ARK Invest analyst David Puell, Bitcoin 
$66,484 He stated that there are three positive indicators available for Puell stated that Bitcoin has experienced interesting market events in the last few weeks that indicate a potential bullish signal. Additionally, the analyst observed that Bitcoin formed a bullish trend on the daily time frame. So why is an increase expected in Bitcoin and cryptocurrencies?
Bitcoin Will Rise
Puell said Bitcoin bounced off the 200-day moving average and short-term buyers returned to the cost base.
“Bitcoin has bounced off its 200-day moving average and is breaking the widening wedge that has been developing since March.” -David Puell
The analyst noted that the Stablecoin Supply Rate (SSR) indicator, which is the ratio between Bitcoin supply and stablecoin supply, was examined. The low SSR ratio indicates that the current stablecoin supply has a relatively larger capacity for purchasing Bitcoin.
“Stablecoin supply rate oscillator shows Bitcoin oversold conditions at lows not seen since mid-2022.” -David Puell
Increase in Global Money Supply
Puell said that the money supply (M2) is increasing around the world and this could be a positive catalyst for Bitcoin.
“September saw a strong rebound in Chinese stocks, a sign that global M2 liquidity has entered the market. “We believe Bitcoin can benefit from this overall liquidity.” -David Puell
Currently, Bitcoin is trading at $66,260. These indicators stated by Puell support the potential for Bitcoin to break out of the current range. According to the analyst’s comments, an upward movement in the price of Bitcoin can be expected with these positive signals.
Although the analysis conducted on three different indicators provides additional information about the potential trends of the Bitcoin price, no one has a globe that shows the future. As with every investment decision, it is important to consider risks.
Although Bitcoin has experienced fluctuations recently as a result of various technical and macroeconomic factors, these indicators pointed out by the ARK Invest analyst indicate that BTC may continue to gain value. Investors can evaluate these signals in line with their own risk profiles and strategies.
In summary, the jump from the 200-day moving average, the low SSR rate and the increase in the global money supply show that the Bitcoin price may rise further.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
