Bitcoin (BTC) Is All Geared Up For ‘Explosive Growth’, Here’s What On-Chain Data Tells
Over the last two weeks, the world’s largest cryptocurrency Bitcoin (BTC) has entered a major consolidation and has been struggling to break past the $28,000 level. The good thing is that Bitcoin has also shown limited downside volatility.
On-chain setup for Bitcoin shows that it could be gearing up for a strong show going ahead. Popular crypto analyst Ali Martinez points out the Adjusted SOPR (aSOPR) for Bitcoin which is signaling a bullish momentum ahead. In one of his recent tweets, Ali wrote:
“Another #Bitcoin indicator hints at explosive growth! Historically, aSORP (90d) below 1 signals a bear market, & above 1 signals a bull market. In 2015, 2019 & 2020, it led to 6,110%, 150%, & 579% gains. aSORP recently moved above 1, suggesting $BTC readies to go parabolic”.
As per our technical analysis, the Bitcoin (BTC) price action is currently forming a pennant pattern. A potential breakout above this pattern could hint at the upward continuation of the BTC price action.
Bitcoin’s Next Price Levels At $40K and $46K
Analysts are bullish on Bitcoin’s continued price action and are expecting much higher price levels from here as long BTC continues to hold the support of $27,600. Popular crypto analyst Michael van de Poppe wrote: “Price action remained flat and the longer we stay in this range, the heavier the impulse will be. Based on the fact that we’re coming from $15K, I’d assume we’ll be seeing a strong continuation. For now, support at $27,600 is sustaining”. He further wrote:
“Bitcoin still acting into the higher timeframe resistance at $28-30K. Powell’s policy of hiking interest rates most likely coming to an end -> ingredient for relief. If #Bitcoin breaks $28-30K, $40K and $46K are next + likely substantial breakouts of altcoins due to confidence”.
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