Bitcoin Price Predictions: This Important Metric Suggests Incoming ATH for BTC (Analyst)
2024-10-29

TL;DR
BTC Explosive Rally Incoming?
The leading digital asset traded sideways over the past weekend, ranging from $66,500 to $67,500. However, the start of the new week offered a new resurgence, with BTC soaring well above $68,500.
Multiple analysts spotted the price increase, envisioning a much more exponential pump in the near future. The popular X user Mikybull Crypto claimed that BTC experienced a “golden cross” several hours ago. The trader noted that such a development was witnessed exactly one year ago and was followed by a massive rally.
The so-called “golden cross” is a technical chart pattern that occurs when Bitcoin’s short moving average (often the 50-day) crosses above its long-term moving average (for example, the 200-day). This is considered a bullish signal, suggesting a positive sentiment spark in the market. The “golden cross” contrasts with the “death cross,” where the short-term average falls below the long-term, indicating bearish times.
X user Ted chipped in, too. He maintained that the overall environment is quite optimistic, with “ETFs accumulating,” Donald Trump winning odds going up, and big tech companies “talking about BTC.” He noted that despite those positive factors, “there’s little to no movement.”
The investor believes this is “a perfect play” by the large entities to keep the price low and increase their exposure. “Once they’re done with that, supply shock will kick in, pushing BTC to new highs,” he forecasted.No BTC Investors Underwater
The asset’s recent revival has been more than beneficial for its holders. According to IntoTheBlock, a whopping 98% of all BTC investors are currently sitting on paper profits. Nobody is underwater, while a mere 2% are break even.
This might sound good news for holders, but it could also be a precursor to a pullback in the short term. Recall that BTC’s supply in profit was almost 95% at the start of the month when the asset’s price was trading above $69K. Shortly after, though, the asset experienced a substantial correction, briefly plunging below $65.5K.
Similar scenarios were observed in September and March this year (when BTC hit a new ATH).