Some of the instances that Super฿rob used to support this thesis include the post Covid-19 market crash, and before the November 2018 selloff.
As a result, the analyst forecast a big move for the flagship coin, especially if its buyers aggressively accumulate at the support level near the base, at approximately $81,115.
“If this pattern continues, then right here near the bottom of the range is about the best R/R you are going to get, and the ensuing move is likely to be massive,” SuperBitcoinBro noted in an X post on Tuesday.
Bitcoin fundamentals on October 20
Despite Bitcoin price falling nearly 2% over the last 24 hours, trading at $81,362 at the time of writing, BlackRock Inc. (NYSE: BLK) has reiterated its long-term conviction.
In addition to iShares Bitcoin Trust (IBIT) recording a net cash inflow of $665.20 million on October 19, BlackRock filed with the United States Securities and Exchange Commission (SEC) for a new $BTC exchange-traded fund (ETF) dubbed iShares Bitcoin Managed Protection ETF (PBIT).
As such, the U.S. Bitcoin spot ETFs closed Monday with their highest daily cash inflow in a month, of $526.60 million, according to data Finbold fetched from SoSoValue.
$BTC price performance today
Bitcoin saw its market capitalization decline 1.83% over the last 24 hours, ranging at around $1.63 trillion at press time, based on metrics from CoinMarketCap.
The crypto asset’s 24-hour average trading volume stagnated at roughly $24 billion.
Nonetheless, SuperBitcoinBro believes that Bitcoin’s price is on the cusp of a major uptrend, potentially driven by renewed institutional demand.
Featured image via Shutterstock
