As Bitcoin prices rebounded, one analyst chose X to highlight the current bullish situation. in post, the analyst believes the world’s most valuable coin is approaching “escape velocity” with price action breaking away from past candlestick arrangements. This is usually the case, especially when prices approach all-time highs.
Will Bitcoin surpass $70,000 in the next few days?
The analyst notes that a normal BTC cycle would typically have seen a downward trend, given the current price and how the coin has bounced over the past few weeks. After revisions, the integration period is then extended, usually at least six months.
However, looking at the price movement on the monthly charts, there are clear deviations, which makes the analyst confident that Bitcoin will rise soon. The resulting rally will be at “breakout speed” and the coin will easily extend its gains to surpass all-time highs.
Bitcoin is in a solid upward trend in the spot price if we look at the events on the daily chart. Bitcoin, in particular, was trading above $57,200 at the time of writing, hitting a new 2024 high. Over the past day, the coin broke through major resistance levels, easily surpassing $53,000 and later crossing $55,000 in a continuing buying trend formation.
As institutions double down, funding ratios and open interest rise.
As interest soars, exchange data shows a surge in annual funding rates and open interest across multiple platforms, enabling Bitcoin perpetual futures trading. Data from Coinglass show Binance’s funding rate is now over 0.0686%. The same phenomenon was observed in public interest. stand More than $6.2 billion was recorded on Binance.
Changes in open interest rates and funding rates are key indicators that can be used to gauge market sentiment. In general, rising open interest rates and funding ratios signal increased bullish sentiment, especially among leveraged traders. In this scenario, it is still likely that prices will remain on the rise.
Trust among traders is exceptionally high. This is driven by recent institutional developments, macro factors and expectations of the upcoming halving event. For context, the 10 spot Bitcoin exchange-traded funds (ETFs) approved in the U.S. have since received billions of dollars.
Observers are now concerned that at this rate, there will be a supply shock crisis ahead of the Bitcoin halving event. The concern is that after April, the number of coins issued will be far fewer than what institutions are eating up. The price of BTC will likely rebound due to this, which will put it at a level that is out of reach for the average person.
Featured image by DALLE, chart by TradingView
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