Bitcoin Price Ready For Blast-Off As Key Metrics Signal A Bull Run: Top Analyst
09 October 2023 - 8:00PM
NEWSBTC
Bitcoin price analysts are pointing to a combination of high
timeframe indicators that suggest the bear market for the leading
cryptocurrency may be over, hinting at an impending upward surge.
TechDev, a prominent crypto analyst known for insightful market
analysis, recently shared a compelling perspective on social media
platform X. Drawing parallels to historical trends, TechDev
contends that Bitcoin is currently in a familiar position,
reminiscent of the preludes to the 2016 and 2020 bull markets.
Related Reading: XRP Journey To $0.55: Is A Breakthrough Imminent
In The Coming Days? Bitcoin Price Analysis: Volatility Contraction
Signals Imminent Breakout To illustrate this perspective, TechDev
presented a chart featuring monthly candles, Bollinger bands, and a
specialized indicator showcasing the logarithmic width between the
bands in relation to the 200-month moving average. What is
particularly intriguing about this chart is how Bitcoin’s Bollinger
bands, which gauge relative volatility, have significantly
contracted, implying a forthcoming breakout to the upside. What
#bitcoin has looked like before heading north…
pic.twitter.com/aDCCAKSDli — TechDev (@TechDev_52) October 6, 2023
This influential analyst further points out that Bitcoin is not
alone in its quest for a bullish breakout; the broader altcoin
market is also in contention. To make this comparison, TechDev
references the “OTHERS” chart, measuring the collective market
capitalization of all cryptocurrencies except Bitcoin and Ethereum
(ETH). In TechDev’s analysis, Bitcoin has forged crucial support
levels at the inception of a long-term bullish momentum.
Simultaneously, the “OTHERS” index has managed to break through a
long-standing downward resistance. These developments collectively
indicate that both Bitcoin and the altcoin market are primed for
significant moves, potentially marking the end of the bear market
phase. As of the latest data from CoinGecko, Bitcoin’s price stands
at $27,916 with a 24-hour price movement of 0.0% and a marginal
0.1% decline over the past week. This relative stability suggests
that investors are holding their positions, awaiting the
anticipated breakout. BTCUSD selling at $27,826 today. Chart:
TradingView.com Whale Activity Sparks Speculation Meanwhile, in a
surprising turn of events, a dormant Bitcoin address that had
remained inactive for three years suddenly sprung back to life.
Approximately 5,000 Bitcoins, valued at around $140 million, were
transferred from this address. Notably, this substantial transfer
was divided among three different addresses, as highlighted by
PeckShield, a renowned blockchain security firm. #PeckShieldAlert A
dormant $BTC address 1LH1dY…ztTz (which has been inactive for 3
years) has transferred ~5K $BTC (~$140M) to 3 addresses
bc1q5rpq5wppf5tua2yd97nscp8gpz8fq0w740g22c
34aed6ryXt6ZCHv6k2WPiyy7ap5VbyHr8D… pic.twitter.com/kLj1SeEQSh —
PeckShieldAlert (@PeckShieldAlert) October 8, 2023 The implications
of this significant whale movement on Bitcoin’s price remain to be
seen. Such sizeable transactions often draw attention and can have
varying effects on market sentiment. Traders and investors will be
closely monitoring how this unexpected development plays out in the
coming days and weeks. Related Reading: Trillions In Shiba Inu On
The Move: What Lies Ahead For The Meme Coin? The convergence of
multiple high timeframe indicators suggests that Bitcoin may be on
the cusp of a bullish resurgence, reminiscent of previous
market cycles. As Bitcoin continues to vie for an upward breakout
alongside the broader altcoin market, the crypto community eagerly
anticipates the potential end of the bear market and the start of a
new phase in the digital asset landscape. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
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