Bitcoin Approaches $69K: Is Bitcoin on Track for a New Peak?

Investors are skeptical of Bitcoin (BTC) as it has failed to hold the price above $70K. However, there is more to the story as there is a chance that BTC could reach new highs soon, but only if history repeats itself.

Bitcoin Has a Plan

After falling from $70K to $68K, the king of crypto is once again slowly making its way towards $69K, according to data from CoinMarketCap. The price of this coin has gained more than 3% in the past seven days.

At the time of writing, BTC is trading at $68,953.86 with a market cap of over $1.35 trillion.

Popular crypto analyst Mags recently posted a tweet that gave hope for a major price surge. According to the tweet, BTC’s 2016 cycle has a lot of similarities with the current 2024 cycle.

The RSI has just recovered from the overbought zone while the price is moving sideways, which looks similar to 2016.

To be precise, in 2016, the RSI surged from 60 to 90 three times before the price finally peaked. As of now, the indicator has only spiked once, which suggests that BTC’s bull run is far from over anytime soon.

Therefore, if history repeats itself and BTC follows the same trend, investors may see BTC hit new all-time highs.

Does the indicator support a rebound?

AMBCrypto then analyzed the data from CryptoQuant to see if the indicator is bullish on the king of cryptocurrencies. We found that BTC’s net deposits on exchanges are low compared to the average of the past seven days, which hints at low selling pressure.

Miners are also selling at a moderate rate, which is evident from its lower MPI.

Moreover, its funding rate is also green. This means that derivatives investors are actively buying BTC. However, the market sentiment around the king of cryptocurrencies looks quite bearish.

According to our analysis, both Coinbase Premium and Korea Premium are red, indicating that the selling sentiment of investors in the United States and South Korea is dominant.

We then analyzed the daily chart of BTC to get a better understanding of its trend. We found that the MACD is showing a bullish advantage in the market.