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Analyst Backs Bitcoin Hitting $290,000 In Bull Run – Here’s Why

Sergio Gruber by Sergio Gruber
September 28, 2024
in Crypto, News
Reading Time: 2 mins read
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Analyst Backs Bitcoin Hitting $290,000 In Bull Run – Here’s Why
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In what has been an atypical September, Bitcoin (BTC) has recorded another positive weekly performance. According to data from CoinMarketCap, the pioneering cryptocurrency surged by 5.07% in the last seven days, bringing its cumulative gain for the month to an impressive 11.30%. With the Bitcoin halving now in the rearview mirror, analysts are highly expectant of a traditional market bull run for the largest digital asset.

BTC In Consolidation As It Gathers Momentum For Breakout

blockdag 70m

In a recent post on X, popular analyst Crypto Rover predicted that BTC will hit a $290,000 price mark in the upcoming bull run. This price projection aligns with previous statements from other analysts who have set six-figure price targets for BTC, especially following the introduction of Bitcoin spot ETFs, which signifies increased institutional demand for the crypto market leader.

Notably, BTC has been trading between $55,000 and $70,000 over the last seven months, indicating a state of consolidation. According to Crypto Rover, following a breakout from this current sideways movement, Bitcoin is likely to enter what he calls the “banana zone”—a phase of outrageous price growth, as observed in previous bull cycles.

The crypto analyst predicts that during this period, which traditionally lasts for 12-18 months, BTC could trade as high as $290,000. This would represent a 339.39% gain on the asset’s current price. For many crypto enthusiasts, it seems likely that the much-anticipated breakout will occur in the fast-approaching weeks. Bitcoin has now formed an inverse head and shoulders pattern, which Crypto Rover highlighted in another post. This pattern is a common bullish indicator of potential reversals of a downtrend. If the price breaks above the neckline with significant volume, it indicates a shift to bullish control.

These sentiments on a price breakout are further bolstered by the upcoming Q4, which has historically been the most bullish period for Bitcoin, with an average gain of 88% over the last 11 years.

Bitcoin Exchange Stablecoins Ratio Shows Bullish Signal

In more positive news for the Bitcoin community, the Bitcoin Exchange Stablecoin Ratio is currently indicating a buy signal. According to CryptoQuant analyst EgyHash, this metric, which measures BTC reserves (in USD) relative to the combined stablecoin reserves on exchanges, is currently at levels similar to those seen at the start of 2024.

EgyHash explains that a low ratio indicates traders have increased buying power due to high stablecoin holdings. This could translate into investments in Bitcoin, resulting in a price gain. Therefore, the current low Bitcoin Exchange Ratio adds to the list of bullish signals for Bitcoin investors.

At the time of writing, Bitcoin continues to trade at $66,064, with a 1.14% gain in the last day. However, Bitcoin’s daily trading volume has decreased by 12.92%, now valued at $32.01 billion.

Tags: BitcoinBitcoin Exchange Stablecoin Ratiobitcoin price bullish predictionbtcusdBTCUSDTCrypto Rovercryptoquant
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Sergio Gruber

Sergio Gruber

Financial writer Hello, my name is Sergio Gruber and I am a finance editor with a specialization in blockchain and cryptocurrency. I have a deep understanding of how the financial world is being transformed by these exciting technologies.I received my degree in Finance Editing from Western Washington University, where I learned how to combine my passion for writing and financial analysis. Since then, I have worked with a number of high-profile publications, helping to educate and inform readers about the latest developments in the world of blockchain and cryptocurrency.

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