Bitcoin Surges to $62,000, Breaking Free from 50-Day Downtrend

Bitcoin (BTC) continues to capture attention as the cryptocurrency market shows signs of recovery after a recent downturn.

Azcnews Bitcoin Surges To $62,000, Breaking Free From 50 Day Downtrend

On the hourly chart, BTC has finally broken out of the downward channel that has persisted since late July 2024, lasting for over 50 days.

The price action of the BTC/USDT pair suggests this could be a pivotal moment for Bitcoin, as it undergoes a textbook retest. Higher highs and higher lows are forming as the price approaches the breakout resistance.

Typically, after a prolonged consolidation phase, a parabolic price increase often follows. This could push BTC towards the target of $75,000, slightly surpassing its all-time high.

Bitcoin Chart
Bitcoin Chart

The possibility of a rally towards this crucial level could materialize if market conditions remain favorable, as BTC has reclaimed the $62,000 level and is now eyeing $65,000, with a potential reach of $75,000 by late Q4 2024 or early Q1 2025.

Will this upward trend drive BTC to $75,000 by year-end? Let’s explore these possibilities.

Signals from the average leverage delta of top traders… Traditionally, when this indicator drops below +2, as it did recently before rising to 2.169, the price trend tends to move upward. This further reinforces confidence that BTC’s bullish run may have already begun. Currently, the leverage delta for BTC stands at +0.49, indicating an almost equal balance of leverage between buyers and sellers.

Top Traders’ Average Leverage Delta Signals
Top Traders’ Average Leverage Delta Signals

The decline in the average leverage of top traders reinforces the view that BTC/USDT breaking out of the downward channel could signal the start of a new upward trend.

BTC liquidation heatmap

Btc Liquidation Heatmap
Btc Liquidation Heatmap

Additionally, Bitcoin often moves towards areas with high liquidity. When BTC reached $61,498, traders liquidated approximately $179.70 million in the futures market. This could further fuel the price increase as BTC continues to target higher liquidity levels.

A significant liquidity cluster worth $730.49 million is present at the $70,182 price level, along with another $1.3 billion in liquidity at $67,250. This indicates that BTC could rise further to reach these liquidity levels, pushing towards the $75,000 target.

Average Bitcoin cycle

Moreover, the average Bitcoin cycle typically starts 170 days after a halving and peaks after 480 days. Currently, BTC is at day 151 post-halving, meaning there are less than 20 days left before the potential start of a significant post-halving rally, as historically seen.

This cycle pattern, along with signals from the average leverage of top traders, strengthens confidence in Bitcoin’s potential rise to $75,000. The cryptocurrency market seems poised for a positive move, supported by technical indicators and liquidity models, suggesting that BTC may continue its strong upward momentum.

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