{"id":637292,"date":"2024-08-22T22:00:14","date_gmt":"2024-08-22T22:00:14","guid":{"rendered":"https:\/\/ktsl888.com\/?p=637292"},"modified":"2024-08-22T16:14:10","modified_gmt":"2024-08-22T16:14:10","slug":"is-bitcoin-ready-to-soar-key-indicators-signal-potential-72k-target","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/is-bitcoin-ready-to-soar-key-indicators-signal-potential-72k-target\/","title":{"rendered":"Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target"},"content":{"rendered":"

Bitcoin is seeing an uptick following its recent reclaim above the $60,000 mark in the past day. Amid this price performance, renowned crypto analyst Mags on Elon Musk’s social media platform X\u00a0shared his latest\u00a0<\/span>asset analysis<\/a><\/span>.<\/p>\n

According to Mags, Bitcoin could be poised for a major rally, driven by factors related to the USDT dominance (USDT.D) and\u00a0the forming technical\u00a0chart patterns<\/a><\/span>.<\/p>\n

Related Reading: September 10: A Bitcoin Game Changer, Says Hedge Fund Founder<\/a><\/div>\n

Bitcoin On The Verge Of A $72,000 Rally?<\/h2>\n

Mags explained that the inverse correlation between USDT dominance and Bitcoin\u2019s price is a key indicator to watch. USDT dominance refers to the market share of Tether (USDT) in the overall cryptocurrency market, and its movements can often signal shifts in Bitcoin\u2019s price<\/a>.<\/p>\n

Mags pointed out that USDT.D recently broke down from a strong trendline support and is currently testing the point of breakdown<\/a>, which could lead to forming a bear channel.<\/p>\n

\"USDT.D
USDT.D and Bitcoin chart shared by Mags on X<\/figcaption><\/figure>\n

Meanwhile, Bitcoin forms a broadening wedge pattern, typically seen as a bullish continuation signal. If USDT.D continues to decline, Mags anticipates that Bitcoin could see a notable “leg up,” potentially pushing the price to $72,000 or higher.<\/p>\n

\n

#Bitcoin<\/a> pump incoming ?<\/p>\n

If you’ve been paying attention to USDT.D, you already know about the inverse correlation between USDT.D and BTC.<\/p>\n

Looking at the chart, USDT.D broke down a strong trendline support and is currently testing the point of breakdown with a possible\u2026 pic.twitter.com\/lqZ6SPCgaQ<\/a><\/p>\n

\u2014 Mags (@thescalpingpro) August 22, 2024<\/a><\/p><\/blockquote>\n

Volatility on the Rise: A Catalyst for BTC’s Next Move?<\/h2>\n

In addition to the technical indicators, another factor contributing to the growing anticipation of a Bitcoin price surge is the recent increase in market volatility.<\/p>\n

Bitcoin\u2019s volatility has surpassed levels not seen in the past months and has continued to rise, which could be a potential catalyst for Bitcoin to see a significant break out towards the upside<\/a>.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Crypto analyst Daan Crypto Trades\u00a0highlighted<\/a> this development in a recent X post, noting that after a period of low volatility, Bitcoin\u2019s volatility levels are\u00a0<\/span>ramping back up, approaching the levels seen earlier this year during the asset\u2019s all-time highs.<\/p>\n

Related Reading: Bitcoin\u2019s MVRV Ratio Nears Critical Death Cross: Will The Market See A Bearish Shift?<\/a><\/div>\n

Daan Crypto Trades emphasized that this volatility increase is needed to end Bitcoin\u2019s consolidation, potentially leading to a decisive price movement<\/a> in one direction or the other.<\/p>\n

\n

#Bitcoin<\/a> After a big slump in volatility levels, it’s now ramping back up and getting close to levels we saw earlier this year at the all time highs.<\/p>\n

It’s what’s eventually needed to put an end to this massive consolidation in one way or another pic.twitter.com\/CHoZXHk5K4<\/a><\/p>\n

\u2014 Daan Crypto Trades (@DaanCrypto) August 21, 2024<\/a><\/p><\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is seeing an uptick following its recent reclaim above the $60,000 mark in the past day. Amid this price performance, renowned crypto analyst Mags on Elon Musk’s social media platform X\u00a0shared his latest\u00a0asset analysis. According to Mags, Bitcoin could be poised for a major rally, driven by factors related to the USDT dominance (USDT.D) and\u00a0the forming technical\u00a0chart patterns. Related Reading: September 10: A Bitcoin Game Changer, Says Hedge Fund Founder Bitcoin On The Verge Of A $72,000 Rally? Mags explained that the inverse correlation between USDT dominance and Bitcoin\u2019s price is a key indicator to watch. USDT dominance refers to the market share of Tether (USDT) in the overall cryptocurrency market, and its movements can often signal shifts in Bitcoin\u2019s price. Mags pointed out that USDT.D recently broke down from a strong trendline support and is currently testing the point of breakdown, which could lead to forming a bear channel. Meanwhile, Bitcoin forms a broadening wedge pattern, typically seen as a bullish continuation signal. If USDT.D continues to decline, Mags anticipates that Bitcoin could see a notable “leg up,” potentially pushing the price to $72,000 or higher. #Bitcoin pump incoming ? If you’ve been paying attention to USDT.D, you already know about the inverse correlation between USDT.D and BTC. Looking at the chart, USDT.D broke down a strong trendline support and is currently testing the point of breakdown with a possible\u2026 pic.twitter.com\/lqZ6SPCgaQ \u2014 Mags (@thescalpingpro) August 22, 2024 Volatility on the Rise: A Catalyst for BTC’s Next Move? In addition to the technical indicators, another factor contributing to the growing anticipation of a Bitcoin price surge is the recent increase in market volatility. Bitcoin\u2019s volatility has surpassed levels not seen in the past months and has continued to rise, which could be a potential catalyst for Bitcoin to see a significant break out towards the upside. Crypto analyst Daan Crypto Trades\u00a0highlighted this development in a recent X post, noting that after a period of low volatility, Bitcoin\u2019s volatility levels are\u00a0ramping back up, approaching the levels seen earlier this year during the asset\u2019s all-time highs. Related Reading: Bitcoin\u2019s MVRV Ratio Nears Critical Death Cross: Will The Market See A Bearish Shift? Daan Crypto Trades emphasized that this volatility increase is needed to end Bitcoin\u2019s consolidation, potentially leading to a decisive price movement in one direction or the other. #Bitcoin After a big slump in volatility levels, it’s now ramping back up and getting close to levels we saw earlier this year at the all time highs. It’s what’s eventually needed to put an end to this massive consolidation in one way or another pic.twitter.com\/CHoZXHk5K4 \u2014 Daan Crypto Trades (@DaanCrypto) August 21, 2024 Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":637293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,92944,629,678,1119,78790,6664,92945],"class_list":["post-637292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart-analysis","tag-bitcoin-market","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-usdt-d"],"acf":[],"yoast_head":"\nIs Bitcoin Ready to Soar? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Bitcoin Ready to Soar? 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