Bitcoin: If THIS comes true, BTC can hit $88K soon

  • Bitcoin’s price increased by more than 2% in the last seven days. 
  • Most metrics looked bullish on Bitcoin.

Bitcoin [BTC] has not performed per expectations, as the king of cryptos continued to trade under $70k at press time, despite a positive weekly chart.

But there was more to the story, as BTC’s slow-moving price action might be a prelude to a massive price hike in the coming days. 

Bitcoin is set to pump

CoinMarketCap’s data revealed that BTC’s price had increased by more than 2% in the last seven days. At the time of writing, BTC was trading at $69,329.89 with a market capitalization of over $1.3 trillion.

Though BTC continued to trade under $70k, the king of cryptos had a trick up its sleeves, which might soon result in a massive bull rally.

Trader Tradigrade, a popular crypto analyst, recently posted a tweet highlighting an interesting development. As per the tweet, BTC’s price was consolidating inside a bullish pennant pattern.

A breakout above could allow BTC to touch new highs.

So, the recent sluggish price movement could just be a result of this consolidation phase. 

BTC to $88k?

AMBCrypto’s look at Glassnode’s data revealed that BTC had the potential to surge substantially.

To be precise, BTC’s Pi cycle top indicators revealed that BTC was nearing its market bottom, and a price could allow the coin to go above the $88k mark.

For the uninitiated, the Pi Cycle indicator is composed of the 111-day moving average (111SMA) and a 2x multiple of the 350-day moving average of Bitcoin’s price. 

BTC's Pi market top indicator

Source: Glassnode

AMBCrypto then analyzed CryptoQuant’s data to better understand whether BTC could reach $88k. We found that buying pressure on BTC was high, as its exchange reserve was dropping at press time.

Its Binary CDD remained green, meaning that long-term holders’ movements in the last seven days were lower than average. They have a motive to hold their coins.

Things in the derivatives market also looked pretty optimistic. BTC’s Funding Rate increased, meaning that long-position traders are dominant and are willing to pay short-position traders.

Buying sentiment among derivatives investors was also high, which was evident from its green Taker Buy Sell Ratio. 

Screenshot 2024 06 09 at 12.15.09 PMScreenshot 2024 06 09 at 12.15.09 PM

Source: CryptoQuant

Read Bitcoin’s [BTC] Price Prediction 2024-25 

 However, investors might have to wait a bit longer to see a Bitcoin pump, as a few indicators hinted at a few more slow-moving days. Notably, the coin’s MACD displayed a bearish crossover.

Moreover, its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both moved sideways near their respective neutral zones.

BTCUSD 2024 06 09 12 16 52BTCUSD 2024 06 09 12 16 52

Source: TradingView

Next: Cardano faces resistance at $0.44-$0.49: Will ADA drop to $0.42?

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