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Bitcoin (BTC) Price: Why Analysts See Major Breakout Coming in Weeks
According to recent reports and updates from the crypto market, experts are predicting a major breakout for Bitcoin’s price in just weeks. This news has sent shockwaves throughout the cryptocurrency community as traders and investors scramble to position themselves before the expected surge.
As reported by trader Edge X on Twitter, Bitcoin is setting up for a large move in the coming weeks. The analyst noted that the cryptocurrency has been retesting its old range high as support for six weeks now, with stability seen around the $104,400 level during this period. This stability could be an early indication of strong accumulation by long-term holders.
Another key factor contributing to the expected breakout is the recent pullbacks experienced by Bitcoin. The asset fell 4.5% to $103,000 but maintains a monthly range between $100,000-$110,000. Market analyst Axel Adler Jr highlighted that these pullbacks have been less than 10% in depth and are diminishing as time goes on.
Furthermore, the data from CryptoQuant reveals that accumulator addresses, which include participants who accumulate Bitcoin and rarely engage in selling transactions, have shown steady increases in their 30-day moving average demand. This indicates strong holder demand, often a precursor to significant price movements.
In addition, exchange activity has pointed out reduced selling pressure, as stablecoin inflows to centralized exchanges have decreased from $131 billion in December to $70 billion in June. This drastic reduction in inflows can be seen as evidence of ongoing base-building activity by holders.
Analysts believe that these factors create a unique environment that may lead to higher prices ahead.
Source: coincentral.com
