Bitcoin hit a high of $64,000 just last month, but as of now, it’s pulled back to around $56,000. Some folks might be nervous about this dip, but according to a top analyst, this might just be the calm before a major storm—a bullish storm.
The prediction comes from MetaShackle, a well-known analyst on TradingView. He’s spotted something big—a cup and handle pattern forming on Bitcoin’s chart. For those who don’t know, a cup and handle pattern is a classic bullish indicator in the world of trading. Picture this: the price dips, forms a ‘U’ shape, then dips again slightly before taking off. That’s exactly what’s forming right now, and according to MetaShackle, it could lead to a massive price rise.
Now, here’s another piece of the puzzle. According to data from Glassnode, since mid-August, short-term Bitcoin holders have sold off over 642,000 BTC—worth a staggering $36 billion! That’s a lot of Bitcoin flooding the market.
So, why does this matter? Well, typically, when short-term holders sell, Bitcoin’s price can dip. But here’s the twist—another analyst, Checkmate, suggests that these short-term holders aren’t just selling. Instead, many are holding on longer, maturing into long-term holders. This shift could stabilize Bitcoin and pave the way for that $130K target.
And if that’s not enough to get you excited, analyst Ali Martinez has spotted another bullish signal. Over on the HTX exchange, there’s been a spike in the Taker Buy/Sell Ratio, which means aggressive buying is picking up. In plain English, it looks like more people are buying Bitcoin, and that could push prices higher.
While Bitcoin’s current price dip might seem like a setback, the signs are pointing to a potential rally that could take us to $130,000. What do you think? Are we on the verge of a new Bitcoin bull run?
Drop your thoughts in the comments below.
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Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your research before investing in any cryptocurrency.
