- The price of Bitcoin has risen by more than 2% in the past seven days.
- Most metrics looked bullish on Bitcoin.
Bitcoin [BTC] has not performed as per expectations as the king of cryptos continued to trade below $70,000 at the time of writing despite a positive weekly chart.
But there was more to the story, as BTC’s slow-moving price action could be a prelude to a massive price surge in the coming days.
Bitcoin is ready to pump
CoinMarketCaps facts revealed that the price of BTC had risen by more than 2% in the past seven days. At the time of writing, BTC was trading at $69,329.89 with a market cap of over $1.3 trillion.
Although BTC continued to trade below $70,000, the king of cryptos had a trick up his sleeve that could soon result in a massive bull rally.
Trader Tradigrade, a popular crypto analyst, recently posted a tweet to draw attention to an interesting development. According to the tweet, BTC’s price consolidated within a bullish pennant pattern.
A breakout above could allow BTC to reach new highs.
So the recent slow price movement could simply be a consequence of this consolidation phase.
BTC to $88k?
AMBCrypto’s look at Glassnode’s data revealed that BTC had the potential to rise substantially.
To be precise, BTC’s Pi cycle top indicators showed that BTC was nearing its market bottom and a price could push the coin above the $88,000 mark.
For the uninitiated, the Pi Cycle indicator is composed of the 111-day moving average (111SMA) and a 2x multiple of the 350-day moving average of Bitcoin’s price.
Source: Glassnode
AMBCrypto then analyzed CryptoQuant’s facts to better understand if BTC could reach $88k. We found that buying pressure on BTC was high as the currency reserve fell at the time of writing.
The binary CDD remained green, meaning that long-term holders’ moves over the past seven days were lower than average. They have a motive to hold on to their coins.
Things also looked quite optimistic on the derivatives market. BTC’s funding rate has risen, meaning traders in long positions are dominant and willing to pay traders in short positions.
Buying sentiment among derivatives investors was also high, which was clearly reflected in the green Taker Buy Sell Ratio.
Source: CryptoQuant
Read Bitcoins [BTC] Price prediction 2024-25
However, investors may have to wait a little longer before seeing a Bitcoin pump, as a few indicators hinted at a few more slow-moving days ahead. Notably, the coin’s MACD showed a bearish crossover.
Additionally, the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both moved sideways near their respective neutral zones.
Source: TradingView