In what has been an “unusual” September, bitcoin (btc) has posted another positive weekly performance. According bitcoin/” target=”_blank”>CoinMarketCap dataThe inaugural cryptocurrency rose 5.07% in the last seven days, bringing its cumulative gain this month to 11.30%. Interestingly, now that bitcoin has halved, analysts remain highly expectant of the traditional market bull run by the largest digital asset.
btc in consolidation as it gains momentum for breakout
In x.com/rovercrc/status/1839717639968698707″ target=”_blank”>a post On Friday, popular analyst crypto Rover predicted that btc will reach a price of $290,000 in the next bull run.
Interestingly, this price projection is in line with previous statements from analysts who set a six-figure price target for btc following the introduction of bitcoin spot ETFs, representing increased institutional demand for the cryptocurrency market leader.
Notably, btc has moved between $55,000 and $70,000 over the past seven months, representing a state of consolidation. According to crypto Rover, following a breakout of this current sideways movement, bitcoin is likely to enter the “banana zone”, i.e. the phase of outrageous price growth, as seen in previous bull cycles.
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The crypto analyst predicts that during this period that traditionally lasts 12 to 18 months, btc could trade up to $290,000, representing a gain of 339.39% on the current price of the asset.
For many cryptocurrency enthusiasts, the long-awaited breakout is likely to occur in the coming weeks as bitcoin has now formed an inverse head and shoulders pattern, as highlighted by crypto Rover in x.com/rovercrc/status/1839716000444359064″ target=”_blank”>another post. To explain, the inverse head and shoulders pattern is a common bullish indicator of possible reversals of a bearish trend. If the price breaks above the neckline with significant volume, it indicates a shift towards bullish control.
These sentiments about a price breakout are further reinforced by the upcoming fourth quarter, which has x.com/rovercrc/status/1839755891857371410″ target=”_blank”>proven to be the most bullish period for bitcoin with an average gain of 88% over the last 11 years.
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bitcoin Exchange Stablecoin Share Shows Bullish Sign
In more positive news for the bitcoin community, the bitcoin Exchange Stablecoin Ratio is currently indicating a buy signal. According to CryptoQuant analyst with username EgyHash, this metric that measures btc reserves (in USD) against the combined stablecoin reserves on the exchange is currently at the low levels seen in early 2024.
unhash bitcoin-Exchange-Stablecoins-Ratio-A-Strong-Bullish-Signal-for-Investors” target=”_blank”>explains that a low ratio indicates that traders have greater purchasing power due to high stablecoin holdings that could translate into investments in bitcoin, resulting in a price gain. Therefore, the current low bitcoin exchange rate adds to the list of bullish signals for bitcoin investors.
At the time of writing, the top cryptocurrency continues to trade at $66,064 with a gain of 1.14% in the last day. Meanwhile, bitcoin's daily trading volume is down 12.92% and is valued at $32.01 billion.
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Featured image of Cwallet, Tradingview chart