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Saturday, May 15, 2021

Bitcoin’s Current Price Might Indicate Where It Goes Next

Bitcoin is well on route to prepare itself for yet another run as it nears its all-time high of around $42,000. Interestingly, the entire crypto industry has become extremely cautious on the eve of this bullish run. The cryptocurrency price is also displaying signs of confidence regarding a recent rally as its crashes through the $40,000 area of resistance. This is simply a combination of a market structure that is favorable, along with on-chain data points that are quite optimistic. The combinations are helping both traders and analysts participate in a breakout as it inches closer to another high. 

Bitcoin’s Bullish Run

In the near future, the levels between $38,000 and $40,000 have always been troublesome for this cryptocurrency. The more time it took Bitcoin to come out of the $40,000 bubble, the higher the possibility of an imminent correction. Hence, it is quite critical for this cryptocurrency to shoot out of this level and try staying above it for the near future. Since Bitcoin is already spending quite a few weeks above the level of $38,000- something that has led to the stagnation of its short-term price cycle. On the 6th of February, BTH managed to come out of the level of $38,000- where it established itself on the support level. 

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One of the biggest data points which serve as an on-chain positive is the fact that any breakout of Bitcoin would simply serve to increase the addresses of the whales. Several analysts working at Santiment have already stated that the cryptocurrency whales have already started accumulating- even when the asset price has shot through the roof. 

The outflow from Coinbase will coincide with the Bitcoin accumulation- which indicates that most of the investors with a high-net-worth have been buying Bitcoin.

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