Bitcoin has experienced a bullish week, surging 6% since Wednesday, igniting excitement among analysts and investors who believe this could be the beginning of the next major rally.
The last significant rally, from January to March, propelled Bitcoin’s price up by 91%, nearing all-time highs. Now, market participants are optimistic that a similar trend could unfold in the coming weeks, potentially driving the price to unprecedented levels.
CryptoQuant on-chain analyst Axel Adler has shared insightful data, suggesting that BTC’s current momentum is more than just a temporary boost. According to Adler, key on-chain metrics point to a strong accumulation phase, which historically precedes significant price appreciation.
With this renewed bullish sentiment, the market is closely watching how BTC performs in the coming days. If the price can sustain its upward trajectory and break through key resistance levels, it could mark the start of a new, powerful rally. Investors are eager to see whether BTC can replicate its past performance and reach new heights.
Analyst Expects ‘Longer’ Bitcoin Rally
Bitcoin has experienced a remarkable 25% price surge over the past three weeks, fueled by the Federal Reserve’s recent interest rate cuts. This significant price movement has reignited optimism among analysts and traders, many of whom are predicting a new Bitcoin rally. The daily price action currently supports this outlook, confirming an uptrend as Bitcoin continues to climb.
Prominent crypto analyst Axel Adler recently shared his analysis on X, noting that the average Bitcoin rally this year has lasted around 25 days, compared to an average of 35 days over the past 15 years.
According to Adler, this shorter duration is the minimum expectation for the current market cycle. However, with favorable macroeconomic conditions, he believes that a 100-day rally is entirely possible. He clarified that this forecast is based on his intuition rather than concrete data, highlighting the unpredictable nature of the crypto market.
As Bitcoin’s price approaches higher levels of supply around $70,000, investors are watching closely. This key resistance level hasn’t been tested since late July. A successful push past $70,000 would not only validate the current rally but also set the stage for a potential challenge to all-time highs.
The recent surge has sparked excitement, but many are still cautious, waiting to see if Bitcoin can maintain its momentum and break through this crucial threshold. If Bitcoin can sustain its upward trend and break past these levels, it could signal the start of a powerful and extended rally, bringing renewed attention and capital into the cryptocurrency market.
BTC Price Testing Crucial Supply
Bitcoin is currently trading at $66,065, having broken past the daily 200 moving average (MA) at $63,797 and closed above it for two consecutive days. This decisive move indicates strong bullish momentum and has brought renewed optimism to the market.
The price is now flirting with higher supply levels, and a surge past the $70,000 mark could trigger a wave of demand, potentially leading to fear of missing out (FOMO) among traders and investors. Such a breakout would likely attract more capital into the market, further fueling the rally.
However, caution is warranted as Bitcoin must sustain its position above the daily 200 MA to maintain this bullish outlook. A failure to hold above this critical level could lead to a retracement, testing lower demand zones around $60,000. This would provide an opportunity for bulls to accumulate before the next leg up, but it could also introduce uncertainty and hesitation in the market.
For now, all eyes are on Bitcoin’s ability to continue its upward momentum and break past the $70,000 resistance, which would solidify its position in` a confirmed uptrend and potentially set the stage for a new all-time high in the coming weeks.
Featured image from Dall-E, chart from TradingView
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