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Bitcoin: Will BTC’s 6-Day Bullish Streak Push It Past $100K?
As the cryptocurrency market continues to witness unprecedented growth, many investors are left wondering if Bitcoin’s recent uptrend will propel its price beyond the psychological barrier of $100,000. Notably, the past six days have seen a consistent upward movement in the price charts of Bitcoin.
The data suggests that the uptrend is still ongoing as profit-taking volume declines compared to previous cycles. This phenomenon has resulted in a substantial increase in price, with BTC having surged from $86,164 to $97,657 over the past 48 hours. The crypto community remains optimistic about the prospects of Bitcoin’s future trajectory.
Recent analysis by CryptoQuant suggests that the upward cycle is likely to continue, citing short-term SOPR data. According to this insight, the current correction has already lasted for more than a month, and it is highly likely that it will resume in Q1 2025. Moreover, the analyst emphasizes that aggressive short-term trades are not recommended due to potential sharp drops and corrections.
Furthermore, our analysis reveals that Bitcoin’s taker-buy-sell ratio has continued to rise above one over the past two days, indicating a strong accumulation trend. This upward trajectory reflects a growing demand for BTC, suggesting an uptrend in the market fundamentals. In addition, we have witnessed a sustained drop in the NVT ratio over the last four days, highlighting the strength of Bitcoin’s recent price action.
In essence, our data analysis suggests that the cryptocurrency is poised to experience further growth as it continues to see strong demand and robust accumulation. As such, investors should remain optimistic about the future trajectory of BTC’s price, with a potential reclamation of $98,800 followed by an attempt at the coveted $100,000 mark.
Source: ambcrypto.com
