The recent increase in Bitcoin's price suggests a shift in investor behavior, according to CryptoQuant analyst known as "crypto sunmoon."
In his post on the CryptoQuant QuickTake platform, the analyst pointed out that the current Bitcoin bull market is being driven by leverage bets, particularly in derivative markets.
This trend is interesting because it differs from previous cycles, where BTC bull runs were more often accompanied by increased deposits on spot exchanges.
The Role of Leverage Bets in Bitcoin's Price Growth
Leverage bets use borrowed funds to amplify the size of an investment. For example, with 2x leverage, an investor can open a position twice the size of their capital.
In Bitcoin futures trading, this approach can be profitable during price increases, but it is also risky. If the market moves against expectations, traders may face significant losses, known as liquidations.

The analyst highlights that the inflow of Bitcoin into derivative exchanges shows growing confidence among investors, suggesting a belief in further price gains. This confidence can create a feedback loop, where rising prices encourage additional leverage bets, further supporting the bull market.
BTC Price Development and Future Outlook
Bitcoin's price has risen by 8.2% over the past week and is currently trading at $71,804. The role of leverage is becoming increasingly significant. BTC has seen a slight pullback from its recent 24-hour high of $73,562, but its upward momentum remains.

The steady price increase and capital inflow through leverage indicate investor optimism about Bitcoin's future potential. According to the analyst, if Bitcoin continues to flow into futures rather than spot exchanges, the bullish sentiment is likely to remain strong.
Leverage bets are just one of several factors signaling continued growth in Bitcoin's price.
Other Indicators Supporting Price Growth
The #stablecoin Supply Ratio Oscillator (SSRO) shows low levels not seen since 2022. The drop in this value suggests that more stablecoins are being converted into BTC, indicating growing demand for Bitcoin.
Meanwhile, technical analysis goes beyond a single metric. Renowned crypto analyst Ali recently highlighted that, historically, BTC has risen to the 1.618 and 2.272 Fibonacci retracement levels.
If #bitcoin☀️ follows this pattern again, Ali predicts that #BTC☀ could reach a price between $174,000 and $462,000.
#BitcoinPrice2024 , #cryptoanalysis

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

According to data from the Kraken exchange, Bitcoin’s price has surpassed the 100,000 Canadian dollar mark for the first time in history, marking a milestone for the cryptocurrency in the Canadian market.
Decline of the Canadian Dollar and Its Impact
This record comes as the Canadian dollar has weakened against the U.S. dollar following a 50 basis point interest rate cut announced by the Bank of Canada on October 23. At the time of writing, the Canadian dollar is trading at 72 U.S. cents. Bitcoin has thus broken past its previous Canadian high of 98,462 CAD set in March.

Bitcoin Has Yet to Break Its All-Time High in U.S. Dollars
Although Bitcoin has reached new record levels in Canadian dollars, its price in U.S. dollars remains below its all-time high. Today, it reached a peak of $72,692 on the Bitstamp exchange, still about 1.5% below its current record of $73,737, achieved due to enthusiasm surrounding the launch of Bitcoin ETFs early in 2024.
Historical Context and Future Expectations
Bitcoin’s highest point of $73,737 was reached on the back of strong bullish sentiment around the success of Bitcoin ETFs, which attracted significant attention and capital at the start of 2024. While the U.S. market is still waiting for this level to be surpassed, the new high in Canada suggests that Bitcoin remains a strong asset, even amid changing macroeconomic conditions.
#Bitcoin❗ , #CryptoNews🚀🔥 , #Cryptocurrencies , #BitcoinPrice2024
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

The Crypto Investment Markets 
The majority of people buy cryptocurrencies as an investment. Similar to stocks, cryptocurrency prices rise and fall. Prices are determined by demand and supply. The more people that buy a cryptocurrency, the higher its price will increase. And vice versa when people sell.
This means that investors can make or lose money, so it’s important to consider the risks. The investment process itself works much the same as any other asset. For example, investors first need to choose which cryptocurrency to buy. They can then open an account with a cryptocurrency exchange, deposit some funds, and buy their chosen digital asset.
The best cryptocurrency exchanges are regulated. After buying a cryptocurrency, the investor will hope its value increases. If it does, and the investor sells, they will make a profit. Cryptocurrencies can be sold back to ‘real’ money at any time.
$BTC $ETH $BNB
#trading #BitcoinPrice2024