Bitcoin (BTC) is now free to surge not just to existing all-time highs but beyond, analysts have said.
When analyzing the book data of orders on October 15, monitoring resource Whalemap revealed that Bitcoin had already broken through all major resistance levels.
Bitcoin is already moving in the air
With $ 60,000 reaching for the first time since April, there are chances for new all-time highs, and the timeframe for these continues to decline.
Now, a look at exchange conditions shows how easily the BTC / USD pair should jump into uncharted territory beyond $ 64,500.
“Price discovery will start very soon,” Whalemap commented on a chart showing BTC supply levels by price.
“There is almost no supply at prices above 59,000.”
Bearish contraction or resistance slap at $ 64,000?
The only remaining obstacle is a wall of sales at the current highs, something that has been offset by bullish data on the origins of the current bullish phase.
According to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, Bitcoin’s recent price spike is not the result of speculators or short traders having been “contracted”, but rather high-volume buyers on derivatives platforms.
This strongly differentiates the fourth quarter from the previous phases, in particular the one that produced the all-time peaks from the beginning of 2021 onwards.
As such, a classic “bearish crunch” scenario, where bears are eliminated in a cascading ascending price structure, has yet to occur.
“BTC bulk buy market orders on derivatives exchanges are not for short position liquidations,” Ki wrote in a blog post on Friday.
“This indicates: 1 / No big short positions liquidated so far 2 / Whales cleared long positions since the crash.”
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