Report: Bitcoin Ready to Rally to 85k
Despite some sideways and downward pressure on Bitcoin in the last few days, BTC appears to be primed to rally to 85k, according to trading platform Decentrader. The report, released Oct 29th, predicts “incoming fresh upside for Bitcoin”. As we reported last week, Bitcoin’s price action has suffered at the hands of an overheated market due to leverage trading. Hundreds of millions of dollars in longs were liquidated, and this flush caused BTC to dip. However, there is great reason to believe a rally to 85k is imminent.
Suggested Read: ONCE AGAIN, EXCESS LEVERAGE CAUSES MAJOR DIP: HERE’S THE DATA
The BTC price has retraced and pulled back to the “failed rally point from May this year”, as you can see below. This level did not act as resistance during the run-up earlier this October, so it is now acting as support. According to the report, the only “friction might in fact only lie far into price discovery territory nearer $100,000.” The report went on to say that “on a technical, market cycle, and on-chain basis, we continue to believe that the next major area of difficulty for $BTC will not hit until we approach $85,000 – $90,000.”
Other technical indicators have flipped bullish for Bitcoin as well, with the 128 and 200 day moving average pointing to historical bullishness–sparking “sustained upside”. The three day chart, which Decentrader posits as an accurate indicator, has flipped bullish, too. A channel is likely to play out which sees Bitcoin going to 150k by the beginning of 2022.
Another indicator that the report shows is that the Bitcoin supply is continually decreasing on exchanges. “One data point to support this is the continual draining of Bitcoin from exchanges as users select to put their Bitcoin into cold storage.” The report indicates that as long as this trend continues, upward pressure will continue to be put on price “as demand for Bitcoin has to accept higher prices amongst the limited supply available.”
ARK invest has also updated their guides to measure how much upside is left on BTC for this quarter. The sentiment is that the bull run is far from over. Decentrader’s report also stated that should some technicals play out, the ETH/BTC pair has a “+27% potential move from current price levels.” Moreover, they state that a strong altcoin rally going into the new year is probable. Another important metric which we have mentioned in previous articles is the fact that miners are continuing to accumulate. According to Willy Woo, it is a remarkable change in behavior. Kraken research also released a report this weekend that indicates miners are ‘stockpiling‘ Bitcoin, adding it to their balance sheets.
Since 2020 miners have been HODLers (and buyers) of BTC, this is a sea change in behaviour. Miners have not been in sustained accumulation behaviour since the 2009-2014 era. pic.twitter.com/XUsFys42ew
— Willy Woo (@woonomic) October 30, 2021
Miners are stacking sats, Bitcoin supply on reserves are low, the indicators point to room to run, and on-chain analysis is bullish. The overall trend, especially in Q4 of the halving remains extremely positive. More people are coming into the market than ever–and while you may not like SHIB, such “viral” meme coins are bringing people, money and interest into the market. Yes, the whales are taking advantage of leverage longs on BTC, but because we are holding great support at 61k, it appears the flush is over, and November may play out to be a massive month for Bitcoin, sending us above 85k.
In conclusion, what is clear and objectively true is that the interest in crypto has never been higher, and that itself is the greatest indicator of all.
Classic
– step 1: liquidate all leveraged longs
– step 2: ?? pic.twitter.com/UwHcpj8CjI— PlanB (@100trillionUSD) October 27, 2021
The post Report: Bitcoin Ready to Rally to 85k appeared first on CryptosRus.
Text source: CryptosRus
