Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,368,620,652,772	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,368,620,652,772

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-178.25	-0.26%	69,303.82	69,303.82	69,303.83

Price Change

Price Change %

Current Price

Bid Price

Offer

-178.25

-0.26%

69,303.82

69,303.83

High Price	Low Price	Open Price	Prev. Close	52 Week Range
69,891.92	69,000.00	69,555.89	69,482.07	34,100.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

69,891.92

69,000.00

69,555.89

69,482.07

34,100.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:18:41	0.000161	69,303.82	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

18:18:41

0.000161

69,303.82

USD

Price x Volume	Volume	Base Symbol	Related Pairs
170,089,345.80	2,448.16	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

170,089,345.80

2,448.16

Is Bitcoin Ready to Soar? Key Indicators Signal Potential $72K Target

22/08/2024 11:00pm

NEWSBTC

Bitcoin is seeing an uptick following its recent reclaim above the $60,000 mark in the past day. Amid this price performance, renowned crypto analyst Mags on Elon Musk’s social media platform X shared his latest asset analysis. According to Mags, Bitcoin could be poised for a major rally, driven by factors related to the USDT dominance (USDT.D) and the forming technical chart patterns. Related Reading: September 10: A Bitcoin Game Changer, Says Hedge Fund Founder Bitcoin On The Verge Of A $72,000 Rally? Mags explained that the inverse correlation between USDT dominance and Bitcoin’s price is a key indicator to watch. USDT dominance refers to the market share of Tether (USDT) in the overall cryptocurrency market, and its movements can often signal shifts in Bitcoin’s price. Mags pointed out that USDT.D recently broke down from a strong trendline support and is currently testing the point of breakdown, which could lead to forming a bear channel. Meanwhile, Bitcoin forms a broadening wedge pattern, typically seen as a bullish continuation signal. If USDT.D continues to decline, Mags anticipates that Bitcoin could see a notable “leg up,” potentially pushing the price to $72,000 or higher. #Bitcoin pump incoming ? If you’ve been paying attention to USDT.D, you already know about the inverse correlation between USDT.D and BTC. Looking at the chart, USDT.D broke down a strong trendline support and is currently testing the point of breakdown with a possible… pic.twitter.com/lqZ6SPCgaQ — Mags (@thescalpingpro) August 22, 2024 Volatility on the Rise: A Catalyst for BTC’s Next Move? In addition to the technical indicators, another factor contributing to the growing anticipation of a Bitcoin price surge is the recent increase in market volatility. Bitcoin’s volatility has surpassed levels not seen in the past months and has continued to rise, which could be a potential catalyst for Bitcoin to see a significant break out towards the upside. Crypto analyst Daan Crypto Trades highlighted this development in a recent X post, noting that after a period of low volatility, Bitcoin’s volatility levels are ramping back up, approaching the levels seen earlier this year during the asset’s all-time highs. Related Reading: Bitcoin’s MVRV Ratio Nears Critical Death Cross: Will The Market See A Bearish Shift? Daan Crypto Trades emphasized that this volatility increase is needed to end Bitcoin’s consolidation, potentially leading to a decisive price movement in one direction or the other. #Bitcoin After a big slump in volatility levels, it’s now ramping back up and getting close to levels we saw earlier this year at the all time highs. It’s what’s eventually needed to put an end to this massive consolidation in one way or another pic.twitter.com/CHoZXHk5K4 — Daan Crypto Trades (@DaanCrypto) August 21, 2024 Featured image created with DALL-E, Chart from TradingView

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