Bitcoin price action post-halving suggests a potential for reaching a “six-figure value” per BTC, as a widely-followed technical indicator indicates a bullish pattern for the leading cryptocurrency. According to crypto data provider Ecoinometrics, Bitcoin recent dip below $50,000 places it under its “post-halving growth trajectory range”.
Ecoinometrics suggested that if Bitcoin returns to this range by year-end, there’s a significant chance of achieving a six-figure value for one BTC. They noted that based on the growth rate from the past three cycles, BTC could range between $140,000 and $4,500,000 per coin, starting from $63,000.
Bitcoin growth rate trajectory after the fourth halving
The growth trajectory of Bitcoin after the fourth halving is optimistic. From a technical perspective, the anonymous analyst Rekt Capital pointed out that Bitcoin’s recovery above $60,000 marks a trend change. In a post on August 12, Rekt Capital highlighted Bitcoin’s effort to convert a recently broken downtrending resistance into a new support trendline.
Rekt Capital referenced Bitcoin’s swift recovery after dropping to $49,577 on August 5, explaining that the price retested the support line, signaling “the end of the downtrend before a continuation upward”. The analyst emphasized the importance of “trend continuation.”
BTC/USD daily chart
The analyst further stressed the need for strong buying volume once Bitcoin retests the downtrend line to start an uptrend. This buying volume could be prompted by a bullish signal from the moving average convergence divergence (MACD) indicator on the daily chart, as observed by analyst Exel Adler Jr.
The MACD, a trend-following oscillator that shows the relationship between two moving averages of an asset’s price, provides a bullish signal when it crosses above its own nine-day EMA.
Adler Jr. shared a chart on August 13 showing the MACD in negative territory, similar to its position on July 8, when BTC hit a low of $53,550. This was followed by a bullish MACD cross on July 12, with Bitcoin increasing by 30% to test the $70,000 level by July 29.
An upcoming bullish MACD cross on the daily timeframe could mean BTC might sustain its recovery and reach new highs.
Read more: SEC Files Fraud Charges Against Promoters of NovaTech, Alleged $650M Crypto Pyramid Scheme
Bitcoin Investors Return to “Hodling”
Supporting a long-term bullish outlook for Bitcoin, analysts at Glassnode, a market intelligence firm, noted a “hodling preference” among long-term investors as the market rebounds from recent sell-offs.
Glassnode analysts commented, “After several months of heavy distribution pressures, Bitcoin holders appear to be shifting back to HODLing and accumulation.” A chart from Glassnode shows that after a prolonged period of supply distribution, Bitcoin whales are “returning to accumulation.”
Using the Accumulation Trend Score (ATS), which assesses weighted balance changes across the market, Glassnode reported a maximum value of 1.0, indicating significant accumulation over the past four weeks.
“This metric also indicates a shift toward accumulation-dominant behavior,” said Glassnode. This trend is particularly evident among Long-term Holders (LTHs), who, according to Glassnode, have resumed a preference for HODLing. In the past 90 days, over 374,000 BTC have moved into LTH status.
Overall, on-chain conditions suggest strong conviction among the Bitcoin holder base.
Cre: cointelegraph
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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