Analyst Puts New Bitcoin ATH For October As Stablecoins Start Pumping Into BTC

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,130,712,343,700	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,130,712,343,700

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-3,136.25	-5.18%	57,464.03	57,463.97	57,471.13

Price Change

Price Change %

Current Price

Bid Price

Offer

-3,136.25

-5.18%

57,464.03

57,463.97

57,471.13

High Price	Low Price	Open Price	Prev. Close	52 Week Range
60,785.49	56,500.00	60,649.57	60,600.28	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

60,785.49

56,500.00

60,649.57

60,600.28

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	12:26:27	0.003337	57,463.93	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

12:26:27

0.003337

57,463.93

USD

Price x Volume	Volume	Base Symbol	Related Pairs
715,079,970.09	12,290.19	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

715,079,970.09

12,290.19

Analyst Puts New Bitcoin ATH For October As Stablecoins Start Pumping Into BTC

17/09/2021 8:00pm

NEWSBTC

Bitcoin analyst says new ATH in October is likely as on-chain data shows stablecoins may have started to pump into BTC. Stablecoins Reserve Starts Moving Down, Bitcoin To Reach New ATH In October? As explained by an analyst on CryptoQuant, after staying at highs, the stablecoins reserve has finally started a decline. Based on this and a couple other indicators, the quant believes there is a high probability we will see a new Bitcoin all time high (ATH) in October. The stablecoins exchange reserve is an indicator that shows the total amount of fiat-tied coins currently present on exchanges. An increase in the value of the metric could suggest an increase in the supply of dry powder for Bitcoin and other cryptocurrencies. When the reserve starts declining, it may mean investors now want to enter into volatile markets and are exchanging these coins to do so. Large withdrawals to personal wallets or to fiat will also show up as a decrease in the indicator. The below chart shows how the value of the stablecoins exchange reserve has changed recently: The reserve indicator vs the Bitcoin price | Source: CryptoQuant As the graph shows, the value of the stablecoins reserve made new peaks just recently. This shows how these fiat-tied coins were piling up on exchanges as investors were waiting to enter volatile markets. Related Reading | On-Chain Data Shows Bitcoin Whales Hold Fort Despite Recent Dips At the moment, it looks like the indicator has started turning downwards. Lately, the trend with the metric has been that when such a decline happens, the price of BTC moves up as these coins pump into the cryptocurrency. Also, the chart has two other indicators as well, the Bitcoin Relative Strength Index (RSI) and the stochastic RSI. The RSI uses the magnitude of recent price changes to evaluate whether the coin has been oversold or overbought. Low values of the indicator suggest BTC is currently oversold, while higher ones may suggest it has been overbought. Related Reading | Believe It Or Not, Bitcoin Maxis, Altcoin Season Might Not Have Yet Begun The analyst points out the regions where the RSI dipped down to quite low values, signifying bottoms. Based on this and the stablecoins reserve, the quant thinks that since Bitcoin has hit a bottom now, it should move up next, and so a new ATH could be there in October. BTC Price At the time of writing, Bitcoin’s price floats around $47.6k, up 5% in the last 7 days. Over the past month, the crypto’s value has increased by 4%. Here is a chart showing the trend in the price of the coin over the last five days: BTC's price moves sideways after a strong march up | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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