Bitcoin, after falling to $ 18,661 last week, recorded promising growth with gains of more than 9% in the past seven days. Its latest surge has sparked excitement in the community as enthusiasts and experts anticipate an additional BTC price hike in the coming days. Many reports and analyzes also seem to point in the same direction.
Not only the Bitcoin chart, but many metrics were also in favor of BTC. This gave investors hope for brighter days ahead after a brief price drop.
At the time of writing, BTC has regained the $21,000 mark and is trading at $21,566.77 with a market capitalization of $412,947,658,745.
Better days are coming?
Mignolet, an analyst and author at CryptoQuant, hinted at a similar bullish situation, pointing to a good buying opportunity for investors. he is Referred In his analysis,
“If you look at the movement more specifically, whales didn’t sell a lot of bitcoin in the price drop that started on August 17.”
The trader’s buy-sell has increased recently, which could indicate a potential market bottom, increasing the chances of a trend rally coming soon.
That’s not all, either.
Recently, a famous influencer painted a similar picture of a gathering of bulls. in tweettalk about Bitcoin half cycle, and stated that the last two cycles bottomed out at 777 and 889 days after the halving. He said the number is currently at 850 days, a recent low of 763 days. Looking at the previous record, this is a major bullish sign – indicating higher prices in the coming days.
What do the metrics suggest?
Not only did the analysis, but several metrics on the chain also hinted at a price hike. For example, the bitcoin reserve risk ratio is at an all-time low, indicating a button in the market and a northbound rally soon.
It also provided the opportunity for investors, as the risk-reward ratio turned out to be high as well.
Interestingly, BTCThe total number of addresses with non-zero balances also rose after a brief dip earlier this month, indicating investor confidence in the crypto king.
Therefore, given all the developments, it is safe to say that we can expect Bitcoin to rise. However, some metrics painted a different picture.
according to CryptoQuantBTC’s aSORP data was in red, indicating that more investors were selling at a profit – a bearish signal as it points to a potential market top amid a bull market. Moreover, BTC’s RSI and Stochastic were in neutral positions, confirming that the market could head in either direction.