Bitcoin May Surge to $52,000 Amid Bullish Market Sentiment
Why a Bitcoin rise to $52,000 is not impossible
Recent metrics suggest that Bitcoin holders are not convinced of a major rally. However, the data also shows that a rise to $52,000 is not out of the question.
Bitcoin exchange reserves show no clear trend
Bitcoin reserves on exchanges show an odd lack of trend. However, the liquidation heatmap suggests that BTC prices could rise. On February 10, Bitcoin [BTC] managed to surpass the highs of a two-month range again. This was not the first attempt by the bulls to break through the resistance mark of $47,000 in the past six weeks.
The role of Bitcoin exchange reserves
The analysis of Bitcoin’s exchange reserves by AMBCrypto shows whether holders are accumulating more Bitcoin. A recent report from AMBCrypto found that the Bitcoin supply on exchanges has decreased. A decrease in this metric would signal that more BTC is flowing out of centralized exchanges and into the private wallets of BTC HODLers.
The importance of futures data
The analysis of short liquidations on CryptoQuant alongside the exchange reserve shows the amount of Bitcoin-denominated short positions that were liquidated in the derivatives market. The data shows that the amount of short liquidations triggered during the recent outbreak was high, but not nearly as high as in early December or on January 9. Therefore, this suggests a more bullish sentiment in the market than before.
The liquidation heatmap and potential price development
The analysis of the liquidation heatmap by Hyblock shows that short liquidations worth $16 billion are expected to occur at the psychological mark of $50,000. In addition, liquidations worth $31 billion and $27 billion could occur at the levels of $51,200 and $52,200 respectively. Therefore, a further rally towards the mark of $52,000 can be expected.
Conclusion
Although current data suggests that Bitcoin holders are not convinced of a major rally, they also show that a rise to $52,000 is not out of the question. The liquidation heatmap suggests that BTC prices could rise, indicating a more bullish sentiment in the market than before.
You should read that too:
Sources:
AMBCrypto, CryptoQuant, Hyblock
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Price | $97,142.00 |
| 24h % | -0.37 % |
| 7d % | -4.19 % |
| 30d % | -1.41 % |
| 60d % | 44.31 % |
| 1y % | 121.53 % |
| Market Cap | $1,923,376,771,137.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
Advertising transparency