BTC could rise to new highs in the next two weeks.
According to analysts, the likelihood that Bitcoin is expected to reach new highs within two weeks, is 70%, as current market conditions are favorable for growth.
According to expert Axel Adler Jr., the Short-Term Holder (STH) MVRV readings for both the 155-day and 365-day periods are close to zero, indicating that the market is not overheated or oversold.
Since BTC is trading slightly above the STH strike price, it can be assumed that a one- to two-week consolidation phase will be preceded by a breakout. Adler Jr. reminds us that October is approaching, citing favorable seasonal factors.
Derivatives data further supports the positive outlook. Futures on Bitcoin trade at a constant premium to spot, with the seven-day base being above the 30-day base, which is usually associated with bullish trends.
However, Adler Jr. warned that there were minor signs of overheating ahead of the recent Federal Open Market Committee meeting, with the underlying price rising on light trading volume, indicating some investors were taking a wait-and-see approach.
However, the baseline scenario still assumes growth of the flagship cryptocurrency.
There is a 70% chance that we will see a stepped upward trend or sideways consolidation in the next two weeks, explained Adler Jr.
At the time of writing the article Bitcoin was trading at $117,616, up 1,8% over the past 2,7 hours and XNUMX% over the past week.
