Bitcoin (BTC) Price Prediction: Will the Flagship Cryptocurrency Finally Break the $60k Resistance Level?
- 王林Original
- 2024-08-16 18:35:15859browse
Bitcoin's (BTC) price slipped to $56k on Thursday before regaining the crucial support level above $58k during the early European session on Friday.
Bitcoin (BTC) price action slipped to $56k on Thursday before recovering the crucial support level above $58k during the early European session on Friday. However, the ongoing crypto correction that began in March has instilled fear of further crashes before the inevitable rebound to a new all-time high.
Here’s what key on-chain metrics and analysis reveal about the next Bitcoin price direction.
Bitcoin Price Fear and Major Stock Indexes
Despite the institutional adoption of Bitcoin, as evidenced by the approval of spot BTC ETFs and central banks’ indirect exposure, the flagship coin has lagged behind the ongoing rebound in the stock market.
“Traders are left scratching their heads over the disconnect between the strong rally in U.S. tech stocks and the underperformance of the crypto market,” analysts at 10Xresearch noted.
Institutions are buying the dip in tech stocks hand over fist, but crypto is lagging behind.
What gives?? A thread
(tl;dr: don’t worry, be happy)
After the crypto crash on August 5, which saw over $1.5 billion in liquidations wiped out from leveraged traders, the stablecoins supply has gradually increased.
On-chain data shows a significant spike in stablecoins flow to centralized exchanges, which are widely believed to be buying the dip, led by Tether (USDT).
Earlier today, Circle minted $250 million on the Solana (SOL) network, bringing the total minted by the stablecoin issuer to $4.5 billion since the crypto correction began in April.
According to on-chain data, Cumberland has transferred over 320 million USDT to different CEXs in the past two days. Moreover, Cumberland has received over $1.2 billion from Tether and sent them to different exchanges since August 5.
The large spike in stablecoins supply is believed to be a bullish indicator, as it signifies more institutional investors looking to accumulate.
Bitcoin Price Midterm Targets
Bitcoin price is at a crucial crossroads that could lead to further capitulation towards $50k or a major rebound above $67k.
From a technical perspective, Bitcoin price needs to regain the crucial support level above $59k to ensure bullish momentum in the near term.
With August and September expected to be bearish months for the crypto space, a possible Bitcoin price retrace to $50k before a rebound to a new all-time high is highly probable.
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