Bitcoin (BTC) Price Prediction: BTC Turns Bullish Again After Crossing the $61K Level

At the time of writing, investors are enjoying themselves as the price action of the king of cryptocurrencies has once again turned bullish.

Bitcoin [BTC] price action has once again turned bullish, much to the delight of investors. The recent price surge has also pushed a major indicator into bullish territory. So, it’s worth zooming in on the current state of the cryptocurrency to gauge how long the bulls can keep this fresh uptrend going.

Bitcoin turns bullish again

Bitcoin crossed the $61,000 mark on August 23, and since then, the sentiment around the coin has been bullish. In fact, the cryptocurrency has been rapidly approaching the $65,000 price point. To put things into perspective, the coin has noted a 5% increase in price over the last 24 hours.

At the last glance, Bitcoin was trading at $64,276.61 with a market capitalization of over $1.26 Trillion. This price surge saw nearly 86% of Bitcoin investors in profit.

But wait, there’s more.

Ali, a renowned cryptocurrency analyst, recently took to the blue bird app to highlight a bullish development. According to the same, the BTC bull market index has been flipping between bearish and bullish since early August. Now, it has turned bullish once again.

This could indicate that the recent Bitcoin bull rally may continue further.

BTC’s next targets in sight

Given that the above indicator turned bullish, AMBCrypto zoomed in on other data sets to gauge the likelihood of the king coin continuing its bullish march.

Our analysis of Glassnode data revealed that the Bitcoin (BTC) net unrealized profit/loss ratio has noted a sharp decline. A decline in this metric suggests that the asset is undervalued, hinting at an upcoming price increase.

Additionally, data from CryptoQuant revealed that net BTC exchange deposits were down in comparison to the seven-day average, indicating a decrease in selling pressure. Moreover, as reported by AMBCrypto previously, the Nasdaq formed a bearish divergence pattern. This could be suggesting that a renewed selling pressure will see liquidity flowing from stocks into Bitcoin.

However, some metrics did turn bearish. For instance, the ASolP indicator was observed to be in the red, a scenario where more investors are selling for a profit. In the context of a bull market rally, this could be signaling a market top.

NULP also noted that investors are in a conviction phase as they are currently at high unrealized gains.

Hence, AMBCrypto zoomed out on the daily chart of Bitcoin to better understand whether the upward momentum is sustainable. Technical indicator MACD was seen forming a bullish crossover. Chaikin Money Flow (CMF) indicator also registered an increase.

Read Bitcoin [BTC] Price Prediction 2024-25

If the rally continues, Bitcoin price could soon cross the $65.2k resistance and head towards $68k after that. However, in case of a bearish takeover, Bitcoin price could drop to $57k again.

Up next: Ethereum Roadmap 2024 – A Repeat of Ethereum’s 2016 and 2019 Performance?

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