Bitcoin (BTC) is demonstrating signs of an impending price surge, according to top market analysts. They highlight a combination of bullish factors favoring the cryptocurrency. After hitting a low of $49,000 in August, Bitcoin has been fluctuating between $58,000 and $60,500.
Technical analyst Jamie Coutts mentioned a 'first bullish regime signal' for his model since November 2023, predicting significant gains for Bitcoin. The previous similar signal saw Bitcoin rise by 75%, only to experience a 25% decline later.
Coutts attributes the bullish signal to a rise in global liquidity, with central banks like the Bank of Japan and People's Bank of China significantly increasing their balance sheets. This coordinated action, consented by the Federal Reserve, has the potential to push Bitcoin's price up dramatically.
Coutts believes the DXY must drop below 101 for Bitcoin to reach new highs. He compares this potential rally to previous market cycles, predicting a possible price target of $177,000, more than double the current high.
Additionally, crypto analyst Ali Martinez observed that Bitcoin investors are shifting from selling to accumulation. Nearly 300,000 BTC were added to long-term holdings over the past three months, indicating growing confidence among investors.
Currently trading at $59,330, Bitcoin faces challenges due to macroeconomic conditions, but the bullish sentiment could fuel a significant price push. The primary obstacle remains breaking above the resistance level of $70,000.
Дереккөз: www.newsbtc.com ↗