At the moment, BTC is trading around $66,000. Over the past 24 hours, the value of the main cryptocurrency has risen by 6.6 percent and most market indicators suggest a new breakthrough for the bulls.

Overall, the hourly chart of the cryptocurrency looks like this.

Bitcoin’s hourly rate chart

We’ve also clarified the current data for other cryptocurrencies. Here’s a ranking of the top ten coins by market capitalisation. The leader of the week’s growth here was Polkadot. The coin is up 23.9 per cent for the week. Bitcoin has a similar figure of 7.7 per cent, while BNB and Solana are up 23 and 21 per cent respectively.

Rates of top cryptocurrencies by capitalisation

Overall, the situation in the niche seems to be more than positive. Against this backdrop, analysts have taken to trying to predict the rate of the top coin in the market after a certain period of time.

What will happen to Bitcoin’s exchange rate?

According to an anonymous crypto trader nicknamed Rekt Capital, Bitcoin was generally balancing above its previous peak set back in April this year. This behavior of the asset is consistent with continued growth – the bulls are now actively defending nearby support levels to minimize the likelihood of a new collapse of the coin.

Here is the trader’s quote about it, in which he shared his attitude to what is happening. The replica was published by news publication Cointelegraph.

Bitcoin has been moving in a horizontal channel for several weeks now, but it continues to hold above a major support zone just before the main resistance level marked on the chart.

Rekt Capital’s BTC chart

Another look at the market was provided by analyst Michael Van De Poppe, publishing the following chart. According to his forecast, after the new spurt, the BTC price is expected to fall locally to the area of $59,000. This could be a great time to accumulate bitcoins if investors want to capitalize on further growth in the cryptocurrency. Overall, however, the expert considers the $90,000 line to be a long-term target for this bullion – it is highly likely to be reached by the end of this year.

Michael Van De Poppe’s forecast

The third forecast and chart is from a crypto trader under the nickname GalaxyBTC. He believes that a significant milestone for Bitcoin in the coming months will be the $80,000 level.

GalaxyBTC chart

Why is Bitcoin still unable to break through to the aforementioned levels? According to the CEO of analytics platform CryptoQuant, Ki Young Joo, this is being hampered by the activity of the coin’s big holders. They are now selling their BTC on exchanges en masse – about 90 per cent of the trading platforms’ deposits come from their wallets.

Comparison of cryptocurrency exchanges’ inflows and reserves to Bitcoin’s price

That said, the exchanges’ reserves continue to shrink, meaning there is still not enough pressure from sellers to contain the bullrun. Most likely, coins are being sold by whales on expectations of a new local market correction before the next wave of growth, but here it is important to consider that for experienced players the profits from the same Bitcoin are already substantial, because the cryptocurrency fell to $28,000 this summer.

In addition, they can reinvest the profits from BTC into altcoins, which seems like a logical move. So, such activity of big investors is not a harbinger of the end of the market’s run.


Once again, a reminder that the predictions of cryptocurrency traders, analysts or big investors do not have to come true. Be sure to conduct your own market research and invest only after a personal niche analysis. This approach will allow you to take full responsibility for your investment decisions and not shift responsibility to someone else.


Bitcoin growth


We believe that the positive comments from experts are generally in line with what is happening in the coin market. Bitcoin is now showing serious strength, which could end up with the renewal of another price record. If so, the event will attract the attention of newcomers, who may have lost confidence in the coin niche after the market collapse in May 2021. Accordingly, there could be plenty of room for even the same BTC to grow overall.


What do you think about it? Share your opinion in our Millionaire Crypto Chat. There we will talk about other topics related to blockchain and decentralisation, as well as the impact on this industry.