{"id":641593,"date":"2024-09-13T09:00:41","date_gmt":"2024-09-13T09:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=641593"},"modified":"2024-09-12T17:44:49","modified_gmt":"2024-09-12T17:44:49","slug":"bitcoin-price-set-for-major-breakout-coinbase-premium-signals-imminent-move","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-price-set-for-major-breakout-coinbase-premium-signals-imminent-move\/","title":{"rendered":"Bitcoin Price Set For Major Breakout? Coinbase Premium Signals Imminent Move"},"content":{"rendered":"<p data-pm-slice=\"1 1 []\">Recent analysis from CryptoQuant highlights that Bitcoin price may soon undergo a significant move, according to an indicator known as the Coinbase Premium.<\/p>\n<p data-pm-slice=\"1 1 []\">A CryptoQuant analyst under the pseudonym &#8216;Avocado Onchain&#8217; <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66e3087642286374a35e43f2-Coinbase-Premiums-Convergence-Signals-Imminent-Bitcoin-Price-Move\" target=\"_blank\" rel=\"noopener nofollow\">noted<\/a> earlier today that the Coinbase Premium, which measures the price gap between Bitcoin on Coinbase and Binance, is showing signs of convergence.<\/p>\n<p data-pm-slice=\"1 1 []\">The narrowing of this premium suggests that Bitcoin\u2019s price is approaching its fair value, leading many to believe that a decisive move is imminent.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-leverage-ratio-hits-new-high-what-does-this-mean-btc\/\" target=\"_blank\" rel=\"noopener \">Bitcoin\u2019s Leverage Ratio Hits New High: What Does This Mean BTC?<\/a><\/div>\n<h2 data-pm-slice=\"1 1 []\">How Does The Coinbase Premium Suggest Big Move Ahead For Bitcoin?<\/h2>\n<p data-pm-slice=\"1 1 []\">The Coinbase Premium reflects the difference in Bitcoin\u2019s price on Coinbase compared to other exchanges, primarily Binance. When this premium is high, it suggests that US institutional investors, who often favor Coinbase, are buying more Bitcoin, <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-leverage-ratio-hits-new-high-what-does-this-mean-btc\/\" target=\"_blank\" rel=\"noopener \">pushing the price higher<\/a>.<\/p>\n<p data-pm-slice=\"1 1 []\">Conversely, a low or negative premium indicates that these investors are either selling or that demand is higher on other exchanges like Binance.<\/p>\n<p>Avocado Onchain identified that the Coinbase Premium has gradually been narrowing in the past few weeks, with the<a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-supply-on-exchange-tightens-could-a-new-bull-run-be-just-weeks-away\/\" target=\"_blank\" rel=\"noopener \"> price gap<\/a> between Coinbase and Binance shrinking.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/329306\/quicktake\/6SqFf6us_fc8a8a5cff6f0633a8c5b7ee787ea03936d1a9a1debe9a51b9c928c1a1bd2a02.png?resize=1280%2C719&#038;ssl=1\" alt=\"Bitcoin coinbase premium gap. \" width=\"1280\" height=\"719\"><figcaption class=\"wp-caption-text\">Bitcoin coinbase premium gap. | Source: CryptoQuant<\/figcaption><\/figure>\n<p>According to the analyst, this convergence creates a triangular pattern on the one-hour chart, signaling that a decisive price move is approaching. While the direction of this move remains uncertain, previous instances of such convergence patterns have led to <a href=\"https:\/\/wncen.com\/bitcoin-news\/is-bitcoin-heading-for-a-bear-market-analysts-weigh-in-on-the-price-struggles\/\" target=\"_blank\" rel=\"noopener \">significant upward price movements<\/a> in Bitcoin.<\/p>\n<p>For instance, the analyst mentioned that a similar pattern was observed during the 2021-2022 bull market, with the Coinbase Premium forming a triangular convergence. The moment this pattern was completed, Bitcoin\u2019s price surged to <a href=\"https:\/\/wncen.com\/bitcoin-news\/will-bitcoin-repeat-history-analyst-sees-this-2019-pattern\/\" target=\"_blank\" rel=\"noopener \">new all-time highs<\/a>.<\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/img.cryptoquant.com\/329306\/quicktake\/3BdL1FdRX_bfb57c299361c3b2f671e4f435f889e74b6cb267ee4f9f80641849e6e7682bfe.png?resize=1280%2C719&#038;ssl=1\" alt=\"Bitcoin coinbase premium gap. \" width=\"1280\" height=\"719\"><figcaption class=\"wp-caption-text\">Bitcoin coinbase premium gap. | Source: CryptoQuant<\/figcaption><\/figure>\n<p>The analysis noted:<\/p>\n<blockquote><p>I believe that the current triangular pattern in the Coinbase Premium reflects a standoff among large investors (whales), as they cautiously gauge each other\u2019s moves before the next major price shift.<\/p><\/blockquote>\n<h2>BTC Market Performance And Outlook<\/h2>\n<p>After previous attempts, Bitcoin could once again <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-recovery-btc-prevented-41000-with-surge\/\" target=\"_blank\" rel=\"noopener \">trade above the $58,000<\/a> mark earlier today with a 24-hour high of $58,435.<\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/aCPblFZi\/\" alt=\"Bitcoin (BTC) price chart on TradingView\" width=\"2770\" height=\"1496\"><figcaption class=\"wp-caption-text\">BTC price is moving sideways on the 1-hour chart. Source: BTC\/USDT on <a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p>However, according to the latest data, the top crypto has now corrected as it trades below it with a current trading price of $57,619 at the time of writing, though still up by 1.5% in the past day.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-recovery-btc-prevented-41000-with-surge\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Recovery: Has BTC Prevented A Fall To $41,000 With This Surge?<\/a><\/div>\n<p>Renowned crypto analyst Tony &#8220;The Bull&#8221; on X has recently <a href=\"https:\/\/x.com\/tonythebullBTC\/status\/47620780\" target=\"_blank\" rel=\"noopener nofollow\">identified<\/a> the fractality of Gold in the Bitcoin price chart.<\/p>\n<figure style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GXRxWbxWcAAiqNq?format=jpg&amp;name=medium\" alt=\"Bitcoin displaying Gold fractal.\" width=\"1200\" height=\"790\"><figcaption class=\"wp-caption-text\">Bitcoin is displaying Gold fractal. | Source: Tony &#8220;The Bull&#8221; on X<\/figcaption><\/figure>\n<p>Tony noted that should this trend continue, a $100,000 price target could be coming over for Bitcoin in the next six months<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">If <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Bitcoin<\/a> continues to follow this <a href=\"https:\/\/twitter.com\/hashtag\/Gold?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">#Gold<\/a> fractal, $100K is coming over the next six months<\/p>\n<p>RSI and SuperTrend exhibit similar behaviors, albeit on vastly different timescales <a href=\"https:\/\/t.co\/l1wmMZzudg\" target=\"_blank\" rel=\"noopener nofollow\">pic.twitter.com\/l1wmMZzudg<\/a><\/p>\n<p>\u2014 Tony &#8220;The Bull&#8221; Severino, CMT (@tonythebullBTC) <a href=\"https:\/\/twitter.com\/tonythebullBTC\/status\/47620780?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener nofollow\">September 12, 2024<\/a><\/p><\/blockquote>\n<p>Featured image created with DALL-E, Chart from TradingVire<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recent analysis from CryptoQuant highlights that Bitcoin price may soon undergo a significant move, according to an indicator known as the Coinbase Premium. A CryptoQuant analyst under the pseudonym &#8216;Avocado Onchain&#8217; noted earlier today that the Coinbase Premium, which measures the price gap between Bitcoin on Coinbase and Binance, is showing signs of convergence. The narrowing of this premium suggests that Bitcoin\u2019s price is approaching its fair value, leading many to believe that a decisive move is imminent. Related Reading: Bitcoin\u2019s Leverage Ratio Hits New High: What Does This Mean BTC? How Does The Coinbase Premium Suggest Big Move Ahead For Bitcoin? The Coinbase Premium reflects the difference in Bitcoin\u2019s price on Coinbase compared to other exchanges, primarily Binance. When this premium is high, it suggests that US institutional investors, who often favor Coinbase, are buying more Bitcoin, pushing the price higher. Conversely, a low or negative premium indicates that these investors are either selling or that demand is higher on other exchanges like Binance. Avocado Onchain identified that the Coinbase Premium has gradually been narrowing in the past few weeks, with the price gap between Coinbase and Binance shrinking. According to the analyst, this convergence creates a triangular pattern on the one-hour chart, signaling that a decisive price move is approaching. While the direction of this move remains uncertain, previous instances of such convergence patterns have led to significant upward price movements in Bitcoin. For instance, the analyst mentioned that a similar pattern was observed during the 2021-2022 bull market, with the Coinbase Premium forming a triangular convergence. The moment this pattern was completed, Bitcoin\u2019s price surged to new all-time highs. The analysis noted: I believe that the current triangular pattern in the Coinbase Premium reflects a standoff among large investors (whales), as they cautiously gauge each other\u2019s moves before the next major price shift. BTC Market Performance And Outlook After previous attempts, Bitcoin could once again trade above the $58,000 mark earlier today with a 24-hour high of $58,435. However, according to the latest data, the top crypto has now corrected as it trades below it with a current trading price of $57,619 at the time of writing, though still up by 1.5% in the past day. Related Reading: Bitcoin Recovery: Has BTC Prevented A Fall To $41,000 With This Surge? Renowned crypto analyst Tony &#8220;The Bull&#8221; on X has recently identified the fractality of Gold in the Bitcoin price chart. Tony noted that should this trend continue, a $100,000 price target could be coming over for Bitcoin in the next six months If #Bitcoin continues to follow this #Gold fractal, $100K is coming over the next six months RSI and SuperTrend exhibit similar behaviors, albeit on vastly different timescales pic.twitter.com\/l1wmMZzudg \u2014 Tony &#8220;The Bull&#8221; Severino, CMT (@tonythebullBTC) September 12, 2024 Featured image created with DALL-E, Chart from TradingVire<\/p>\n","protected":false},"author":580,"featured_media":641597,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,1119,78790,87374,6664,10923],"class_list":["post-641593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-btc","tag-btcusdt","tag-coinbase-premium","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Set For Major Breakout? Coinbase Premium Signals Imminent Move<\/title>\n<meta name=\"description\" content=\"Recent analysis from CryptoQuant highlights that Bitcoin price may soon undergo a significant move, according to an indicator known as...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/bitcoin-news\/bitcoin-price-set-for-major-breakout-coinbase-premium-signals-imminent-move\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Set For Major Breakout? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/wncen.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Price Set For Major Breakout? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Set For Major Breakout? 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