Bitcoin (BTC) Set to Rally 22% In Next Four Weeks, Here’s Why
The world’s largest cryptocurrency has shown very little volatility over the last week and remains steady at around $19,200. As we enter the fourth and final quarter of the year 2022, investors are curious as to where BTC is heading next.
On-chain data provider Santiment shows that a massive 32,000+ Bitcoins moved off exchanges on Friday, September 30. It is also the highest number of coins moving off exchanges in the last three months. This shows that the trade confidence in Bitcoin is turning positive. Historically, Q4 has been a good quarter for Bitcoin and the broader cryptocurrency market. The Santiment report states:
“Bitcoin saw 34,723 of its coins move off exchanges on September 30th, indicating what may be a hint of trader confidence heading into Q4. The last time at least this much $BTC left exchanges was June 17th, where prices jumped +22% the next 4 weeks”.
On the other hand, Bitcoin seems to once again emerge as the crypto safe haven in comparison to other altcoins. Santiment reported that Bitcoin’s trading volumes have been steadily growing since mid-June. On the other hand, the trading volume for other top altcoins has been on a decline.
“Trader interests are beginning to return to relative #safehaven assets like $BTC, while the rest of the markets have less trading interest,” reports Santiment.
$19,000 A Vital support for Bitcoin
As Bitcoin continues to hold above $19,000 levels, strong hands have been accumulating here. As per data from IntoTheBlock, more than 1.21 million addresses bought 688,000 BTC. Crypto analyst Ali Martinez explains: “If #BTC fails to hold this level, a selloff could ensue, sending prices to $16,000 or lower”.
At the same time, the Bitcoin derivatives market is showing strength. Nearly 2/3rd of all open BTC futures positions have been going for a long.
#Bitcoin | On @BinanceFutures, roughly 62.92% of all accounts with a $BTC open position are going long. pic.twitter.com/dvnbYBYxxp
— Ali (@ali_charts) October 1, 2022
But, one must not forget that Bitcoin has continued to show a strong correlation with the S&P 500. If the U.S. equity market shows signs of a further fall, there’s a possibility of further price correction in Bitcoin.
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