As market sentiment turns bullish, the Bitcoin (BTC) price appears to be following the same path. The Bitcoin price has risen by 8.50% over the past seven days and is now looking at levels that could provide significant gains for investors.
This on-chain analysis looks at what evidence there is for a potential Bitcoin price rally that could see a new all-time high before the end of the next quarter.
Bitcoin Issues Bullish Warning
According to crypto asset management firm 10x Research, Bitcoin is gearing up for an explosive move. However, in its weekly report dated September 22, 10x Research said BTC needs to retest two key levels before the prediction is confirmed.
“The two key levels to watch for Bitcoin are the previous cycle high at $68,330 and the 21-week moving average. A break below the moving average could signal the end of the current cycle, especially if the previous cycle high is present — and possibly beyond,” Thielen wrote in the report.
Interestingly, this prediction is in line with BeInnCrypto’s prediction last week that Bitcoin price is set to hit a new all-time high . Supporting this thesis, the company notes that cryptocurrency market liquidity is hitting new highs. Therefore, BTC could benefit from inflows.
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According to data from cryptocurrency on-chain data platform IntoTheBlock, a potential rally to $68,000 for Bitcoin could result in gains not seen in a long time. More than 4 million addresses holding 2.14 million BTC at an average price of $67,694 are reporting losses.
With the bullish outlook for Bitcoin, the coin could extend its gains to these holders. Therefore, a rally to $68,000 could bring in $145 billion in gains, benefiting almost all Bitcoin holders.
BTC Price Prediction: $76,000 Rise Seen
On the weekly chart, Bitcoin’s recent price rally has formed a bullish flag pattern. A sharp rise forms a “flagpole,” and a brief consolidation between two parallel trend lines suggests the continuation of the uptrend.
Bitcoin is currently trading at $63,447. The bullish outlook is strengthened by the $55,016 support level. For the rally to continue, Bitcoin needs to break the $64,196 resistance . If successful, the next target could be $76,035, surpassing the all-time high.
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However, if Bitcoin is rejected at this resistance, a downward move may follow, in which case the bullish prediction may be invalidated and the price may return to $55,000.
