Bitcoin continues its unshakable rally to new highs as trading volume continues to skyrocket. At the time of the report, the bears are down 5%, having obtained a support of $ 43,000 in the last 24 hours, the price of Bitcoin sits at an attractive $ 44,250.
Remember two days ago, chain expert Willy Woo cited the importance of Bitcoin breaking $ 53,000, saying; "The price would have to move to $ 53,000 to address the imbalance between supply and demand in the market." Now it seems that Bitcoin is on its way towards the price level mentioned above.
Bitcoin is poised to exceed long-term market expectations
Analyst Williams Clemente, who attributes these observations with a glimpse of the glass node chart as a sign that Bitcoin is poised to knock down $ 57,000.
Breaking down the chart above further, Clemente proceeds to state that the next move will see Bitcoin trading for $ 92,000. But it gets even better.
Not only does Bitcoin have the potential to close the year above the highly anticipated price levels of $ 100,000, but the dominant cryptocurrency could also, for the first time since its inception, hit $ 175,000.
Clemente unravels the possibilities by saying;
“Bitcoin seems poised to claim the yellow middle line for bull run confirmation, which is currently at $ 57K. If confirmed, the delta / top mean (orange) would be my next target at $ 92K. If that level is later recovered, it would be aimed at the higher price model that currently stands at $ 175,000 ”.
Bitcoin may still need to prove its worth in the future
Bullish analyst views have been contributing since early August. Analysts appear to have collectively agreed that Bitcoin has solidified a base at $ 40,000 and could sustain the newly made gains going forward.
This is especially significant for the Bitcoin market this year because it could clear up the uproar over surface demand, which was supposedly the cause of Bitcoin's inability to hold $ 60,000.
Needless to say, the market is experiencing another uptrend. Putting the factors fueling this trend in perspective provides insight into the current state of transaction activities. Clemente was right to point out the obvious in a recent tweet.
“The little ones have been buying BTC like crazy. Their holdings have increased as a% of the total supply and as a% of the supply held by entities with little history of spending. (strong hands) "
Clearly, the market strength at the moment is largely bullish. Even Glassnode notes that there have been no rush sales records from old entities. Bitcoin definitely has room to thrive in August, and advocates are hopeful that the gains will hold for the long term.