{"id":554586,"date":"2023-10-09T09:00:58","date_gmt":"2023-10-09T09:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=554586"},"modified":"2023-10-09T08:08:36","modified_gmt":"2023-10-09T08:08:36","slug":"bitcoin-price-ready-for-blast-off-as-key-metrics-signal-a-bull-run-top-analyst","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-ready-for-blast-off-as-key-metrics-signal-a-bull-run-top-analyst\/","title":{"rendered":"Bitcoin Price Ready For Blast-Off As Key Metrics Signal A Bull Run: Top Analyst"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin price analysts are pointing to a combination of high timeframe indicators that suggest the bear market for the leading cryptocurrency may be over, hinting at an impending upward surge.<\/span><\/p>\n<p><span style=\"font-weight: 400\">TechDev, a prominent crypto analyst known for insightful market analysis, recently shared a compelling perspective on social media platform X. Drawing parallels to historical trends, TechDev contends that Bitcoin is currently in a familiar position, reminiscent of the preludes to the 2016 and 2020 bull markets.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/xrp-journey-to-0-55-is-a-breakthrough-imminent-in-the-coming-days\/\" target=\"_blank\" rel=\"noopener \">XRP Journey To $0.55: Is A Breakthrough Imminent In The Coming Days?<\/a><\/div>\n<h2><strong>Bitcoin Price Analysis: Volatility Contraction Signals Imminent Breakout<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">To illustrate this perspective, <\/span><a href=\"https:\/\/twitter.com\/TechDev_52\/status\/54237420\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">TechDev presented a chart<\/span><\/a><span style=\"font-weight: 400\"> featuring monthly candles, Bollinger bands, and a specialized indicator showcasing the logarithmic width between the bands in relation to the 200-month moving average. What is particularly intriguing about this chart is how Bitcoin&#8217;s Bollinger bands, which gauge relative volatility, have significantly contracted, implying a forthcoming breakout to the upside.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">What <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> has looked like before heading north&#8230; <a href=\"https:\/\/t.co\/aDCCAKSDli\" rel=\"nofollow\">pic.twitter.com\/aDCCAKSDli<\/a><\/p>\n<p>\u2014 TechDev (@TechDev_52) <a href=\"https:\/\/twitter.com\/TechDev_52\/status\/54237420?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 6, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">This influential analyst further points out that Bitcoin is not alone in its quest for a bullish breakout; the broader altcoin market is also in contention. To make this comparison, TechDev references the &#8220;OTHERS&#8221; chart, measuring the collective market capitalization of all cryptocurrencies except Bitcoin and Ethereum (ETH).<\/span><\/p>\n<p><span style=\"font-weight: 400\">In TechDev&#8217;s analysis, Bitcoin has forged crucial support levels at the inception of a <\/span><a href=\"https:\/\/dailyhodl.com\/2023\/10\/08\/bitcoin-about-to-head-north-as-several-indicators-line-up-for-btc-according-to-crypto-analyst\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">long-term bullish momentum<\/span><\/a><span style=\"font-weight: 400\">. Simultaneously, the &#8220;OTHERS&#8221; index has managed to break through a long-standing downward resistance. These developments collectively indicate that both Bitcoin and the altcoin market are primed for significant moves, potentially marking the end of the bear market phase.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As of the latest data from <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">CoinGecko<\/span><\/a><span style=\"font-weight: 400\">, Bitcoin&#8217;s price stands at $27,916 with a 24-hour price movement of 0.0% and a marginal 0.1% decline over the past week. This relative stability suggests that investors are holding their positions, awaiting the anticipated breakout.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full\" src=\"https:\/\/www.tradingview.com\/x\/iyWYm2EU\/\" width=\"2475\" height=\"1179\"><\/p>\n<pre style=\"text-align: center\">BTCUSD selling at $27,826 today. Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><strong>Whale Activity Sparks Speculation<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Meanwhile, in a surprising turn of events, a dormant Bitcoin address that had remained inactive for three years suddenly sprung back to life. Approximately 5,000 Bitcoins, valued at around $140 million, were transferred from this address. Notably, this substantial transfer was divided among three different addresses, as <\/span><a href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/95100331\" rel=\"nofollow\"><span style=\"font-weight: 400\">highlighted by PeckShield<\/span><\/a><span style=\"font-weight: 400\">, a renowned blockchain security firm.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#PeckShieldAlert<\/a> A dormant <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> address 1LH1dY&#8230;ztTz (which has been inactive for 3 years) has transferred ~5K <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> (~$140M) to 3 addresses<\/p>\n<p>bc1q5rpq5wppf5tua2yd97nscp8gpz8fq0w740g22c<\/p>\n<p>34aed6ryXt6ZCHv6k2WPiyy7ap5VbyHr8D\u2026 <a href=\"https:\/\/t.co\/kLj1SeEQSh\" rel=\"nofollow\">pic.twitter.com\/kLj1SeEQSh<\/a><\/p>\n<p>\u2014 PeckShieldAlert (@PeckShieldAlert) <a href=\"https:\/\/twitter.com\/PeckShieldAlert\/status\/95100331?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 8, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The implications of this significant <\/span><a href=\"https:\/\/u.today\/dormant-bitcoin-btc-address-springs-to-life-transfers-140-million\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">whale movement<\/span><\/a><span style=\"font-weight: 400\"> on Bitcoin&#8217;s price remain to be seen. Such sizeable transactions often draw attention and can have varying effects on market sentiment. Traders and investors will be closely monitoring how this unexpected development plays out in the coming days and weeks.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/trillions-in-shiba-inu-on-the-move-what-lies-ahead-for-the-meme-coin\/\"> Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin?<\/a><\/div>\n<p><span style=\"font-weight: 400\">The convergence of multiple high timeframe indicators suggests that Bitcoin may be on the cusp\u00a0<\/span><span style=\"font-weight: 400\">of a bullish resurgence, reminiscent of previous market cycles. <\/span><\/p>\n<p><span style=\"font-weight: 400\">As Bitcoin continues to vie for an upward breakout alongside the broader altcoin market, the crypto community eagerly anticipates the potential end of the bear market and the start of a new phase in the digital asset landscape.\u00a0<\/span><\/p>\n<p><em>(This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n<p><em><span style=\"font-weight: 400\">Featured image from The Drive<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price analysts are pointing to a combination of high timeframe indicators that suggest the bear market for the leading cryptocurrency may be over, hinting at an impending upward surge. TechDev, a prominent crypto analyst known for insightful market analysis, recently shared a compelling perspective on social media platform X. Drawing parallels to historical trends, TechDev contends that Bitcoin is currently in a familiar position, reminiscent of the preludes to the 2016 and 2020 bull markets. Related Reading: XRP Journey To $0.55: Is A Breakthrough Imminent In The Coming Days? Bitcoin Price Analysis: Volatility Contraction Signals Imminent Breakout To illustrate this perspective, TechDev presented a chart featuring monthly candles, Bollinger bands, and a specialized indicator showcasing the logarithmic width between the bands in relation to the 200-month moving average. What is particularly intriguing about this chart is how Bitcoin&#8217;s Bollinger bands, which gauge relative volatility, have significantly contracted, implying a forthcoming breakout to the upside. What #bitcoin has looked like before heading north&#8230; pic.twitter.com\/aDCCAKSDli \u2014 TechDev (@TechDev_52) October 6, 2023 This influential analyst further points out that Bitcoin is not alone in its quest for a bullish breakout; the broader altcoin market is also in contention. To make this comparison, TechDev references the &#8220;OTHERS&#8221; chart, measuring the collective market capitalization of all cryptocurrencies except Bitcoin and Ethereum (ETH). In TechDev&#8217;s analysis, Bitcoin has forged crucial support levels at the inception of a long-term bullish momentum. Simultaneously, the &#8220;OTHERS&#8221; index has managed to break through a long-standing downward resistance. These developments collectively indicate that both Bitcoin and the altcoin market are primed for significant moves, potentially marking the end of the bear market phase. As of the latest data from CoinGecko, Bitcoin&#8217;s price stands at $27,916 with a 24-hour price movement of 0.0% and a marginal 0.1% decline over the past week. This relative stability suggests that investors are holding their positions, awaiting the anticipated breakout. BTCUSD selling at $27,826 today. Chart: TradingView.com Whale Activity Sparks Speculation Meanwhile, in a surprising turn of events, a dormant Bitcoin address that had remained inactive for three years suddenly sprung back to life. Approximately 5,000 Bitcoins, valued at around $140 million, were transferred from this address. Notably, this substantial transfer was divided among three different addresses, as highlighted by PeckShield, a renowned blockchain security firm. #PeckShieldAlert A dormant $BTC address 1LH1dY&#8230;ztTz (which has been inactive for 3 years) has transferred ~5K $BTC (~$140M) to 3 addresses bc1q5rpq5wppf5tua2yd97nscp8gpz8fq0w740g22c 34aed6ryXt6ZCHv6k2WPiyy7ap5VbyHr8D\u2026 pic.twitter.com\/kLj1SeEQSh \u2014 PeckShieldAlert (@PeckShieldAlert) October 8, 2023 The implications of this significant whale movement on Bitcoin&#8217;s price remain to be seen. Such sizeable transactions often draw attention and can have varying effects on market sentiment. Traders and investors will be closely monitoring how this unexpected development plays out in the coming days and weeks. Related Reading: Trillions In Shiba Inu On The Move: What Lies Ahead For The Meme Coin? The convergence of multiple high timeframe indicators suggests that Bitcoin may be on the cusp\u00a0of a bullish resurgence, reminiscent of previous market cycles. As Bitcoin continues to vie for an upward breakout alongside the broader altcoin market, the crypto community eagerly anticipates the potential end of the bear market and the start of a new phase in the digital asset landscape.\u00a0 (This site&#8217;s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from The Drive<\/p>\n","protected":false},"author":557,"featured_media":554590,"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":[428,1122,1144,8686,4735],"class_list":["post-554586","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc-price","tag-btcusd","tag-ethusd","tag-price-action"],"acf":[],"yoast_head":"\n<title>Bitcoin Ready For Blast-Off, Metrics Signal A Bull Run: Top Analyst<\/title>\n<meta name=\"description\" content=\"Bitcoin price analysts are pointing to a combination of high timeframe indicators that suggest the bear market for the leading cryptocurrency may be over,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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