- The price of BTC has risen by more than 3% in the past 24 hours.
- Most statistics and indicators were positive about the coin.
Bitcoin [BTC] has shown signs of recovery after a few weeks as it crossed the $60,000 mark. While this development seemed optimistic, the latest analysis suggested that BTC could reach new heights in 2024. Let’s take a look at BTC’s stats to see if that’s likely.
Bitcoins on the Road to New Highs
from CoinMarketCap facts revealed that the price of the king of crypto has increased by more than 3% in the past 24 hours, once again surpassing the $60,000 mark. At the time of writing, BTC was trading at $60,172 with a market cap of over $1.17 trillion.
Thanks to this development, more than 83% of BTC investors made profits.
Things could get even better in the coming days as Titan of Cryptos, a popular crypto analyst, has tweet points to an interesting development. According to the tweet, a rectangular, descending, widening wedge pattern appeared on the BTC chart.
If BTC tests the pattern, then the recent price increase could be the start of a massive rally. In fact, the upcoming rally could push BTC to $88k by September. If that happens, then 100% of BTC investors will make a profit.
Source: X
Is Bitcoin Ready for a Boost?
Since the analysis revealed the possibility of a massive bull run, AMBCrypto wanted to take a closer look at its statistics to see what they suggest.
Our analysis of CryptoQuant’s facts revealed that the net deposit of BTC on exchanges was lower compared to the average of the last seven days. This means that the buying pressure on the coin was high.
The binary CDD was green, indicating that the movements of long-term holders in the last 7sevendays were lower than average. They have an incentive to hold on to their coins.
Furthermore, miners also showed confidence in BTC. This was evident from the fact that the Miners’ Position Index (MPI) was green, indicating that miners sold fewer holdings compared to the one-year average.
Source: CryptoQuant
Next, we looked at the daily chart of the coin to see what market indicators were suggesting. We found that most indicators were in favor of the bulls and pointed to a continued price increase.
Read Bitcoins [BTC] Price Prediction 2024-2025
For example, the MACD showed a bullish crossover. The Relative Strength Index (RSI) registered an uptick.
A similar upward trend was also seen on the coin’s Chaikin Money Flow (CMF) chart, suggesting that BTC may continue to rise in value and reach a new high by September.
Source: TradingView