core, then the standard for digital gold is fully realized. which starts the next wave. In the past, it could take several weeks to further fix the integration, and as a blatant measure, Bitcoin could reach $ 150,000.

Source : TradingView

No one can predict the future, but data or information can cause competition in the market.