CandleFocus Bitcoin Historical Data Hints at Imminent BTC Break Above $73,000
2024-10-28
Author: Content Editor
Bitcoin (BTC) recently dipped below $60,000, causing speculation that it might miss the bullish trend known as "Uptober." However, the recent price momentum suggests a stronger end-of-month performance, aligning with historical data that often sees Bitcoin rally in October. On-chain analysis indicates that BTC could push past $73,000 soon, with the US-to-Rest Reserve Ratio suggesting increased demand from US institutions. Blackrock's accumulation of BTC and a technical breakout indicating further gains support a bullish outlook for Bitcoin. The sell-side risk ratio is at its lowest point since September 3, signaling a high likelihood of price increases. Bitcoin's price is expected to surpass $73,000 in the coming weeks, but a drop below key support at $64,785 could change this prediction.
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