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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Seen Breaching $73,000 As ‘Bull Run’ Looms, Analyst Says

Christian Encila
Christian Encila
1 year ago
3 mins read
bitcoin

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Crypto researcher Axel Adler says Bitcoin (BTC) seems ready to unleash another haymaker following a two-month pause close to its all-time high. Adler sees a market with enough of fight left in it and a 300-day bull run driven by good short-term holder profits.

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Profitable Punches And Room For More

Adler uses Short-Term Holder Spent Output Profit Ratio (STH SOPR) to throw the gauntlet with accuracy. This statistic shows whether short-term holders are profit-driven cashing out.

STH SOPR’s 90-day moving average right now is 1.015, meaning short-term holders are in the green but haven’t achieved the knockout blow levels seen in past bull runs (around 1.06). This implies that until the bulls tyre, there is still opportunity for further profit-taking punches.

I’ve already mentioned that the bull market is in full swing. Barring any unforeseen Black Swan events, it could last for approximately another +/- 300 days.

This is based on the P&L analysis of Short-Term Holders with a 90-day moving average. pic.twitter.com/30OgsruvOi

— Axel 💎🙌 Adler Jr (@AxelAdlerJr) May 21, 2024

Open Interest: The Untapped Reserve Of Strength

Open Interest (OI), a statistic gauging the total outstanding derivative contracts (futures and options) kept by traders, is another weapon in the bull’s toolkit.

Although the recent price increase is remarkable, the 7-day moving average for OI has not shown the kind of explosive increase saw in past bull runs. Adler says this represents a latent reservoir of strength in the market, with additional firepower just ready to be fired.

Technical Edge: Bulls Have Momentum On Their Side

Technical study, however, includes more than just fancy ratios and cryptic graphs. Adler notes a number of technical signs pointing in a favourable direction. A momentum gauge, the Relative Strength Index (RSI) has not broken past 70, a level usually linked with overbought situations.

Bitcoin is currently trading at $70.046. Chart: TradingView

This points to a sustainable and reasonable present surge. Apart from that, the Chaikin Money Flow (CMF) has risen above positive 0.05 territory, suggesting notable capital inflow and a rising demand for Bitcoin among investors.

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Can The Bulls KO Resistance Levels?

There are still obstacles to go even if the bulls seem to have the upper hand. Found utilising Fibonacci extension levels, key resistance values loom at $79k, $88k, and $97k. These pricing points can be obstacles for the rising Bitcoin price.

If the present momentum keeps, though, these resistance levels could be destroyed, opening the path for a probable upward motion beyond and a retest of the all-time high at $73,700.

Featured image from Screen Rant, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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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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