Originally published on: October 15, 2024
Bitcoin has seen a remarkable rebound, surging over 25% from its recent low in September. Onchain and technical indicators are now hinting at BTC reaching new all-time highs in the future.
One key metric signaling this potential is Bitcoin’s open interest (OI) weighted perpetual futures funding rate, which has hit a multimonth high. This suggests that the current bullish sentiment may continue in the short term.
Positive funding rates like these often indicate a bullish market sentiment, but given the volatile nature of crypto markets, caution is advised when interpreting them.
Additionally, data from market intelligence firm CryptoQuant reveals that Bitcoin’s open interest across all exchanges recently reached an all-time high, standing at $19.7 billion. This milestone signifies more price movements ahead as more capital flows into the market.
Furthermore, BTC’s supply on exchanges has been declining and is approaching a near-five-year low. This signals that traders are opting to hodl BTC rather than sell for fiat or other assets, potentially paving the way for Bitcoin to continue its bullish trajectory into 2024.
Institutional investors are also showing continued interest in spot Bitcoin exchange-traded funds, with positive flows recorded in the last trading days. This growing demand from institutional players could further fuel Bitcoin’s upward momentum.
Bitcoin’s price has been consolidating below its 2021 all-time high, but the monthly RSI suggests a potential rally in the coming weeks. Independent analysts predict a possible peak of around $233,000 at the height of the current bull run.
As BTC continues to trade above the key 200-day simple moving average, currently at $63,335, the path of least resistance appears to be upward. Strong support levels indicate that Bitcoin could be gearing up for a significant upward movement in the near future.
While this article does not provide investment advice, it highlights key metrics and trends that could signal Bitcoin’s path to a new all-time high in 2024. Investors are advised to conduct their own research and due diligence before making any investment decisions.
