Fri, 9/02/2024 – 9:24
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The crypto ecosystem is on a sustained recovery path, with the Bitcoin (BTC) price triumphantly leading the resurgence. At the time of writing, the coin has jumped by 3.5% to $46,254.46, pushing it to its highest price level in weeks. With the current outlook, Bitcoin has now extended its growth for the past week by 7.18%, underscoring how the market has generally been transformed.
Rare Bitcoin signal
According to an insight from top market analyst Ali Martinez, the Bitcoin price has flashed a rare “Super Trend” that now flashes a “buy” signal on the monthly charts. Notably, the formation of these signals, per the analyst, comes with mega price runs, and the setup is already in for Bitcoin as well.
Martinez noted that on the four occasions that this signal has emerged in Bitcoin’s history, the price went parabolic, hitting 169,172%; 9,900%; 3,680% and 828% growth surges, respectively.
Drawing on this trend, Bitcoin might be primed for a more than 100% surge if the historical context in the rally chooses to play out again. This ambitious price level might imply a higher run beyond the $100,000 price mark, a trend that will validate predictions from market analysts over the past few months.
Fundamentals are ripe
While the technical setup in the Bitcoin price shows a big uptrend is coming, the fundamentals are also beaming with positivity considering the spot Bitcoin ETF influence.
Besides this, the upcoming Bitcoin halving event is also a major catalyst that can drive price growth in remarkable ways in the long term. Scheduled for sometime in April, market leaders like Samson Mow are optimistic a mega run is imminent.
This expert’s thesis is based on the supply crunch that is being triggered by spot Bitcoin ETF issuers and the overall impact of the halving event.