Bitcoin will easily outperform ATH when supply on the exchanges is exhausted
Analysts say that Bitcoin is now comfortably heading not only towards its current all-time high (ATH), but beyond.
Analysis of order book data on October 15th, Whalemap account Disclosure that Bitcoin has broken through all major resistance levels.
Bitcoin rises above $ 60,000
Since last night, the price has returned to the $ 60,000 mark for the first time since April, so it is very likely that new ATHs will be hit and the time frames for them will continue to be lower.
Given the conditions of the exchange, BTC should easily jump into uncharted territory above $ 64,500.
Whalemap commented on the chart showing BTC supply levels by price:
“Pricing will start very soon. There is practically no offer over $ 59,000. “
Source cspoiled CLEARitcoins and diagram price BTC/USD | Source: Walkarte
Short Squeeze or Resistance at $ 64,000?
The only remaining hurdle is a selling wall at the current highs, but that doesn’t seem like too much of a problem given the bullish data on the origins of the current bull run.
According to CEO Ki Young Ju of on-chain analytics firm CryptoQuant, Bitcoin’s recent price spike is not the result of speculators or short squeeze – but rather large buyers on derivatives platforms.
This makes a significant difference to earlier periods for the fourth quarter, in particular that new ATHs were generated in this period from the beginning of 2021 until today.
Therefore, the classic “short squeeze” scenario (wiped out bears in an ascending price structure) has not even occurred.
“According to the CEO of CryptoQuant, the massive BTC buy orders on the futures exchange did not come from short liquidations, this shows:
1 / So far, no large short positions have been liquidated.
2 / Whales have been long positions since the drop. “
bar graph physically short on the futures exchange Bitcoins | Source: CryptoQuant
Q3 recovered significantly after the crash in May
follow report In the third quarter of 2021 of the crypto data aggregator CoinGecko, several sectors of the market saw large increases.
After the May crash, the crypto market entered recession in the third quarter, with capitalization falling even further to below $ 1.2 trillion in late July, less than half of the $ 2.5 trillion seen just 2 months earlier were reported.
However, market capitalization gradually rebounded, rising to $ 2.47 trillion at press time.
Bitcoin, game tokens and NFTs dominated the market in the third quarter, as reported by Coinecko.
Bitcoin posted a 25% gain between Q2 and Q3 and continued its upward trend, reaching as high as $ 60,000 for the first time in 5 months yesterday.
The network’s hash rate also rose in the third quarter, suggesting a rebound from China’s “brutal” practices that forced miners to migrate abroad.
Gaming brands like Axie Infinity (AXS), Illuvium (ILV), Gala (GALA), and the NFT room in general also saw huge gains.
AXS in particular increased by almost 1,000% compared to the previous quarter and achieved a performance of 13,700% in 2021.
In terms of NFT trading volume, OpenSea continues to dominate this market segment. In fact, OpenSea and Rarible recorded total transaction volumes of approximately $ 6.8 billion in the third quarter.
This significant increase came after a “storm” of regulatory concerns surrounding cryptocurrencies. Policymakers in the United States appear to have pushed for tighter regulation of market segments like stablecoins.
Despite a steady spike in the third quarter, the market is still well behind its operating frequency before collapsing in May.
Coiningecko, for example, reported a decline in the volume of spot trading on the major central and decentralized exchanges of more than 42% in the third quarter.
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According to AZCoin News