It’s been an interesting few days for crypto for sure. I was reading this article which has some useful insights – https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-forecast-pointing-to-new-all-time-high-at-78-900-202410290803.
Here are some of the key takeaways:
- Institutional Investment Surge: Strong inflows into Bitcoin ETFs (over $472 million on Monday) show increased institutional demand, bolstering Bitcoin’s price.
- Bullish Sentiment Among Traders: The long-to-short ratio has reached its highest level this month, suggesting that traders are optimistic and expecting further gains.
- High Open Interest: Bitcoin futures Open Interest has hit a record $42.23 billion, indicating substantial new capital inflow and high trading activity.
- Technical Momentum: Bitcoin recently broke above a key resistance level ($67,500) and successfully retested it, signaling the potential for further upward movement toward a new all-time high.
- On-Chain Indicators: On-chain metrics, such as Bitcoin held by U.S. entities, have increased, historically indicating a strong bull run might be on the horizon.
- Strong Relative Strength Index (RSI): Bitcoin’s RSI on the weekly chart is at 60, above the neutral 50 level, showing growing bullish momentum without reaching overbought territory.
