Bitcoin aims upward

10 Aug, 2022

Start date

06 Sep, 2022

End date

31 550

Target Price

Buy

Tip

Instrument: BTCUSDT

Make money on an idea!

Bitcoin (BTC/USDT) continues to remain above a key support level at $20,700, which allows us to say that a serious reversal is nigh. On-chain indicators are also

Bitcoin (BTC/USDT) continues to remain above a key support level at $20,700, which allows us to say that a serious reversal is nigh. On-chain indicators are also signalling the formation of a bottom. All in all, Bitcoin still has a chance of rising.

Analyst's technical analysis background of the idea

Bitcoin (BTC/USDT) breaking through its July high (the resistance level at $24,600) can be seen as an opportunity to buy, with an initial target at $27,980 and potential movement to $32,000..

Analyst's fundamental analysis background of the idea

Whales are continuing to take advantage of Bitcoin's fairly low price to increase the holdings in their wallets. What's more, the cryptosystem has seen the arrival of a new whale that has bought $3 billion worth of BTC.

The Bitcoin balance on exchanges continues to decline after a short-term surge in July when miners actively sold mined coins to compensate for operating costs. Given the fact that shrimps and whales are actively buying up Bitcoin at still-low prices, a supply shortage may form in the market, which will push Bitcoin to higher prices.