- Bitcoin shows bullish signals and could rise toward $88,000 if it stays above $74,500 and breaks $82,000 resistance.
- On-chain metrics indicate increased investor accumulation and activity, supporting optimism for future Bitcoin gains.
Bitcoin is showing bullish strength, with experts highlighting critical price levels that could unlock further growth. Recent technical indicators suggest a robust outlook, provided certain conditions hold.
Prominent crypto analyst Ali Martinez pointed out a potentially bullish signal from the TD Sequential. On social media, Martinez pointed out that this was evidenced by a weekly buy signal, where Bitcoin is expected to continue its upward trajectory.
As Martinez noted, the price of Bitcoin needs to remain above $74,500 and break through the $82,000 resistance level to potentially increase to $88,000. The TD Sequential is a popular indicator in technical analysis that can be used to identify reversal patterns in prices. Martinez’s analysis suggests that traders and investors must pay attention to the levels of trading the bullish expectation in Bitcoin.
Market Resilience Despite Recent Pushback
Crypto analyst Michael van de Poppe pointed out that the BTC price attempted to go through the psychological level of $80,000. While this attempt was lowered to around $79,400 for some time, van de Poppe believes this is a strong indication of Bitcoin market strength.
Van de Poppe remained bullish about BTC’s mid to long-term view. He stated that among the recent changes in the market, such as higher liquidity due to the dumping of a large-scale sell-off, he forecasts a significant increase in the prices of Bitcoin for the next six months to a year.
On-Chain Metrics Support Positive Sentiment
Backing up this bullish sentiment, recent on-chain metrics have pointed to optimism in the short term as well. According to data from CryptoQuant, there has been a negative net exchange flow. This phase often indicates accumulation phases as investors transfer their Bitcoin out of the exchange in readiness for a higher price.
Also, Santiment highlighted increased Bitcoin whale transactions, suggesting that a shift in volatility or upward movement in the price is possible soon. Historically, the presence of whales coincides with major price changes, which implies considerable demand at the current prices.
Glassnode data reinforces bullish optimism, showing the number of active Bitcoin addresses steadily rising. Higher address activity signifies more user interaction and an active market, which supports the possibility of Bitcoin’s price appreciation.
As of the time of writing, Bitcoin is trading at $80,052 and has appreciated over 4% in the last day, according to CoinMarketCap. The market capitalization value is $1.58T, with a 24-hour trading volume of $65.32B.
Currently, the total number of Bitcoin in circulation stands at 19,848,111, with its maximum figure set at 21 million. With the demand gradually returning and relatively fewer coins in exchanges, the long-term supply pressure stays in play.
