{"id":645184,"date":"2024-09-28T19:00:50","date_gmt":"2024-09-28T19:00:50","guid":{"rendered":"https:\/\/ktsl888.com\/?p=645184"},"modified":"2024-10-05T15:50:20","modified_gmt":"2024-10-05T15:50:20","slug":"analyst-backs-bitcoin-hitting-290000-in-bull-run-heres-why","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin\/analyst-backs-bitcoin-hitting-290000-in-bull-run-heres-why\/","title":{"rendered":"Analyst Backs Bitcoin Hitting $290,000 In Bull Run &#8211; Here\u2019s Why"},"content":{"rendered":"<p><span style=\"font-weight: 400\">In what has been an \u201cunusual\u201d September, Bitcoin (BTC) has now recorded another positive weekly performance.\u00a0 <\/span><span style=\"font-weight: 400\">According to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap<\/a>, the maiden cryptocurrency surged by 5.07% in the last seven days, moving its cumulative gain in this month to 11.30%. Interestingly, with Bitcoin halving since gone, analysts remain highly expectant of the traditional market bull run by the largest digital asset.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/bitcoin-price-recovery-65000\/\" target=\"_blank\" rel=\"noopener \">Here\u2019s Who Has Been Driving The Bitcoin Price Recovery Above $65,000<\/a><\/div>\n<h2><strong>BTC In Consolidation As It Gathers Momentum For Breakout<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In <a href=\"https:\/\/x.com\/rovercrc\/status\/68698707\" target=\"_blank\" rel=\"noopener nofollow\">an X post<\/a> on Friday, popular analyst Crypto Rover predicted BTC will hit a $290,000 price mark in the upcoming bull run.<\/span><\/p>\n<p>Interestingly, this price projection tallies with previous statements from analysts who put a <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/3-year-cup-handle-bitcoin\/\" target=\"_blank\" rel=\"noopener \">six-figure price target<\/a> for BTC following the introduction of the Bitcoin spot ETFs which represents an increased institutional demand for the crypto market leader.<\/p>\n<p>Notably, BTC has been moving between $55,000 &#8211; $70,000 over the last seven months which represents a state of consolidation.\u00a0 According to Crypto Rover,\u00a0 following a breakout from this current sideways movement, Bitcoin is likely to enter the \u201cbanana zone\u201d i.e. the phase of outrageous price growth, as seen in previous bull cycles.<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_645188\" aria-describedby=\"caption-attachment-645188\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-645188 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/GYeUlNbXUAAZpoj_6d491e.jpeg?w=860&#038;resize=860%2C449\" alt=\"Bitcoin\" width=\"860\" height=\"449\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/GYeUlNbXUAAZpoj_6d491e.jpeg?w=1000 1000w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/GYeUlNbXUAAZpoj_6d491e.jpeg?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/GYeUlNbXUAAZpoj_6d491e.jpeg?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/GYeUlNbXUAAZpoj_6d491e.jpeg?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/GYeUlNbXUAAZpoj_6d491e.jpeg?w=750 750w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-645188\" class=\"wp-caption-text\">Source: Crypto Rover on X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The crypto analyst predicts that during this period which traditionally lasts for 12-18 months, BTC could trade as high as $290,000 representing a 339.39% gain on the asset\u2019s current price.<\/span><\/p>\n<p>For many crypto enthusiasts, it is likely that the much-anticipated breakout will occur in the fast-approaching weeks as Bitcoin has now formed an inverse head and shoulders pattern as highlighted by Crypto Rover in <a href=\"https:\/\/x.com\/rovercrc\/status\/44359064\" target=\"_blank\" rel=\"noopener nofollow\">another post.<\/a> To explain, the inverse head and shoulders pattern is a common bullish indicator of potential reversals of a downtrend. If the price breaks above the neckline with significant volume, it indicates a shift to bullish control.<\/p>\n<p>These sentiments on a price breakout are further strengthened by the upcoming Q4 which has <a href=\"https:\/\/x.com\/rovercrc\/status\/57371410\" target=\"_blank\" rel=\"noopener nofollow\">proven to be<\/a> the most bullish period for Bitcoin with an average gain of 88% over the last 11 years.<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_645190\" aria-describedby=\"caption-attachment-645190\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-645190 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/GYf78otWIAAzHCZ_29cb6e.jpeg?w=800&#038;resize=800%2C610\" alt=\"Bitcoin\" width=\"800\" height=\"610\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/GYf78otWIAAzHCZ_29cb6e.jpeg?w=800 800w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/GYf78otWIAAzHCZ_29cb6e.jpeg?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/GYf78otWIAAzHCZ_29cb6e.jpeg?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/GYf78otWIAAzHCZ_29cb6e.jpeg?w=750 750w\" sizes=\"(max-width: 800px) 100vw, 800px\"><figcaption id=\"caption-attachment-645190\" class=\"wp-caption-text\">Source: Crypto Rover on X<\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/microstrategy-bitcoin-stock-317\/\" target=\"_blank\" rel=\"noopener \">MicroStrategy\u2019s Bitcoin Bet Pays Off In Multiple Ways As Stock Surges 317%<\/a><\/div>\n<h2><strong>Bitcoin Exchange Stablecoins Ratio Shows Bullish Signal<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In more positive news for the Bitcoin community, the Bitcoin Exchange Stablecoin Ratio is currently indicating a buy signal. <\/span><span style=\"font-weight: 400\">According to <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-bearish-lately-cryptoquant-head-chimes\/\" target=\"_blank\" rel=\"noopener \">CryptoQuant<\/a> analyst with username EgyHash, this metric which measures BTC reserves (in USD) to the combined stablecoin reserves on exchange is currently at the low levels seen at the start of 2024.<\/span><\/p>\n<p>EgyHash <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66f71091db12a-Bitcoin-Exchange-Stablecoins-Ratio-A-Strong-Bullish-Signal-for-Investors\" target=\"_blank\" rel=\"noopener nofollow\">explains<\/a> that a low ratio indicates traders have an increased buying power due to high stablecoin holdings which could translate into investments in Bitcoin, thus resulting in a price gain.\u00a0Therefore, the current low Bitcoin Exchange Ratio adds to the list of bullish signals for Bitcoin investors.<\/p>\n<p>At the time of writing, the premier cryptocurrency continues to trade at $66,064 with a 1.14% gain in the last day. Meanwhile, Bitcoin\u2019s daily trading volume is down by 12.92% and valued at $32.01 billion.<\/p>\n<figure style=\"width: 1480px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/NIhX6LRs\/\" alt=\"Bitcoin\" width=\"1480\" height=\"893\"><figcaption class=\"wp-caption-text\">BTC trading at $66,049 on the daily chart | Source: BTCUSDT chart on Tradingview.co<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">\u00a0<\/span><em>Featured image from Cwallet, chart from Tradingview<\/em><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In what has been an \u201cunusual\u201d September, Bitcoin (BTC) has now recorded another positive weekly performance.\u00a0 According to data from CoinMarketCap, the maiden cryptocurrency surged by 5.07% in the last seven days, moving its cumulative gain in this month to 11.30%. Interestingly, with Bitcoin halving since gone, analysts remain highly expectant of the traditional market bull run by the largest digital asset. Related Reading: Here\u2019s Who Has Been Driving The Bitcoin Price Recovery Above $65,000 BTC In Consolidation As It Gathers Momentum For Breakout In an X post on Friday, popular analyst Crypto Rover predicted BTC will hit a $290,000 price mark in the upcoming bull run. Interestingly, this price projection tallies with previous statements from analysts who put a six-figure price target for BTC following the introduction of the Bitcoin spot ETFs which represents an increased institutional demand for the crypto market leader. Notably, BTC has been moving between $55,000 &#8211; $70,000 over the last seven months which represents a state of consolidation.\u00a0 According to Crypto Rover,\u00a0 following a breakout from this current sideways movement, Bitcoin is likely to enter the \u201cbanana zone\u201d i.e. the phase of outrageous price growth, as seen in previous bull cycles. &nbsp; \u00a0 The crypto analyst predicts that during this period which traditionally lasts for 12-18 months, BTC could trade as high as $290,000 representing a 339.39% gain on the asset\u2019s current price. For many crypto enthusiasts, it is likely that the much-anticipated breakout will occur in the fast-approaching weeks as Bitcoin has now formed an inverse head and shoulders pattern as highlighted by Crypto Rover in another post. To explain, the inverse head and shoulders pattern is a common bullish indicator of potential reversals of a downtrend. If the price breaks above the neckline with significant volume, it indicates a shift to bullish control. These sentiments on a price breakout are further strengthened by the upcoming Q4 which has proven to be the most bullish period for Bitcoin with an average gain of 88% over the last 11 years. &nbsp; Related Reading: MicroStrategy\u2019s Bitcoin Bet Pays Off In Multiple Ways As Stock Surges 317% Bitcoin Exchange Stablecoins Ratio Shows Bullish Signal In more positive news for the Bitcoin community, the Bitcoin Exchange Stablecoin Ratio is currently indicating a buy signal. According to CryptoQuant analyst with username EgyHash, this metric which measures BTC reserves (in USD) to the combined stablecoin reserves on exchange is currently at the low levels seen at the start of 2024. EgyHash explains that a low ratio indicates traders have an increased buying power due to high stablecoin holdings which could translate into investments in Bitcoin, thus resulting in a price gain.\u00a0Therefore, the current low Bitcoin Exchange Ratio adds to the list of bullish signals for Bitcoin investors. At the time of writing, the premier cryptocurrency continues to trade at $66,064 with a 1.14% gain in the last day. Meanwhile, Bitcoin\u2019s daily trading volume is down by 12.92% and valued at $32.01 billion. \u00a0Featured image from Cwallet, chart from Tradingview\u00a0<\/p>\n","protected":false},"author":581,"featured_media":645198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,88031,93109,1144,78790,91355,83531],"class_list":["post-645184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-exchange-stablecoin-ratio","tag-bitcoin-price-bullish-prediction","tag-btcusd","tag-btcusdt","tag-crypto-rover","tag-cryptoquant"],"acf":[],"yoast_head":"\n<title>Analyst Backs Bitcoin Hitting $290,000 In Bull Run, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"In an X post on Friday, popular analyst Crypto Rover predicts Bitcoin will hit a $290,000 price mark in the upcoming bull run,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/bitcoin\/analyst-backs-bitcoin-hitting-290000-in-bull-run-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Analyst Backs Bitcoin Hitting $290,000 In Bull Run, Here\u2019s Why\" \/>\n<meta property=\"og:description\" content=\"In an X post on Friday, popular analyst Crypto Rover predicts Bitcoin will hit a $290,000 price mark in the upcoming bull run,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/bitcoin\/analyst-backs-bitcoin-hitting-290000-in-bull-run-heres-why\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-28T19:00:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-05T15:50:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/09\/cfb88477-989d-46f5-85e3-64326cc498a2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"996\" \/>\n\t<meta property=\"og:image:height\" content=\"663\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Semilore Faleti\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/SemiloreFaleti\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Semilore Faleti\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin\/analyst-backs-bitcoin-hitting-290000-in-bull-run-heres-why\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ktsl888.com\/news\/bitcoin\/analyst-backs-bitcoin-hitting-290000-in-bull-run-heres-why\/\"},\"author\":{\"name\":\"Semilore Faleti\",\"@id\":\"https:\/\/ktsl888.com\/#\/schema\/person\/6280b76d69630ffb2f2fa78670d85d49\"},\"headline\":\"Analyst Backs Bitcoin Hitting $290,000 In Bull Run &#8211; 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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