Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Wednesday, July 30
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Bitcoin»Why Bitcoin (BTC) Price Could Hit $66,000 Again
    Bitcoin

    Why Bitcoin (BTC) Price Could Hit $66,000 Again

    August 25, 20244 Mins Read


    Bitcoin’s (BTC) price is likely to reach $66,000 within a week or two, according to on-chain data. Based on the metrics analyzed, the coin, which recently went through a tough period, is flashing bullish signs.

    As of this writing, BTC trades at $63,903 after initially closing in on $65,000. However, the recent pullback might not be able to stop the potential move.

    Fresh Liquidity Continues to Flow into Bitcoin

    An evaluation of Glassnode data shows that Bitcoin’s 14-day Market-Realized Gradient stands at 1.17. This gradient employs the price at which each coin last moved to determine the length of an expected uptrend or downtrend.

    Steep decreases in the 14-day Market-Realized Gradient indicate a drop in fresh capital flowing into the cryptocurrency. When this happens, BTC tends to undergo a price decline. However, at press time, the increase implies that Bitcoin has attracted substantial capital, which could drive notable value growth.

    From the chart above, Bitcoin’s price hit $66,805 the last time the gradient was in a similar region. Therefore, if the pattern rhymes, the cryptocurrency’s value might hit or surpass $66,000 within the next two weeks.

    Read more: What Is a Bitcoin ETF?

    Bitcoin 14-Day Market-Realized Gradient.
    Bitcoin 14-Day Market-Realized Gradient. Source: Glassnode

    Furthermore, the Network Value to Transaction (NVT) Golden Cross appears to back a similar bias. For context, this metric measures if the value of a crypto is close to its bottom or near its top.

    When the reading is under -1.6, the price is at its bottom, and upward pressure could be intense. However, values over 2.2 indicate that the crypto is overbought and could undergo a major correction.

    In Bitcoin’s case, the NVT Golden Cross is 0.71, indicating that the coin has bounced off the top but is in a prime buying zone. Therefore, if the increase continues, so will BTC’s price.

    Bitcoin NVT Golden Cross.
    Bitcoin NVT Golden Cross. Source: CryptoQuant

    Interestingly, Hardy, a crypto trader on X, also seems to share a similar thought. According to Hardy, Bitcoin is finally exiting its consolidation phase and even extended its targets beyond the price mentioned above.

    “The real moves hit on weekdays. Next week is looking good; still riding this long to the top of the range. Eyes on $70K,” the trader posted.

    BTC Price Prediction: Sellers Can’t Stand Buying Pressure

    According to the daily chart, Bitcoin has formed an inverse Head and Shoulders pattern. This technical analysis pattern predicts the reversal from a downtrend to an uptrend and is crucial for confirming a bullish signal.

    As seen below, the pattern consists of three parts: the first shoulder, which represents selling pressure and a rebound; the head,  which indicates a steeper decline and a stronger rebound; and lastly, the second shoulder, which reveals how buying pressure invalidated sellers’s attempt to drive BTC lower.

    At press time, Bitcoin broke above the neckline at $61,024, which was previously a resistance level. This breakout increases the coin’s chances of hitting a higher value. However, another resistance exists at $64,562.

    Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

    Bitcoin Daily Analysis.
    Bitcoin Daily Analysis. Source: TradingView

    Should Bitcoin breach this point, the cryptocurrency’s price could hit $66,849. However, if BTC is rejected at around $64,000, its value risks dropping by $60,000, which could invalidate the bullish bias.

    Disclaimer

    In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleTop Trader Says One Level Stands in the Way of Fresh All-Time Highs for Bitcoin (BTC) – Here’s His Outlook
    Next Article Attractive puts to hedge growth risks: Goldman Sachs By Investing.com

    Related Posts

    Bitcoin

    Galaxy Digital Abruptly Moves $447,000,000 Worth of Bitcoin (BTC), Sends Most to Crypto Exchanges: On-Chain Data

    July 30, 2025
    Bitcoin

    Bitwise CIO Says Altcoin Season Is On

    July 30, 2025
    Bitcoin

    Bitcoin Hyper ICO Nears $6M, Targets 100X Pump In August

    July 30, 2025
    Leave A Reply Cancel Reply

    Top Posts

    How is the UK Commercial Property Market Performing?

    December 31, 2000

    How much are they in different states across the US?

    December 31, 2000

    A Guide To Becoming A Property Developer

    December 31, 2000
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Finance

    Fed rate cuts: Here’s what they mean for personal finance

    August 23, 2024
    Property

    Public Property Invest acquiert Norwegian Property

    May 5, 2025
    Utilities

    Cost of utilities in Maryville could increase under new proposal

    August 27, 2024
    What's Hot

    Noval Property achève la rénovation d’un immeuble à usage mixte à Athènes

    May 12, 2025

    Bitcoin is heading towards 70,000 dollars!

    July 21, 2024

    Les liquidations à la hausse alors que Bitcoin (BTC) pompe et décharge le dimanche

    May 19, 2025
    Most Popular

    E&S Property Insurance Market Sees Unexpected Market Softening in H1 2024

    August 28, 2024

    Ark Invest prédit que le timeline pour le bitcoin pour atteindre 1 500 000 $

    May 19, 2025

    Bitcoin Could Skyrocket by up to 365% This Cycle, According to Crypto Trader – But There’s a Catch

    July 18, 2024
    Editor's Picks

    Stock market news for October 22, 2024

    October 22, 2024

    Les actions aérospatiales s’envolent suite aux nouveaux engagements en matière d’exploration spatiale Par Investing.com

    January 21, 2025

    The Olympic hero we did not know we needed! Fans impressed after ‘middle-aged man disrobes to just a Speedo’ before diving into the pool to retrieve lost property of Team USA swimmer

    July 28, 2024
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.