2 critical points to follow for Bitcoin! This cycle gives a price target!

Cryptocurrency News – Before diving into the Bitcoin price chart, we need to take a look at the daily important news because Michael Saylor announced that Strategy, formerly known as MicroStrategy, has made one of the largest Bitcoin purchases to date. Saylor revealed that 15,355 Bitcoin were purchased for approximately 1.5 billion dollars. The continued purchasing of Bitcoin by such large market participants could lead to a supply squeeze that may push the Bitcoin price upwards in the long term. However, in the short term, we see that such large purchases do not affect the Bitcoin price.

Nevertheless, due to Bitcoin's rarity as an asset, there is a strict limit on its supply. This situation will push the price of Bitcoin upward over time because there will be less Bitcoin in the market, and as long as this strong demand continues, there will be no Bitcoin left even at OTC desks. In addition to Strategy's large Bitcoin purchases, we also saw that BlackRock bought approximately 1 billion dollars worth of Bitcoin yesterday. Essentially, there are currently millionaires and billionaires showing great demand for Bitcoin.

Bitcoin Indicators are Sending Bullish Signals!

If we take a look at the Bitcoin charts on the 4-day time frame, technically the Super trend indicator has not changed in the last day. Now, let's take a look at the weekly Bitcoin chart. As we have already emphasized, we are still in the process of recovering from this correction phase. On the weekly Bitcoin MACD indicator, we are heading towards a bullish trend. However, at the current rate, this level is expected to fall further one to two weeks before this upward trend is confirmed. Although we have not confirmed a bullish crossover, we are getting rid of all these bearish momentum movements here due to the fact that we are approaching a bullish crossover. When we analyze the trend in this indicator historically, we see that after this pullback, we have moved to the recovery phase. We often emphasize that this bullish crossover has been working perfectly lately.

When we analyze the view on the volume profile indicator, it is clearly evident that we are moving towards 96 thousand dollars. There is indeed a significant resistance positioned in this range for the Bitcoin price. In terms of support, we can see that the previous resistance is acting as a new support point. This is located at approximately 86 thousand dollars. In summary, significant capital flows are occurring for the Bitcoin price, and investors' interest in the asset is not diminishing. Under these conditions, we could target all-time high levels in the coming periods.

The information contained in the article is for informational purposes only. It does not constitute any investment advice. The author and kriptoparahaber.com are not responsible for any profit or loss resulting from your investments. Ultimately, investment is based on many foundations such as knowledge, experience, research, and personal decisions.

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