Story Highlights
Bitcoin price surged 8% last week, breaking above $63k, following the Fed’s rate cut.
Whale investors are increasing their Bitcoin holdings, and Bitcoin supply on centralized exchanges has dropped to multi-year lows.
Bitcoin’s price is expected to continue rising, potentially reaching $100k by the end of the year.
Bitcoin (BTC) surged over 8% last week, closing above $63K, driven by the
U.S. Federal Reserve’s recent rate cut.
After bouncing off the 50-week Moving Average (MA), BTC is now testing the key
resistance level above $64k
. Is this a sign of a bigger breakout?
Advertisement
Over the past two weeks, Bitcoin’s rally has eased concerns of further crypto market declines. The Bitcoin Fear and Greed Index climbed above 50% on Monday, showing growing positive sentiment. Investors are becoming more optimistic about a potential bull run.
Bitcoin Whales Increase Appetite
As geopolitical tensions rise, especially between NATO and the BRICS movement, both Bitcoin and Gold are seeing increased demand. Gold, which recently hit a new all-time high of $2,630, could be paving the way for Bitcoin to follow in its footsteps.
On-chain data shows that large Bitcoin holders, or “whales,” have been significantly increasing their positions. The supply of Bitcoin on centralized exchanges (CEXs) has dropped to multi-year lows, from 2.7 million units in March to about 2.3 million now. This trend aligns with the optimistic outlook for
Bitcoin’s price
in the months ahead.
Also Read :
Bitcoin Bulls Gearing Up for ‘Uptober’- $100,000 is Coming for BTC Price in 2024!
,
In the last 30 days, over 91,100 Bitcoins have been withdrawn from major exchanges like Binance and Coinbase Pro. Meanwhile, U.S. Bitcoin ETF issuers have accumulated nearly $800 million in BTC over the past two weeks, reflecting growing institutional interest.
Exciting Predictions for Q4
After a weak performance in Q3, Bitcoin is expected to rebound strongly in Q4, with predictions that it could reach around $100K by year-end. While there’s still a chance of retesting the $55K support level, many indicators suggest the bulls are gaining momentum.
$BTC
could test the crucial 68k resistance level later this week.
In early October, I’m Expecting a Broadening Wedge Breakout to the upside, and Bitcoin could reach $88-90k by the end of December.
#Crypto
#Bitcoin
#BTC
#BTCUSDT
pic.twitter.com/9kKx5iyrN6
— Captain Faibik (@CryptoFaibik)
September 23, 2024
The weekly
Relative Strength Index
(RSI) has already rebounded above the 50 percent level and broken out of a falling logarithmic trend. A consistent close above the 200-day Moving Average will propel Bitcoin price towards the
next major milestone of about $69k
.
Do you think Bitcoin will hit $100K by year-end, or are the bears lurking?
Tags
Bitcoin
Price Analysis
GIPHY App Key not set. Please check settings