After Finding Support at $60K, Is Bitcoin Ready for a Breakout?
I know I’m ready for a breakout – as I’m sure you all can tell by my recent postings. Things are looking good out thhere this morning with Bitcoin at $62396
Bitcoin Price Analysis: After Finding Support at $60K, Is BTC Ready for a Breakout?
“Given that the overall trend in fundamental and on-chain indicators remains firmly bullish, we should expect a bullish continuation once the pullback is complete. It’s highly likely for BTC to bottom between $60K and $53K – the September highs.
It’s also possible for BTC to be forming a cup and handle formation where the price retests previous all-time highs, pulls back and then pushes for a new peak.
Additionally, miners continue accumulating with reserves sitting at 1.85 million BTC. The Mean Coin Age made another all-time high which shows that long-term holders are not distributing aggressively. Some older coin cohorts are selling slightly, but there are no signs of a trend of distribution at the moment. This is bullish, considering that bitcoin’s price recently pushed above its all-time high and fell by 11% subsequently. Normally, in a bull trap, we would have seen long-term holders and miners distribute more aggressively while retail FOMOs into the market.
The overall trend in fundamentals, technicals, and on-chain metrics remains bullish for bitcoin’s price. It looks well-positioned going in Q4, and increased volatility to the upside might be expected.”