Bitcoin reclaimed $ 47,000 today, which analysts say will pave the way to $ 50,000.
The $ 47,000 mark saw a fierce defense by the whales on September 13, but the cops eventually got the upper hand, forcing Bitcoin out of a multi-day descending channel.
Even a decline to $ 46,000 did not materialize, which further reinforces the optimistic arguments for short-term BTC price promotions.
There’s the 4HR candle close by for #BTC
If from that point on it drops down to ~ $ 46100 then this will likely be a retesting to detect a breakout of. to confirm $ BTC‘s current market structure#Crypto #Bitcoin https://t.co/H8M59ihgLm pic.twitter.com/gveXn8v3Oh
– Rekt Capital (@rektcapital) September 14, 2021
“This is a 4H candle for Bitcoin. If the price drops to $ 46,100 from that point on, it could be a retest opportunity to confirm a breakout of the current market structure. “
Relative strength comes after the gold cross on the price chart amid record-low exchange rates and implied supply compression.
This is made even clearer on the daily chart as Trader Pentoshi saw a bullish engulfing candle emerge that undid six days of sideways movement.
Analyst William Clemente added:
“Back above 200DMA, currently with some resistance at the Monday high / month opening ($ 47,000-$ 47,150). If these levels are actually broken, a fairly quick spike to the August highs of $ 50,500 could be seen. “
The source: Twitter
Bitcoin peak forecast
CryptoQuant explains the correlation between net BTC inflows on Gemini (30-day MA) and Bitcoin price spikes based on a pattern from recent years.
Net BTC inflow refers to the amount of net money exiting or entering Gemini. The value of the indicator is calculated simply from the difference between the inflow and outflow.
When the net cash flow is negative, it means more BTC is leaving the exchange. During these periods, investors pull funds into personal wallets, HODL, or sell over OTC.
Conversely, a positive value means that investors are transferring their Bitcoins to exchanges to buy or cash out.
The following graph shows the trend in net BTC inflow to Gemini over the past few years after applying the 30-day moving average (MA):
The source: KryptoQuant
The graph above highlights certain periods in Bitcoin’s history in relation to the trend of the indicator after that.
- The first was 2017. This indicator peaked and started falling 5 days before the BTC price hit ATH.
- This is followed by 2019 with a similar trend. Net BTC inflows peaked and began to decline 23 days before BTC price hit ATH.
- Then in 2020 there were twice the model that was correctly predicted, with the Bitcoin price reaching ATH 18 days after the start of the indicator. The year 2021 is similar with a gap of 23 days and 26 days.
Under these circumstances, there appears to be a correlation between the post-peak decreasing net bitcoin inflow to Gemini and the peak price of bitcoin.
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