Bitcoin price has rallied over 70% this year, hitting a nine-month high of $29,159. Several notable analysts predict another massive move this week to push BTC price beyond the psychological level of $30,000 as technical, macro, and on-chain analysis indicates a bullish breakout.
Analysts Predict Major Upside in Bitcoin Price
Bitcoin analyst Willy Woo in a Twitter thread shared macro indicators and on-chain data supporting massive price movement this week.
Bitcoin Macro Index has crossed above the lower blue band, indicating the “re-accumulation” phase of the Bitcoin cycle. Therefore, the BTC price will move up in a sideways-bullish manner and reject further slides.
Cost Basis Analysis of short-term and long-term holders indicates bullishness among investors. STH-LTH Premium is also moved above 0 value. Furthermore, order book liquidity is thinning out and a big liquidity gap is expected from the current level to $40k.
Bitcoin Cost Basis Density Map shows significant accumulation below the $28,000 level. Institutional and retail investors are looking for a further upside move in Bitcoin price as sentiment also remains positive.
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Bitcoin Price Stability is forming a peak and a breakout above the key level of $30,000 could happen within the week.
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Popular crypto analyst Michael van de Poppe predicts a breakout in Bitcoin price after another test of $28,600-29,000. It will bring back confidence in the market and altcoins to break out. Moreover, the US CPI data is due this week with economists suggesting inflation cooling further.
Crypto analyst Ali Martinez revealed that Bitcoin Adjusted SOPR (aSOPR) (90d) on-chain metric has moved above 1, which signals a bull market. In 2015, 2019, and 2020, it led to 6,110%, 150%, and 579% gains respectively. aSOPR recently moved above 1 suggesting BTC readies to go parabolic.
Bitcoin price is currently trading at $28,348, up 2% in the last 24 hours. The 24-hour low and high are $27,828 and $28,532, respectively. The trading volume is also jumping higher, indicating an increase in interest among traders.
