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The October crypto bullish narrative could help Bitcoin price regain a crucial macro rising trend and potentially reach a new all-time high.
Key Notes
Bitcoin price must consistently close above the 200-day Moving Average (MA) to invalidate the midterm bearish sentiment.The rise of some altcoins has signaled an inevitable reversal of BTC dominance in the weekly time frame.Bitcoin BTC $63 867 24h volatility: -0.6% Market cap: $1.26 T Vol. 24h: $29.54 B price closed September with a bullish outlook, signaling a potential reversal in the near term. The flagship coin is attempting to regain the 200-day Moving Average (MA) as a support level after Monday’s drop from $65.6K to about $63.2K following the heated futures market.
The rising Bitcoin volatility is expected to continue in the coming weeks amid speculation of a bullish outlook in the fourth quarter.
Furthermore, the ongoing economic shift catalyzed by the recent Fed’s rate cut, amid the upcoming US 2024 general elections, will accelerate the crypto bullish outlook.
Additionally, Bitcoin price will eventually follow Gold’s price action, which is already in price discovery.
According to popular crypto analyst alias PlanB, Bitcoin price is en route to a new all-time high in the near term after consolidating between $60k and $70K in the past eight months. From historical data, Bitcoin price tends to perform better in the fourth quarter after closing September with a bullish outlook.
However, legendary analyst Peter Brandt has severally cautioned traders against a potential sudden Bitcoin selloff if it does not consistently close above the July peak of about $69.9K.
Moreover, Bitcoin price has been trapped in a macro falling trend since March, characterized by lower lows and lower highs in the weekly time frame.
From a technical standpoint, Bitcoin price in the four-hour time frame has signaled a potential selloff in the coming weeks before the macro reversal by the end of this year. If the Bitcoin bears sustain in the coming weeks, BTC price will likely retrace to the support range between $52k and 54k.
Don't shoot the messenger. $BTC pic.twitter.com/pa1xYzBghf
— CrediBULL Crypto (@CredibleCrypto) October 1, 2024
Whale Investors Relentlessly Accumulate More Bitcoin
According to on-chain data analysis provided by Coinglass, the supply of Bitcoin on centralized exchanges declined by more than 10K in the past week. Consequently, the supply of Bitcoin on CEXs has dropped to a multi-year low, signaling heightened buying pressure.
The notable decline of Bitcoin in CEXs is largely attributed to the rising demand from the US spot BTC ETFs and other whale investors. In the past four weeks, the US spot BTC ETFs, led by BlackRock’s IBIT, have accumulated Bitcoins worth more than $1.9 billion.
On Monday, the US spot BTC ETFs registered a net cash inflow of about $61 million, led by IBIT’s $72 million.
Meanwhile, individual companies led by MicroStrategy Inc. (NASDAQ: MSTR) have also been accumulating more coins in the recent past. Earlier today, Japanese Metaplanet Inc. (Tokyo: 3350) announced that it had successfully purchased an additional 107.93 Bitcoins, worth more than $6.9 million, thus currently holding about 506.75 BTCs.
Worth noting that El Salvador continues to purchase 1 Bitcoin per day to strengthen its crypto portfolio.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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