Bitcoin Bullish Signals Strong, CryptoQuant Analyst Predicts Continued Price RiseFollowing last week's announcement by the Federal Reserve (Fed) of a significant 2-point (50 basis points) rate cut, the cryptocurrency market has witnessed a continued rebound. The US Bitcoin Spot ETF has also seen continuous net inflows in recent days
Bitcoin Bullish Signals Strong, CryptoQuant Analyst Predicts Continued Price Rise
Following last week's announcement by the Federal Reserve (Fed) of a significant 2-point (50 basis points) rate cut, the cryptocurrency market has witnessed a continued rebound. The US Bitcoin Spot ETF has also seen continuous net inflows in recent days. Bitcoin surged past $64,500 around 11 am yesterday (23rd), reaching a high of $64,750. However, it subsequently entered a consolidation range, falling back to the $63,000 range before deadline, with no clear directional trend emerging yet.
Avocado, an analyst at CryptoQuant, a cryptocurrency data analytics platform, has pointed out that several Bitcoin on-chain metrics have reached their average support levels, indicating a potential for further price growth in the long term. He highlighted three key indicators:
1. 7-day Simple Moving Average (SMA) of the FundFlowRatio
This indicator has touched 0.05, displaying a slight rebound, suggesting investors are returning to exchanges for trading. Historically, the 0.05 level has served as a major support line for the FundFlowRatio, where it stops declining and starts to rise. This rebound typically occurs at the end of bear markets or Bitcoin halving events and signals the beginning of a bull market, leading to significant long-term gains in Bitcoin price.
2. 30-day SMA of the EstimatedLeverageRatio
This indicator has formed a key support level between 0.15 and 0.175 and is currently showing signs of recovery and upward movement. Since the approval of futures ETFs in 2021 and recent positive news concerning Bitcoin options trading, Avocado believes the influence of this indicator will continue to grow.
3. 30-day Moving Average (EMA) of the BinaryCDD
This indicator is currently fluctuating between 0.1 and 0.3, indicating that long-term holders are accumulating Bitcoin. When this value significantly increases, it typically indicates a bull market is nearing its end.
In addition to CryptoQuants analysis, renowned trader and analyst TitanofCrypto has also expressed a bullish sentiment, suggesting Bitcoin could surge approximately 35% by the end of the year, with a mid-term target set at $85,000. He pointed out that the weekly RSI breakout implies an explosive surge in Bitcoin before the end of the year. He further added, Historical data shows that when September closes green, Q4 typically sees a strong upward trend. If Bitcoin can close above $59,000 this month, a year-end bull run is possible.
Friendly reminder: Cryptocurrencies are highly speculative and subject to significant volatility. For sound investment practices, it is crucial to establish an independent risk management system. Prioritizing your own investment philosophy over blind speculation is a key characteristic of successful investors.
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