Investors in the Bitcoin market are riding a wave of optimism as the largest cryptocurrency picked up bullish momentum from the second week of November. Amid growing confidence that BTC is entering a new bull market, a reliable Onchain indicator highlights the buyers could climb to a six-figure target.
Just the anticipation surrounding the approval of all 12 Bitcoin spot exchange-traded funds (ETFs) sparked a remarkable surge in the Bitcoin price, sending it to an 18-month high of $38,000. This significant increase gives a tantalizing hint of the potential impact that real approval could have on the value of the cryptocurrency. Moreover, the BTC price rise above the 38.2% Fibonacci retracement level, a key marker in the context of its last correction period from November 2021 to November 2023, indicates a shifting tide in market dynamics as sellers gradually lose their grip on this asset .
Evaluating Bitcoin Price Six-Figure Prospects in the Next Bull Run
Blockchain data analytics platform Check out Bitcoin predicted using a key-to-chain indicator that BTC price could rise to $110,000 at the next bull run’s peak (‘Terminal Price’).
Crypto enthusiasts and industry opinion leaders are all trying to predict the peak of the bull run, which many believed could come by the end of 2025 at the latest.
Recommended for you: XRP lawyer predicts BTC price at $500K, Stocks ideal scenario
Look Into Bitcoin founder, Phil Swift, using price prediction tools, for example, analyzes Terminal Price from “Transferred Price” which is a value reached by dividing “Coin Days Destroyed” (CDD) by the coins’ existing inventory.
Terminal Price is the highest point of a bull cycle. However, it is not guaranteed that every daily high will hit the closing price. While Bitcoin hit the terminal price during the bull run in 2017, it fell short in 2021 with its ATH of $69,000.
According to Swift, the best practice is to sell close to the Terminal Price while ensuring that purchases are made “close to” the Balanced Price.
Buy near Balanced Price, sell near Terminal Price.
Can it be that simple? #bitcoincycles. pic.twitter.com/llHytNVuxr
— Philip Swift (@PositiveCrypto) November 10, 2023
Bitcoin Price Prediction: BTC makes a second attempt to break $38,000
Bitcoin price lost ground on Thursday immediately after rising to a new year-to-date high at $38,000. The drop did not scare investors who now believe that the upward trend is in an “accelerated phase”. In other words, Bitcoin price tend to climb quickly once the uptrend begins – a move that can continue for several months.
Investors who were already on the sidelines capitalized on the dips to $36,000 with the aim of catching the bullish train before it goes too far from the train station. With Bitcoin price skyrocketing at $37,250 at press time, the prominent coin could end the week if not above $40,000, then above the immediate resistance at $38,000.
The moving average convergence divergence (MACD) indicator will validate the uptrend by sending out another buy signal. This will manifest if the blue MACD line turns above the red signal line and serves as confirmation for gains above $40,000, bringing the coveted $50,000 level within reach.
Traders should remember that failure to break above the barrier between $38,000 and $40,000 could limit Bitcoin to consolidation with support provided by the middle boundary of the ascending channel. A break below this channel support could mean a step down to sweep liquidity at $33,000.
related articles
✓ Share:
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication holds any responsibility for your personal financial loss.
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
