The Bitcoin (BTC) price plunged from $115,000 to $108,000 last week in a bearish move that stunned investors. However, the flagship coin is on a rebound move, climbing by over 0.60% in the last 24 hours. CryptoQuant, a crypto analytics platform, has highlighted five key metrics to watch for a bullish rally to $150,000.
Bitcoin trigger metrics to watch
According to CryptoQuant, broader market sentiments suggest that Bitcoin, which is currently moving sideways, might be consolidating for a sharp upward move. Notably, 10 billion Tether (USDT) have been minted by the stablecoin entity in the last 60 days.
This is a bullish signal as fresh USDT means more liquidity entering the market for the likely purchase of Bitcoin and other crypto assets.
Another bullish indicator is the stablecoin supply ratio (SSR), which showcases purchasing territory. For clarity, SSR compares Bitcoin’s market capitalization to the supply of stablecoins. When the SSR is low, it suggests that there is more stablecoin “buying power.” With market conditions indicating oversold conditions, it favors Bitcoin buying pressure.
Additionally, long-term accumulators of Bitcoin have been busy. These are wallets that buy the asset and never sell, like Strategy Inc. These investors, who are stacking the digital asset, have stacked 298,000 BTC, which indicates a bullish pattern.
The increase in accumulation by these sets of investors signals that they are positive about the coin climbing higher in the market.
As of press time, Bitcoin is changing hands at $112,958.16, which represents a 0.84% increase in the last 24 hours. The coin earlier hit a peak of $114,836.62 before the slip as a result of market volatility. However, the movement suggests potential for Bitcoin to set a new price record in the coming days.
The coin, supported by rising trading volume, could soar toward the $150,000 price target. Volume has spiked by 29.08% to $62.08 billion within this time frame.
Breaking key resistance could open path to $150K
Meanwhile, CryptoQuant analysis projects that once Bitcoin is able to break out of the current price range, it will ease sell pressure. This pressure is coming from short-term holders who recently purchased BTC at around $109,775.
Furthermore, the market is anticipating a flip in the declining inter-exchange flow. Once this happens and it flips upward, new bullish momentum could trigger a spike in price toward the much anticipated price target.
Source: https://u.today/bitcoin-price-to-150000-these-5-metrics-might-be-key-to-watch