Bitcoin's unrelenting rally to new highs continues, with trade volume skyrocketing. Bears are down 5% at the time of writing, with Bitcoin trading at $44,500, having cleared $43,000 support in the last 24 hours.
Recall that on-chain specialist Willy Woo highlighted the significance of Bitcoin breaking the $53,000 barrier two days ago, stating that “price would need to go to $53k to rectify the market's demand/supply imbalance.” Bitcoin appears to be on its way to the previously specified price level.
Analysts Williams Clemente, who attributes these observations with a glassnode chart insight as a hint that Bitcoin is ready to topple $57,000, believes Bitcoin is primed to outperform market expectations in the long run.
Clemente goes on to say that the following rise will see Bitcoin position itself for $92,000, based on the aforementioned chart. But there's more to come.
Not only does Bitcoin have the ability to end the year above the much anticipated $100,000 price mark, but it might also reach $175,000 for the first time since its foundation.
Clemente deconstructs the alternatives by saying:
“Bitcoin appears to be poised to regain the yellow mid-line, which is currently at $57K, for bull run confirmation.
If validated, my next objective at $92K would be delta/top mean (orange). If that level is recaptured, we'll strive for the top pricing model, which is now $175,000.”
Bitcoin may still have to prove itself in the future.
Analysts have been putting up optimistic calls since the beginning of August. Analysts appear to have come to the conclusion that Bitcoin has established a base at $40,000 and will be able to maintain recent advances in the future.
This is especially important for the Bitcoin market this year since it might put to rest the debate over phantom demand, which was purportedly the cause of Bitcoin's inability to maintain a price of $60,000 earlier this year.
It goes without saying that the stock market is on another upward trend. Putting the variables that are driving this trend into context helps to clarify the current status of transaction activity. In a recent tweet, Clemente did a good job of pointing out the obvious.
“The small fry have been buying BTC in droves. As a percentage of total supply and as a percentage of supply held by entities with minimal spending history, their holdings have grown. (firm grip)”
The market's strength is clearly bullish at this time. Even Glassnode points out that there have been no records of ancient entities selling urgently. Bitcoin has plenty of space to grow in August, and supporters are optimistic that gains will be sustained in the long run.
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