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On October 10, Bitcoin (BTC) briefly fell below $60,000, raising doubts about the continuation of the bullish “Uptober” trend. However, the recent momentum suggests stronger performance later in the month, as historical data points to a rally for Bitcoin towards the end of October.

BTC is currently trading at $68,563. This on-chain analysis highlights indicators suggesting that BTC could surpass the $73K level soon.

Indicators favor Bitcoin’s uptrend

CryptoQuant’s analysis shows that the US-to-Rest Reserve Ratio was a significant contributor to BTC’s surge above $73,000 in March. This metric reflects the level of accumulation by US-based exchanges, asset managers, and other entities compared to other institutions around the world. When this ratio increases, it indicates that US-based BTC holdings are growing.

This indicator began to rise steadily around Q4 2023, converging with the upward trajectory of Bitcoin’s price. Now, with the ratio rising again since mid-October, historical patterns suggest that US institutions are once again actively buying BTC.

Read more: What is Bitcoin Halving? Everything you need to know

Relação de reserva de US-to-Rest do Bitcoin. Fonte: CryptoQuantBitcoin US-to-Rest Reserve Ratio. Source: CryptoQuant

Furthermore, Blackrock has recently accumulated billions in BTC, indicating significant institutional interest. If this trend continues, the price of Bitcoin could soon surpass the $70,000 mark.

Crypto analyst Rekt Capital supports a bullish outlook, noting that BTC’s recent close above a strong resistance suggests momentum favors further gains.

On X, Rekt Capital highlighted that this technical breakout decreases the likelihood of another immediate downtrend.

The multi-month downtrend is confirmed to be over. The breakout of the Downtrend Channel is confirmed. BTC has turned resistance into new support, Rekt Capital wrote.

Additionally, Bitcoin’s risk-to-sell ratio has fallen to its lowest point since September 3. In short, high values ​​of this ratio coincide with market tops or end-of-cycle stages.

Low values, on the other hand, signal macro bottoms, suggesting a high probability of price growth. Considering Bitcoin’s historical data, the cryptocurrency is likely to surpass $73,000 in the coming weeks.

Relação de Risco de Venda do Bitcoin. Fonte: GlassnodeBitcoin Sell Risk Ratio. Source: Glassnode

Price prediction

On the daily chart, Bitcoin holds support at $64,785. Furthermore, the Relative Strength Index (RSI) appears to be following the same trend as the price has surged to $71,911.

For context, the RSI uses velocity and price changes to measure momentum. When it increases, momentum is bullish, and when it decreases, it is bearish. Going by Bitcoin’s historical data and the current ascending channel on the chart, the price is likely to break above $73,750.

Read more: Bitcoin Price Prediction 2024/2025/2030

Bitcoin price analysisBitcoin Daily Analysis. Source: TradingView

On the other hand, if the price of Bitcoin falls below the $64,785 support, this prediction may not come true. In that case, BTC could fall to $60,286.

The article Bitcoin (BTC) could hit $73,000 by the end of October appeared first on BeInCrypto Brasil.