- Bitcoin’s projected target remains high at $91,539 according to the “Magic Bands” model.
- Recent whale activities and increasing active addresses suggest strong market support for this bullish outlook.
- The number of active Bitcoin addresses has surged, reflecting increased user engagement.
Bitcoin shows strength amid market fluctuations, targeting $91,539; increasing whale and user activities provide robust support.
Bitcoin: Technical predictions
CryptoCon, a well-known technical analyst, has maintained an optimistic outlook for Bitcoin, predicting a rise to $91,539 soon.
This forecast, shared on X (formerly known as Twitter), has not wavered despite the Federal Reserve’s decision to keep interest rates steady with only a slight reduction anticipated in 2024.
The prediction is based on the “Magic Bands” model, which projects future price levels by examining historical peak and trough patterns.
According to the “Magic Bands” model, Bitcoin, currently in what is termed as ‘level 2.5’ of its cycle, is poised for a breakout that could see it reaching $91,539.
This would represent a substantial rise from its current value and potentially set the stage for hitting a ‘Cycle Top Target’ of $123,832.
Analyzing fundamentals
To assess the likelihood of such a price increase, one can analyze Bitcoin’s Open Interest and active addresses data.
Data from COINOTAG indicated a mixed trend in Open Interest; although it decreased by 3.11% in the past day, its valuation surged by 53.11%, hinting at possible price volatility due to a tightening market.
In addition, the number of active Bitcoin addresses has jumped from 3.14 million to 3.36 million recently, indicating a growing user base and, consequently, a potential rise in transaction volumes that may support higher price levels.
The activity of Bitcoin whales also sheds light on market sentiment. Notably, on June 11th, as Bitcoin’s price dipped, whales accumulated 20,600 BTC worth approximately $1.38 billion.
This was one of the largest single-day purchases by significant investors since February, suggesting that major market players perceive current prices as an opportune buying moment, likely positioning themselves for a potential price increase.
Additionally, COINOTAG has reported a significant uptick in previously dormant Bitcoin addresses being activated, indicating renewed interest and potential bullish sentiment among long-term holders.
Conclusion
In conclusion, Bitcoin’s market dynamics point to a resilient asset poised for growth. Amidst technical predictions suggesting lofty future prices, fundamental indicators such as increasing active addresses and whale accumulations lend strong support to this bullish outlook. Investors should remain vigilant and consider these insights when making informed decisions in this dynamic market.
