Today the price of Bitcoin seems to want to continue the growth recorded in the last two days, with the quotation of the crypto that has surpassed the psychological level of 60,000 dollars.
At the moment, the situation remains uncertain, with technical analysis suggesting a possible ranging situation in the coming days.
In the meantime, on-chain data suggests that a major price rally is on the way, while physical gold is searching for new highs.
What does the market have in store for us from now until the end of the year? Let’s see all the details below.
Today the price of Bitcoin returns above 60,000 dollars: is the bull market starting again?
Today Bitcoin seems to be in a good mood with the price of the crypto back above 60,000 dollars after the recent drop in the quotation in the past weeks.
Following the collapse of the first days of August, the currency has recovered about 22% of the lost ground, bringing back the typical optimism of a bull market.
Prices have returned above the EMA 50 on the 4h time frame, with the last few hours of trading being accompanied by low volatility.
The volumes are also not very significant today and suggest a trend in quotations still governed by uncertainty.
While Bitcoin waits to take a clear direction, technical analysis suggests that in the coming days the most likely scenario will be that of ranging.
Hypothetically, the cryptocurrency could move very easily between $55,000 and $70,000, without any key level being breached.
After the month of August, typically characterized by low speculative activity, from September onwards we can expect a change in intensity in crypto exchanges.
If Bitcoin maintains its price above the highlighted range low, then we might start thinking about a bull continuation of the performance.
In September, in fact, bullish catalysts of market dynamics could be introduced, driven by the probable interest rate cut by the FED in the United States.
The goal for Bitcoin supporters is therefore to hold out for a few more weeks, waiting for the shortists to disappear from circulation.
In reality, however, taking a look at the historical monthly returns of Bitcoin, it is evident how statistically in September the quotation of the crypto asset closes in negative.
From October onwards, almost every year we have seen significant positive price changes, with an average of +22.90%.
Obviously, this does not mean that Bitcoin will definitely grow in the coming months, but it has a good chance of seeing some green in the last quarter of the year.
Source: https://www.coinglass.com/today
On-chain data suggests that an accumulation is underway: the crypto’s price could explode upwards
While today the quotation of Bitcoin is slightly up, the on-chain data shows how at this price the current scenario is still dominated by a wild accumulation.
Since the beginning of the year, while the cryptocurrency saw its value increase significantly in the market, the reserves on the exchange started to drop drastically.
Today the Bitcoin share on CEX appears to have dropped to the lows of 2018, synonymous with the fact that investors are stockpiling digital gold.
In total since January about 300,000 BTC have left centralized exchanges moving to non-custodial private wallets.
At this pace, we will soon face a situation of supply shock due to the lack of liquidity to absorb the selling pressure.
The result would be an explosion in the price of the crypto asset.
Source:https://cryptoquant.com/asset/btc/chart/exchange-flows/exchange-reserve?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line
Another on-chain data point that makes one reflect on the possibility of an imminent recovery of the bull market concerns the percentage of BTC currently in profit.
According to what was shared on X by the analyst “OnChainCollege”, to date only 71% of the circulating supply is in profit. The last time Bitcoin reached this level, its price was 28,000 dollars.
This means that while the speculative market has cooled down, prices have generally increased, highlighting a bullish outlook for the cryptocurrency.
This data suggests that there will still be many opportunities to take profit at a higher price level compared to the current one.
The percent of Bitcoin sitting in profit reset to the lowest level since October 2023.
71% of the supply is in profit when price hit $54K.
The last time 71% of the supply was in profit, price was $28K.
Overheated market cooled down to LY levels but at double the price.
Few. pic.twitter.com/NAAY9JQLdT
— On-Chain College (@OnChainCollege) August 8, 2024
The gold rally could accompany the rise in the price of Bitcoin
To strengthen the bull theses on the price of Bitcoin, today we also find the presence of a strong oro, with its quotation in strong growth in recent days.
Generally, in fact, Bitcoin moves in a more or less correlated manner compared to its physical counterpart, which often anticipates important movements on the chart.
Both assets indeed serve as a safe haven against inflation and the risks of geopolitical tension. Both share the property of scarcity (physical and digital) and exclusivity.
From the month of March onwards, however, while gold was updating its historical highs, Bitcoin was recording significant price drops. In the coming months, it is likely that the correlation will become more pronounced again, with an uptrend in the crypto sector.
Charles Edwards, founder of Capriole Investments, revealed on X that statistically the cryptocurrency follows the trend of gold after a few months.
According to his view, this situation seems promising for the future price of Bitcoin.
His predictions can only be positive.
Gold price leads, #Bitcoin price follows.
We are about to go parabolic 🚀 pic.twitter.com/RvqLszvDYK
— Vivek⚡️ (@Vivek4real_) August 13, 2024
Despite everything, we remember how since the beginning of the year gold, despite breaking the highs, has grown by “only” about 20%.
In comparison, Bitcoin, which has had to face greater challenges, is up 45%, highlighting greater volatility and speculative activity.
