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Bitcoin: Will BTC’s 6-day bullish streak push it past $100K?
Over the past two days, Bitcoin (BTC) has been exhibiting a remarkable uptrend, with its price chart depicting an impressive surge. In fact, it’s been more than six days since this upward momentum started, and market analysts are left wondering if the current trend will continue to push BTC’s price past $100K.
One of the key indicators supporting the notion that Bitcoin is still in a strong uptrend is the reduction in profit-taking volume compared to previous cycles. According to CryptoQuant analyst Dan, this shift highlights a significant difference between the ongoing cycle and those that have come before it. He emphasizes that aggressive short-term trading should be approached with caution due to the potential for sharp drops.
Despite these warnings, other key market indicators suggest that Bitcoin’s upward movement may persist in Q1 2025. For instance, the taker-buy-sell ratio has consistently remained above one over the past two days, indicating an abundance of buy orders as opposed to sell orders. This suggests that buyers are dominating the market and fueling a strong accumulation trend.
Furthermore, there is evidence of Bitcoin experiencing increased demand and strengthening market fundamentals. The NVT ratio has been trending downward for four consecutive days, hinting at robust buying pressure and reinforcing the notion that profit-taking volume has dwindled.
One of the most crucial metrics in determining potential future price movements is SOPR (Spent Output Profit Ratio). In this case, it’s been above 1 for six days straight. This signals strong market sentiment, with traders eager to sell their holdings at higher levels and then re-enter the market once again.
With these indicators taken into account, there’s a considerable possibility that Bitcoin may attempt to break past $100K in the short term if its uptrend persists. Nonetheless, it is essential for traders to remain vigilant and cautious due to the potential risks associated with aggressive short-term trading.
Source: ambcrypto.com
