Originally published on: October 20, 2024
Bitcoin’s price has been on the rise, climbing 55% in 2024, with a significant 12.50% gain in October alone. This surge is fueled by an improving risk-on sentiment, driven by positive Wall Street earnings and the anticipation of potential Federal Reserve rate cuts in November. Furthermore, with the increasing possibility of a pro-crypto candidate winning the 2024 presidential election, optimism in the market is growing.
Fundamentally, Bitcoin seems poised to enter a new bull run cycle for the remainder of 2024 and beyond. Technical and onchain indicators also point towards a bullish outlook for the leading cryptocurrency.
Analysts have identified key signs that suggest Bitcoin is gearing up for a parabolic phase. A historic analysis indicates that Bitcoin typically consolidates before experiencing a significant rally, aligning with the current market conditions. Independent market analysts have shared charts that illustrate the potential for Bitcoin to surpass $100,000 in 2025 and reach a long-term target of $250,000.
Onchain data tracking whale activity on spot exchanges also indicates a bullish trend. Large holders are accumulating Bitcoin, reminiscent of patterns observed before the massive bull run following the COVID-19 crash.
Additionally, a decline in stablecoin dominance points towards a growing risk appetite among investors. As capital flows out of stablecoins and back into Bitcoin, it signals increased confidence in the market and a potential surge in Bitcoin’s value against the US dollar.
These indicators collectively suggest that Bitcoin’s parabolic phase may be on the horizon, with liquidity flowing back into BTC and driving its price higher. While this information is valuable for investors, it’s important to conduct thorough research and make informed decisions when entering the crypto market.