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Investors in the Bitcoin market are riding a wave of optimism as the largest cryptocurrency picked up bullish momentum from the second week of November. Amid the increasing confidence that BTC is entering a new bull market, a reliable Onchain indicator accentuates the buyers may climb towards, a six-figure target.
Just the anticipation surrounding the approval of all 12 Bitcoin spot exchange-traded funds (ETFs) has ignited a remarkable surge in the Bitcoin price, propelling it to an 18-month high of $38,000. This significant increase gives a tantalizing hint of the potential impact that actual approval might have on the cryptocurrency’s value. Moreover, the BTC price ascent above the 38.2% Fibonacci retracement level, a key marker in the context of its last correction period from November 2021 to November 2023, signals a shifting tide in market dynamics as sellers are gradually losing their grip over this asset.
Assessing Bitcoin Price Six-Figure Outlook In The Next Bull Run
Blockchain data analytics platform Look Into Bitcoin has predicted using a key on-chain indicator that BTC price could rise to $110,000 at the next bull run’s peak (‘Terminal Price’).
Crypto enthusiasts and industry opinion leaders are all attempting to predict the bull run’s peak, which many believed could come at the latest, towards the end of 2025.
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Look Into Bitcoin founder, Phil Swift, using price forecast tools, for example, analyses Terminal Price from “Transferred Price” which is a value arrived at by dividing “Coin Days Destroyed” (CDD) by the coins’s existing supply.
Terminal Price is the highest point of a bull cycle. However, it is not guaranteed that every all-time high will hit the terminal price. While Bitcoin hit the Terminal Price during the bull run in 2017, it fell short in 2021 with its ATH of $69,000.
According to Swift, the best practice is to sell close to the Terminal Price while ensuring purchases are made “near” the Balanced Price.
Buy near Balanced Price, sell near Terminal Price.
Could it be that simple?#bitcoin cycles. pic.twitter.com/llHytNVuxr
— Philip Swift (@PositiveCrypto) November 10, 2023
Bitcoin Price Prediction: BTC Makes Second Attempt To Break $38,000
Bitcoin price lost ground on Thursday immediately after rallying to a new year-to-date high at $38,000. The dip did not spook investors who now believe the uptrend is in an “accelerated phase.” In other words, Bitcoin price tends to climb quickly once the uptrend starts — a move that could continue for several months.
Already sidelined investors capitalized on the dips to $36,000 aiming to catch the bullish train before it goes too far from the train station. With Bitcoin price doddering at $37,250 at press time, the prominent coin could close the week if not above $40,000 then on top of the immediate resistance at $38,000.
The Moving Average Convergence Divergence (MACD) indicator would validate the uptrend by sending out another buy signal. This would manifest as the blue MACD line flips above the red signal line and serves as confirmation for gains above $40,000, bringing the coveted $50,000 level within reach.
Traders should remember that failure to break above the hurdle between $38,000 and $40,000 might confine Bitcoin to consolidation with support provided by the middle boundary of the ascending channel. A break below this channel support could mean a step down to sweep liquidity at $33,000.
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