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Possible rise of Bitcoin (BTC): key reasons and grounds

04 Aug 2023

Swirl of Cryptocurrency Trends: Analyzing the Growth Prospects of Bitcoin (BTC)

Last month concluded for bitcoin (BTC) at $29,230, with a slight loss of 4%. Over this period, the cryptocurrency remained above the 200-day moving average, valued at $26,630, by 10%. An interesting observation - bitcoin's volatility over the last 90 months decreased to 37%, reaching levels similar to January 2017.

The Essence of Silence: Why Bitcoin Gathers Strength

Our experts from PocketBank decided to shed light on the noticeable calmness in the crypto market. Such silence usually heralds a true breakthrough or a sudden spike in volatility. Now is the moment when it's worth paying special attention.

Miner's moves and Bitcoin's fate

A significant factor that takes the forefront is the capitulation of miners. The 30-day moving average hash rate of bitcoin, dropping below the 60-day moving average, could signal miner capitulation. This indicator is linked to BTC overselling and often precedes a reversal to growth. It's noted that miners, compelled to sell mined coins to cover electricity and equipment expenses, often exhibit capitulation.

As close as Halving, As close as growth?

It's also important to note the upcoming event - halving, scheduled for April 21, 2024. Past experience shows that two months before BTC halving, it often demonstrates noticeable growth. This could be another key factor contributing to the long-anticipated rise.

Bitcoin is ready for a surge: what awaits next?

Analyzing all these factors, we are inclined to assume that bitcoin (BTC) is gearing up for a new wave of growth. In the coming months, we can expect a reach of $36,000 and possibly further growth to the $44,000 USDT level. This is an exciting time for the cryptocurrency world, and investors will undoubtedly keep their fingers on the pulse of events."

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