{"id":471868,"date":"2021-09-17T19:00:36","date_gmt":"2021-09-17T19:00:36","guid":{"rendered":"https:\/\/wncen.com\/?p=471868"},"modified":"2024-06-11T13:58:43","modified_gmt":"2024-06-11T13:58:43","slug":"analyst-bitcoin-ath-october-stablecoins-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-bitcoin-ath-october-stablecoins-btc\/","title":{"rendered":"Analyst Puts New Bitcoin ATH For October As Stablecoins Start Pumping Into BTC"},"content":{"rendered":"

Bitcoin analyst says new ATH in October is likely as on-chain data shows stablecoins may have started to pump into BTC.<\/p>\n

Stablecoins Reserve Starts Moving Down, Bitcoin To Reach New ATH In October?<\/h2>\n

As explained by an analyst on CryptoQuant<\/a>, after staying at highs, the stablecoins reserve has finally started a decline. Based on this and a couple other indicators, the quant believes there is a high probability we will see a new Bitcoin all time high (ATH) in October.<\/p>\n

The stablecoins exchange reserve<\/a> is an indicator that shows the total amount of fiat-tied coins currently present on exchanges.<\/p>\n

An increase in the value of the metric could suggest an increase in the supply of dry powder<\/a> for Bitcoin and other cryptocurrencies.<\/p>\n

When the reserve starts declining, it may mean investors now want to enter into volatile markets and are exchanging these coins to do so. Large withdrawals to personal wallets or to fiat will also show up as a decrease in the indicator.<\/p>\n

The below chart shows how the value of the stablecoins exchange reserve has changed recently:<\/p>\n

\"Stablecoins<\/p>\n

The reserve indicator vs the Bitcoin price | Source: CryptoQuant<\/a><\/pre>\n
As the graph shows, the value of the stablecoins reserve made new peaks just recently. This shows how these fiat-tied coins were piling up on exchanges as investors were waiting to enter volatile markets.<\/p>\n
Related Reading |\u00a0On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips<\/a><\/strong><\/em><\/p>\n
At the moment, it looks like the indicator has started turning downwards. Lately, the trend with the metric has been that when such a decline happens, the price of BTC moves up as these coins pump into the cryptocurrency.<\/p>\n
Also, the chart has two other indicators as well, the Bitcoin Relative Strength Index (RSI) and the stochastic RSI. The RSI uses the magnitude of recent price changes to evaluate whether the coin has been oversold or overbought.<\/p>\n
Low values of the indicator suggest BTC is currently oversold, while higher ones may suggest it has been overbought.<\/p>\n
Related Reading |\u00a0Believe It Or Not, Bitcoin Maxis, Altcoin Season Might Not Have Yet Begun<\/a><\/strong><\/em><\/p>\n
The analyst points out the regions where the RSI dipped down to quite low values, signifying bottoms. Based on this and the stablecoins reserve, the quant thinks that since Bitcoin has hit a bottom now, it should move up next, and so a new ATH could be there in October.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin’s price<\/a> floats around $47.6k, up 5% in the last 7 days. Over the past month, the crypto’s value has increased by 4%.<\/p>\n
Here is a chart showing the trend in the price of the coin over the last five days:<\/p>\n
\"Bitcoin<\/p>\n
BTC's price moves sideways after a strong march up | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin analyst says new ATH in October is likely as on-chain data shows stablecoins may have started to pump into BTC. Stablecoins Reserve Starts Moving Down, Bitcoin To Reach New ATH In October? As explained by an analyst on CryptoQuant, after staying at highs, the stablecoins reserve has finally started a decline. Based on this and a couple other indicators, the quant believes there is a high probability we will see a new Bitcoin all time high (ATH) in October. The stablecoins exchange reserve is an indicator that shows the total amount of fiat-tied coins currently present on exchanges. An increase in the value of the metric could suggest an increase in the supply of dry powder for Bitcoin and other cryptocurrencies. When the reserve starts declining, it may mean investors now want to enter into volatile markets and are exchanging these coins to do so. Large withdrawals to personal wallets or to fiat will also show up as a decrease in the indicator. The below chart shows how the value of the stablecoins exchange reserve has changed recently: The reserve indicator vs the Bitcoin price | Source: CryptoQuant As the graph shows, the value of the stablecoins reserve made new peaks just recently. This shows how these fiat-tied coins were piling up on exchanges as investors were waiting to enter volatile markets. Related Reading |\u00a0On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips At the moment, it looks like the indicator has started turning downwards. Lately, the trend with the metric has been that when such a decline happens, the price of BTC moves up as these coins pump into the cryptocurrency. Also, the chart has two other indicators as well, the Bitcoin Relative Strength Index (RSI) and the stochastic RSI. The RSI uses the magnitude of recent price changes to evaluate whether the coin has been oversold or overbought. Low values of the indicator suggest BTC is currently oversold, while higher ones may suggest it has been overbought. Related Reading |\u00a0Believe It Or Not, Bitcoin Maxis, Altcoin Season Might Not Have Yet Begun The analyst points out the regions where the RSI dipped down to quite low values, signifying bottoms. Based on this and the stablecoins reserve, the quant thinks that since Bitcoin has hit a bottom now, it should move up next, and so a new ATH could be there in October. BTC Price At the time of writing, Bitcoin’s price floats around $47.6k, up 5% in the last 7 days. Over the past month, the crypto’s value has increased by 4%. Here is a chart showing the trend in the price of the coin over the last five days: BTC’s price moves sideways after a strong march up | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":471876,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84297,1119,1144,15241],"class_list":["post-471868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-ath","tag-btc","tag-btcusd","tag-stablecoins"],"acf":[],"yoast_head":"\nAnalyst Puts New Bitcoin ATH For October As Stablecoins Start Pumping Into BTC<\/title>\n<meta name=\"description\" content=\"Bitcoin analyst says new ATH in October is likely as on-chain data shows stablecoins may have started to pump into BTC. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Puts New Bitcoin ATH For October As Stablecoins Start Pumping Into BTC","url":"http:\/\/wncen.com\/news\/analyst-bitcoin-ath-october-stablecoins-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/analyst-bitcoin-ath-october-stablecoins-btc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/executium-Qu4-NrGhppk-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/executium-Qu4-NrGhppk-unsplash-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin ath","btc","btcusd","stablecoins"],"dateCreated":"2021-09-17T19:00:36Z","datePublished":"2021-09-17T19:00:36Z","dateModified":"2024-06-11T13:58:43Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Puts New Bitcoin ATH For October As Stablecoins Start Pumping Into BTC\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyst-bitcoin-ath-october-stablecoins-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyst-bitcoin-ath-october-stablecoins-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/executium-Qu4-NrGhppk-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/executium-Qu4-NrGhppk-unsplash-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin ath\",\"btc\",\"btcusd\",\"stablecoins\"],\"dateCreated\":\"2021-09-17T19:00:36Z\",\"datePublished\":\"2021-09-17T19:00:36Z\",\"dateModified\":\"2024-06-11T13:58:43Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/executium-Qu4-NrGhppk-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/471868"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=471868"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/471868\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/471876"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=471868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=471868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=471868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}