Bitcoin supera los $ 60k: ¿$ 88k en septiembre será el próximo hito de BTC?

• BTC price increased by more than 3% in the last 24 hours.
• Most metrics and indicators were bullish on the currency.

Bitcoin [BTC] After several weeks, BTC has shown signs of recovery as it crossed the $60,000 mark. While this development seemed optimistic, the latest analysis suggested that BTC could reach new highs in 2024. Let’s take a look at BTC’s metrics to see if that is likely to happen.

Bitcoin’s path to new highs

CoinMarketCap data revealed that over the past 24 hours, the price of the king of cryptocurrencies increased by over 3%, allowing it to surpass $60,000 once again. At the time of writing, BTC was trading at $60,172 with a market cap of over $1.17 trillion.

Thanks to this, more than 83% of BTC investors made a profit.

Things could get even better in the coming days as Titan of Cryptos, a popular cryptocurrency analyst, posted a tweet pointing out an interesting development. According to the tweet, a right-angled broadening descending wedge pattern has appeared on the BTC chart.

If BTC tests the pattern, the recent price increase could be just the beginning of a massive rally. In fact, the next rally could take BTC to $88k by September. If that actually happens, then 100% of BTC investors will be in profit.

Is Bitcoin Ready for a Surge?

Since the analysis revealed the possibility of a massive bullish rally, AMBCrypto planned to take a look at its metrics to find out what they suggest.

Our analysis of CryptoQuant data revealed that the net deposit of BTC on exchanges was lower compared to the average of the past seven days. This means that the buying pressure on the coin was high.

Their binary CDD was in the green, indicating that long-term holders’ movements over the past seven days were below average. They have a reason to hold on to their coins.

Additionally, miners also showed confidence in BTC. This was evident from the fact that their Miner Position Index (MPI) was in the green, indicating that miners were selling fewer holdings compared to their one-year average.

Next, we took a look at the coin’s daily chart to see what the market indicators were suggesting. We found that most indicators were in favor of the bulls and were suggesting a continued rise in price.

For example, the MACD showed a bullish crossover and its relative strength index (RSI) registered an uptick.

A similar upward trend was also observed on the coin’s Chaikin Money Flow (CMF) chart, suggesting that BTC could continue to rise in value and reach a new high in September.

This is an automatic translation of our English version.