Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target
2024年8月23日 - 7:00AM
NEWSBTC
Bitcoin is seeing an uptick following its recent reclaim above the
$60,000 mark in the past day. Amid this price performance, renowned
crypto analyst Mags on Elon Musk’s social media platform
X shared his latest asset analysis. According to Mags,
Bitcoin could be poised for a major rally, driven by factors
related to the USDT dominance (USDT.D) and the forming
technical chart patterns. Related Reading: September 10: A
Bitcoin Game Changer, Says Hedge Fund Founder Bitcoin On The Verge
Of A $72,000 Rally? Mags explained that the inverse correlation
between USDT dominance and Bitcoin’s price is a key indicator to
watch. USDT dominance refers to the market share of Tether (USDT)
in the overall cryptocurrency market, and its movements can often
signal shifts in Bitcoin’s price. Mags pointed out that USDT.D
recently broke down from a strong trendline support and is
currently testing the point of breakdown, which could lead to
forming a bear channel. Meanwhile, Bitcoin forms a broadening wedge
pattern, typically seen as a bullish continuation signal. If USDT.D
continues to decline, Mags anticipates that Bitcoin could see a
notable “leg up,” potentially pushing the price to $72,000 or
higher. #Bitcoin pump incoming ? If you’ve been paying attention to
USDT.D, you already know about the inverse correlation between
USDT.D and BTC. Looking at the chart, USDT.D broke down a strong
trendline support and is currently testing the point of breakdown
with a possible… pic.twitter.com/lqZ6SPCgaQ — Mags
(@thescalpingpro) August 22, 2024 Volatility on the Rise: A
Catalyst for BTC’s Next Move? In addition to the technical
indicators, another factor contributing to the growing anticipation
of a Bitcoin price surge is the recent increase in market
volatility. Bitcoin’s volatility has surpassed levels not seen in
the past months and has continued to rise, which could be a
potential catalyst for Bitcoin to see a significant break out
towards the upside. Crypto analyst Daan Crypto
Trades highlighted this development in a recent X post, noting
that after a period of low volatility, Bitcoin’s volatility levels
are ramping back up, approaching the levels seen earlier this
year during the asset’s all-time highs. Related Reading: Bitcoin’s
MVRV Ratio Nears Critical Death Cross: Will The Market See A
Bearish Shift? Daan Crypto Trades emphasized that this volatility
increase is needed to end Bitcoin’s consolidation, potentially
leading to a decisive price movement in one direction or the other.
#Bitcoin After a big slump in volatility levels, it’s now ramping
back up and getting close to levels we saw earlier this year at the
all time highs. It’s what’s eventually needed to put an end to this
massive consolidation in one way or another
pic.twitter.com/CHoZXHk5K4 — Daan Crypto Trades (@DaanCrypto)
August 21, 2024 Featured image created with DALL-E, Chart from
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