{"id":398390,"date":"2024-06-09T19:30:52","date_gmt":"2024-06-09T14:00:52","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=398390"},"modified":"2024-06-10T21:16:00","modified_gmt":"2024-06-10T15:46:00","slug":"bitcoin-if-this-comes-true-btc-can-hit-88k-soon","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-if-this-comes-true-btc-can-hit-88k-soon\/","title":{"rendered":"Bitcoin: If THIS comes true, BTC can hit $88K soon"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Bitcoin\u2019s price increased by more than 2% in the last seven days.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Most metrics looked bullish on Bitcoin.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> has not performed per expectations, as the king of cryptos continued to trade under $70k at press time, despite a positive weekly chart. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But there was more to the story, as BTC\u2019s slow-moving price action might be a prelude to a massive price hike in the coming days.\u00a0<\/span><\/p>\n<h2><b>Bitcoin is set to pump<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">CoinMarketCap\u2019s <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that BTC\u2019s price had increased by more than 2% in the last seven days. At the time of writing, BTC was trading at $69,329.89 with a market capitalization of over $1.3 trillion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Though BTC continued to trade under $70k, the king of cryptos had a trick up its sleeves, which might soon result in a massive bull rally. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trader Tradigrade, a popular crypto analyst, recently posted a <\/span><a href=\"https:\/\/x.com\/TATrader_Alan\/status\/1799401245037535271\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> highlighting an interesting development. As per the tweet, BTC\u2019s price was consolidating inside a bullish pennant pattern. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A breakout above could allow BTC to touch new highs. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, the recent sluggish price movement could just be a result of this consolidation phase.\u00a0<\/span><\/p>\n<h2><b>BTC to $88k?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s look at Glassnode\u2019s data revealed that BTC had the potential to surge substantially. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To be precise, BTC\u2019s Pi cycle top indicators revealed that BTC was nearing its market bottom, and a price could allow the coin to go above the $88k mark. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the uninitiated, the Pi Cycle indicator is composed of the 111-day moving average (111SMA) and a 2x multiple of the 350-day moving average of Bitcoin&#8217;s price.\u00a0<\/span><\/p>\n<figure id=\"attachment_398391\" aria-describedby=\"caption-attachment-398391\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-2.png\"><img decoding=\"async\" class=\"wp-image-398391 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-2.png\" alt=\"BTC's Pi market top indicator\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-2.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-2-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-2-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-2-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-2-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-pi-cycle-top-indicator-usd-2-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-398391\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">AMBCrypto then analyzed CryptoQuant\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> to better understand whether BTC could reach $88k. We found that buying pressure on BTC was high, as its exchange reserve was dropping at press time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Its Binary CDD remained green, meaning that long-term holders&#8217; movements in the last seven days were lower than average. They have a motive to hold their coins. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Things in the derivatives market also looked pretty optimistic. BTC\u2019s Funding Rate increased, meaning that long-position traders are dominant and are willing to pay short-position traders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Buying sentiment among derivatives investors was also high, which was evident from its green Taker Buy Sell Ratio.\u00a0<\/span><\/p>\n<figure id=\"attachment_398393\" aria-describedby=\"caption-attachment-398393\" style=\"width: 1994px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-09-at-12.15.09\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-398393 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-09-at-12.15.09\u202fPM.png\" alt=\"\" width=\"1994\" height=\"592\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-09-at-12.15.09\u202fPM.png 1994w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-09-at-12.15.09\u202fPM-300x89.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-09-at-12.15.09\u202fPM-1024x304.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-09-at-12.15.09\u202fPM-768x228.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-09-at-12.15.09\u202fPM-1536x456.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-09-at-12.15.09\u202fPM-1200x356.png 1200w\" sizes=\"(max-width: 1994px) 100vw, 1994px\" \/><\/a><figcaption id=\"caption-attachment-398393\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024-25\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">However, investors might have to wait a bit longer to see a Bitcoin pump, as a few indicators hinted at a few more slow-moving days. Notably, the coin\u2019s MACD displayed a bearish crossover. <\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Moreover, its Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both moved sideways near their respective neutral zones.<\/span><\/p>\n<figure id=\"attachment_398394\" aria-describedby=\"caption-attachment-398394\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-09_12-16-52.png\"><img decoding=\"async\" class=\"wp-image-398394 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-09_12-16-52.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-09_12-16-52.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-09_12-16-52-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-09_12-16-52-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-09_12-16-52-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-09_12-16-52-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-09_12-16-52-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSD_2024-06-09_12-16-52-1200x645.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-398394\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been consolidating inside a bullish pattern, and a breakout could help BTC touch $88k soon.<\/p>\n","protected":false},"author":75,"featured_media":398396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427,6428],"class_list":["post-398390","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - 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