Bitcoin breaks asymetrical triangle's resistance - TP 76K incoming
Bitcoin has broken through the resistance and is going to attempt to break its all time high at 61560 USD, days before the Coinbase listing on Nasdaq. I drew a round circle to show the breakout. It's like watching a rocket launch. Ethereum and BNB have broken their resistance levels somewhile ago. It is time for Bitcoin to shine again.
The next big target is around 76K. If this target price can be met by the end of this month, It could propel the market capitalization of all Cryptos to 3 trillion USD.
On chain metrics on glass node shows that 78% of all Bitcoin's available supply is currently illiquid, meaning that many of the Bitcoin in circulation are not available for trading. More investors and big institutions are Hodling in anticipationg of a future price spike. This data indicates that currently, we are far far far away from a Cycle top. Everytime, we see any FUD, always check the on chain metric to find out about the fundamentals. Zoom out and always do our own analysis.
Read the article here.
https://insights.glassnode.com/bitcoin-liquid-supply/
This is pretty bullish. On chain data showing less trading activity with Hodlers. It indicates a really strong bullish price action that is coming. For more idea of what CCD is, read this article
On chain metric on Glassnode is on chain data that tells us what's happening fundamentally behind Bitcoin's price action. A couple of months ago, while I checked out the STOCK TO FLOW and it showed that somewhere around September, Bitcoin is going to at least be around 105K.
Just sign up for a free account at Glassnode to view some of the basic on chain metric. It is crucial to understand them in order to know where the direction of all Crpytos are headed. There is a strong Bull run that is gonna smash through the moon.
These are just my own opinion. Do have your own research done and use mine as just a guide. Have a great day. Next week is going to be propably a really good week for all Cryptos.
Bitcoin is definitely going higher! It went up over 1000 in the past hour. 60,778.940 at this moment!
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