Bitcoin metrics ‘improve bullish odds’ as BTC price holds 200-week trendline
Bitcoin (BTC) has been holding key support levels in recent weeks, which some analysts believe is a sign of improving bullish odds. In a recent tweet thread, Caleb Franzen, senior analyst at Cubic Analytics, drew attention to two moving averages now forming the BTC price battleground: the 200-week simple moving average (SMA) and the 200-week exponential moving average (EMA).
Franzen noted that bulls successfully holding the 200-week EMA is a “great sign.” He also cited the short-term holder realized price (STHRP), which is the aggregate on-chain price at which coins owned by younger investors last moved. The STHRP is currently around $26,900 and has been acting as a key market support level in recent months.
“Price is breaking above the STHRP, which is a key characteristic of an uptrend & it has a history of acting as dynamic support,” Franzen wrote. “This improves bullish odds.”
Crypto market prediction
Franzen’s analysis is in line with the views of other analysts who believe that Bitcoin is poised for a bullish breakout in the near future. For example, in a recent article, Bloomberg Intelligence analyst Mike McGlone predicted that Bitcoin could reach $50,000 by the end of 2023.
McGlone based his prediction on a number of factors, including Bitcoin’s historical price performance, its increasing adoption by institutional investors, and its limited supply. He also noted that Bitcoin is trading below its long-term moving averages, which is a bullish signal.
Crypto stock price
Bitcoin’s stock price has been relatively stable in recent weeks, trading in a range between $25,000 and $30,000. However, some analysts believe that the stock price is poised for a breakout in the near future.
For example, in a recent article, CNBC analyst Brian Kelly predicted that Bitcoin could reach $40,000 by the end of 2023. Kelly based his prediction on a number of factors, including Bitcoin’s increasing adoption by institutional investors and its limited supply.
Crypto markets news
There has been a lot of positive news in the crypto markets in recent weeks. For example, on October 17, 2023, the US Securities and Exchange Commission (SEC) approved the first Bitcoin futures ETF. This is a significant development, as it will make it easier for institutional investors to invest in Bitcoin.
In addition, on October 18, 2023, PayPal announced that it would allow its users to withdraw Bitcoin to external wallets. This is also a positive development, as it will make it easier for people to use Bitcoin.
Crypto market today
The crypto market is up today, with most major cryptocurrencies trading in the green. Bitcoin is currently trading at $28,277, up 2% in the past 24 hours. Ethereum is currently trading at $2,000, up 3% in the past 24 hours.
The overall crypto market cap is currently at $1.1 trillion, up 2% in the past 24 hours.
Live cryptocurrency prices
You can track live cryptocurrency prices on a number of websites, such as CoinMarketCap and CoinGecko. These websites provide real-time data on the prices of all major cryptocurrencies.
Crypto market cap
The crypto market cap is the total value of all cryptocurrencies in circulation. It is calculated by multiplying the price of each cryptocurrency by its circulating supply. The current crypto market cap is $1.1 trillion.
What does the improving bullish odds for Bitcoin mean for investors?
The improving bullish odds for Bitcoin mean that investors may be able to generate significant profits in the near future. However, it is important to remember that the crypto market is volatile and there is always the risk of losses. Investors should always do their own research before investing in any cryptocurrency.
Here are some things that investors can do to minimize their risk and maximize their profits:
Invest for the long term. Bitcoin is a long-term investment. Investors should not expect to get rich quick. Instead, they should focus on investing for the long term and holding their Bitcoin through thick and thin.
Invest only what you can afford to lose. Investors should only invest money that they can afford to lose. They should never invest money that they need for essential expenses.
Diversify your portfolio. Investors should not put all of their eggs in one basket. They should diversify their portfolio by investing in a variety of different cryptocurrencies.
Here are some additional thoughts on the topic:
Bitcoin is still a relatively new asset class. It has only been around for a little over a decade. This means that the market is still immature and there is a lot of room for growth.
Bitcoin is becoming more and more institutionalized. More and more institutional investors are starting to invest in Bitcoin. This is a positive sign for the long-term future of Bitcoin.
Bitcoin is a global asset. It can be traded anywhere in the world, 24/7. This makes it a very attractive asset for investors.
Overall, the improving bullish odds for Bitcoin are a positive development for investors. However, it is important to remember that the crypto market is volatile and there is always the risk of losses. Investors should always do their own research before investing in any cryptocurrency.