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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target

Samuel Edyme
Samuel Edyme
10 months ago
3 mins read
Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target

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Bitcoin is seeing an uptick following its recent reclaim above the $60,000 mark in the past day. Amid this price performance, renowned crypto analyst Mags on Elon Musk’s social media platform X shared his latest asset analysis.

According to Mags, Bitcoin could be poised for a major rally, driven by factors related to the USDT dominance (USDT.D) and the forming technical chart patterns.

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Bitcoin On The Verge Of A $72,000 Rally?

Mags explained that the inverse correlation between USDT dominance and Bitcoin’s price is a key indicator to watch. USDT dominance refers to the market share of Tether (USDT) in the overall cryptocurrency market, and its movements can often signal shifts in Bitcoin’s price.

Mags pointed out that USDT.D recently broke down from a strong trendline support and is currently testing the point of breakdown, which could lead to forming a bear channel.

USDT.D and Bitcoin chart shared by Mags on X
USDT.D and Bitcoin chart shared by Mags on X

Meanwhile, Bitcoin forms a broadening wedge pattern, typically seen as a bullish continuation signal. If USDT.D continues to decline, Mags anticipates that Bitcoin could see a notable “leg up,” potentially pushing the price to $72,000 or higher.

#Bitcoin pump incoming ?

If you’ve been paying attention to USDT.D, you already know about the inverse correlation between USDT.D and BTC.

Looking at the chart, USDT.D broke down a strong trendline support and is currently testing the point of breakdown with a possible… pic.twitter.com/lqZ6SPCgaQ

— Mags (@thescalpingpro) August 22, 2024

Volatility on the Rise: A Catalyst for BTC’s Next Move?

In addition to the technical indicators, another factor contributing to the growing anticipation of a Bitcoin price surge is the recent increase in market volatility.

Bitcoin’s volatility has surpassed levels not seen in the past months and has continued to rise, which could be a potential catalyst for Bitcoin to see a significant break out towards the upside.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT on TradingView.com

Crypto analyst Daan Crypto Trades highlighted this development in a recent X post, noting that after a period of low volatility, Bitcoin’s volatility levels are ramping back up, approaching the levels seen earlier this year during the asset’s all-time highs.

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10 months ago

Daan Crypto Trades emphasized that this volatility increase is needed to end Bitcoin’s consolidation, potentially leading to a decisive price movement in one direction or the other.

#Bitcoin After a big slump in volatility levels, it’s now ramping back up and getting close to levels we saw earlier this year at the all time highs.

It’s what’s eventually needed to put an end to this massive consolidation in one way or another pic.twitter.com/CHoZXHk5K4

— Daan Crypto Trades (@DaanCrypto) August 21, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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