Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin Price Analysis: Here’s the Most Probable Target for BTC in the Next Few Days

Bitcoin Price Analysis: Here’s the Most Probable Target for BTC in the Next Few Days

CryptopotatoCryptopotato2024/10/23 16:00
By:Author: CryptoVizArt

Ripple’s price has been bearish over the last few weeks as it failed to continue its upward momentum. However, the momentum during the past few days has been quite tumultuous, resulting in a choppy price action that puts the trend into question.

Bitcoin Price Analysis: Technicals

Technical Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

The daily chart shows that the price has been making higher highs and lows since rebounding from the $52K support level in September. The 200-day moving average, located around the $64K level, has also been broken to the upside.

Yet, the market has not been successful in rising above the key $69K resistance level and is currently correcting lower. Therefore, a retest of the 200-day moving average would be probable in the coming days. Still, if BTC trades above $60K, the trend could be considered bullish.

The 4-Hour Chart

Looking at the 4-hour chart, the price has broken a rising wedge pattern to the downside while getting rejected from the $69K resistance zone. The RSI has also dropped below 50%, as the 4-hour momentum has shifted bearish.

Yet, even though $64K seems like a probable target, a drop toward it might not materialize, as a recovery and continuation could begin much sooner. If true, this behavior would confirm that a strong rally is starting for Bitcoin, and it would only be a matter of time before a new record high.

On-Chain Analysis

By Edris Derakhshi (TradingRage)

Bitcoin Exchange Reserve

As BTC approaches a new all-time high, market participants are wondering whether the large investors are taking profits or still accumulating. Based on this data, the latter seems true.

This chart demonstrates the exchange reserve metric, which measures the amount of BTC held in exchange wallets. It is widely regarded as a proxy for supply because the coins kept in exchanges can be quickly sold, pushing the price lower.

As the chart suggests, the BTC exchange reserve has taken a nosedive recently, continuing its long-term decline. This clearly indicates an accumulation period, which could soon lead to supply shock and price surge, especially if the demand increases.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!