Bitcoin prices have risen more than 70% this year, hitting a nine-month high of $29,159 before falling slightly. Several prominent analysts are predicting another big move this week to push BTC price above the psychological level of $30,000 as technical, macro and on-chain analysis supports a bullish breakout.
Bitcoin analyst Willy Woo on Twitter shared macro indicators and on-chain data supporting this week's massive price move.
The Bitcoin Macro Index has crossed above the lower blue band, indicating the “regrouping” phase of the Bitcoin cycle. Therefore, it is expected that the price of BTC will rise.
Cost Basis analysis for short and long term holders shows price increases among investors. STH-LTH Premium is also moved above the value of 0. Furthermore, the liquidity of the order book is getting thinner and a large liquidity gap is expected from the current level to $40k.
The Bitcoin Cost Basis Density Map also shows a significant rally below the $28,000 level. Institutional and retail investors are looking for further upward movement in the price of Bitcoin as sentiment also remains positive.
Bitcoin Price Stability is peaking and a break above the key $30,000 level could happen within a week.
Popular crypto analyst Michael van de Poppe predicts a Bitcoin price breakout after another test of $28,600-29,000. It will restore confidence in the market and altcoins to exit. Moreover, US CPI data is expected to arrive this week with economists suggesting inflation continues to decline.
Crypto analyst Ali Martinez revealed that the metric in the Bitcoin Adjusted SOPR (aSOPR) chain (90d) has moved above 1, which indicates a bullish market. In 2015, 2019 and 2020, it led to 6,110%, 150% and 579% gains respectively. aSOPR recently moved above 1 suggesting BTC is ready to go parabolic.
Bitcoin price is currently trading at $28,291, up 1.3% in the last 24 hours. The 24-hour low and high are $27,828 and $28,532 respectively. Trading volume also jumped higher, indicating increased interest among traders.
