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Reading: Rise Expectation in the Bitcoin Market! Analysts are Optimistic!
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EdaFace Newsfeed > Latest News > Bitcoin and BTC > Rise Expectation in the Bitcoin Market! Analysts are Optimistic!
Bitcoin and BTC

Rise Expectation in the Bitcoin Market! Analysts are Optimistic!

vitalclick
Last updated: November 4, 2024 1:57 pm
5 months ago
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Contents
Normalization in Market IndicatorsCompetition between Ethereum and SolanaIncrease in Global Liquidity

Real Vision analyst Jamie Coutts, Bitcoin $68,545 He states that a strong recovery in the market is imminent. In his assessment on social media platform This situation presents a positive outlook for BTC.

Normalization in Market Indicators

Coutts emphasizes that Bitcoin’s consolidation process over the past seven months has cooled valuation metrics, which were extremely high in the first quarter. In particular, a significant decrease below 50% was observed in indicators such as MVRV, Puell, LTH SOPR and Network Value to Addresses. Except for Open Interest, all of these metrics dropped to normal levels.

Coutts stated that the selling pressure was largely due to excessive leverage in the derivatives market and that this excess was cleared. In September, the Puell Multiple indicator briefly dipped into oversold territory and network security reached new highs. Coutts describes this as “a classic reload signal.”

Competition between Ethereum and Solana

Other than Bitcoin, Ethereum $2,451‘s rival Solana (SOL) also attracts attention. Coutts says that Solana stands out among smart contract platforms and gives bullish signals, especially in USD and BTC parities. He adds that despite high volatility, momentum strategies in October were successful in Solana and similar crypto assets.

“This cycle Solana remains ahead of the major tier-1 platforms and their October strategy has worked well.”

While Bitcoin is currently trading at $69,173, Solana is hovering around $165. Coutts stated that the Solana/BTC rate is still not booming and this rate should be monitored closely.

Increase in Global Liquidity

The recent upward increase in global liquidity may have a positive impact on Bitcoin and other cryptocurrencies. Analysts’ evaluations indicate that Bitcoin and Solana offer potential bullish signals for investors. These indicators provide important data for those who want to make strategic decisions about the market.

The performance of leading crypto assets such as Bitcoin and Solana can play a decisive role in overall market health and investment trends. Investors can make informed decisions by closely monitoring market indicators.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.

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