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Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: BTC Could Soar by 13% to the $65,000 Level If It Breaks Above the $58,000 Resistance
Sep 11, 2024 at 03:34 am
Bitcoin (BTC), the world's biggest cryptocurrency has been in a choppy range for more than six months. However, in the past few weeks, investor and whale interest has peaked.
Major cryptocurrency exchange outflows have hit a record high in recent months, with Bitcoin whales withdrawing over 236,155 BTC ($14.22 billion) from crypto exchanges, according to a prominent crypto analyst.
The recent crypto exchange outflows, which indicate investor interest and accumulation, come as Bitcoin trades within a crucial technical zone.
Bitcoin could rally 13% if it closes a 4-hour candle above $58,000. Here's the next target
Bitcoin (BTC) has been trading in a choppy range for over six months. However, investor and whale interest has surged in recent weeks.
On September 10, a prominent crypto analyst highlighted that over 236,155 BTC, valued at $14.22 billion, have been withdrawn from cryptocurrency exchanges over the last two months.
The analyst shared a screenshot from an X (previously known as Twitter) post, which showed the massive scale of Bitcoin being moved out of exchanges.
A crypto analyst recently shared a post on X (previously Twitter) that in the past two months, over 236,155 BTC have been withdrawn from the cryptocurrency exchange.
Increased whale activity, accumulation, and leverage
Tokens withdrawn from exchanges are usually seen as a positive sign or an indication of accumulation. During this period, BTC has remained in a sideways trend, mostly at the lower end of a parallel channel pattern.
The analyst also noted that the estimated leverage ratio across all crypto exchanges hit its highest level in 2024, indicating that traders, besides investors, are also taking on high risks.
Combining all this data suggests that Bitcoin (BTC) is setting up for a massive rally.
Bitcoin technical analysis and upcoming levels
BTC seems bullish on technical analysis, having recently broken out of a descending trendline on the 4-hour time frame and currently at a crucial resistance level of $57,850.
On a 4-hour time frame, BTC has been consolidating in a tight range around that level.
If BTC gives a breakout of this consolidation zone and closes a 4-hour candle above the $58,000 level, it could rally 13% to the $65,000 level, based on the historical price momentum.
However, this bullish scenario will only be valid if BTC closes a candle above the $58,000 level, or else it might get invalidated.
Currently, technical indicators like the Relative Strength Index (RSI) and 200 Exponential Moving Average (EMA) suggest that BTC might see some price correction.
Current price momentum
At press time, BTC trades around the $57,500 level and has seen a 1.45% price increase in the last 24 hours. Its open interest, meanwhile, has remained stable during this same period, which could indicate that investors and traders might be waiting for the potential breakout.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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