{"id":701,"date":"2024-10-21T13:00:18","date_gmt":"2024-10-21T13:00:18","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/7-reasons-to-be-bullish-on-bitcoin-this-week\/"},"modified":"2024-10-21T13:00:18","modified_gmt":"2024-10-21T13:00:18","slug":"7-reasons-to-be-bullish-on-bitcoin-this-week","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/7-reasons-to-be-bullish-on-bitcoin-this-week\/","title":{"rendered":"7 Reasons To Be Bullish On Bitcoin This Week"},"content":{"rendered":"

In an analysis shared<\/a> on X, crypto analyst Patric H. from CryptelligenceX outlines seven reasons why investors should be bullish about the Bitcoin price trajectory this week. “How can anyone be bearish here?! BTC broke the weekly downtrend, closing above key levels, and some people still call for sub-$40k?! Sorry, bears, you clearly missed the fundamental changes of the past two weeks,” he states.<\/p>\n

#1 Mt. Gox Bitcoin Repayment Deadline Extension<\/h2>\n

The defunct exchange Mt. Gox has filed for a change in its repayment deadline, which has been approved by the court. The new deadline to refund the remaining creditors is now set for October 31, 2025, a full year later than the previously scheduled October 2024. This extension removes the immediate market selling pressure of approximately 44,905 BTC (around $2.9 billion), which was anticipated to flood the market.<\/p>\n

#2 China’s Economic Stimulus<\/h2>\n

China is set to issue $325 billion in bonds to stimulate its economy. Concurrently, crypto exchange OKX has launched a fully licensed trading platform in the United Arab Emirates (UAE), offering a legal avenue for Chinese investors to engage in cryptocurrency trading under UAE jurisdiction. Patric H. predicts, “Chinese money is gonna enter crypto in Q4.\u201d<\/p>\n

#3 Declining Bitcoin Exchange Reserves<\/p>\n

Bitcoin exchange reserves continue to dwindle as institutional investors and whales accumulate the cryptocurrency at unprecedented rates. This trend indicates a supply shortage on exchanges, which, coupled with increasing demand, could lead to a supply shock. “Eventually, this will cause a supply shock, leading to higher prices in due time,” notes the analyst.<\/p>\n

#4 Surge In Bitcoin Whale Accumulation<\/p>\n

On-chain data reveals that new Bitcoin whales are accumulating assets like never before. Ki Young Ju, CEO and founder of CryptoQuant recently, commented, “The current market volatility is just a game in the futures market. Real whales move the market through spot trading and OTC markets. That\u2019s why on-chain data is crucial.”<\/p>\n

He added that these new whales are unlikely to sell until substantial liquidity from retail investors enters the market. “Look at how fiercely the new whales are stacking Bitcoin; this market has never seen such accumulation,” he emphasized. Notably, the lack of correlation with the US spot ETF inflows suggests that these could be strategic institutional accumulations.<\/p>\n

\"Old
\n#5 Trump Is Leading The Polls<\/p>\n

Political forecasts indicate that former US President Donald Trump is gaining favor in swing states ahead of the upcoming elections. According to Polymarket’s latest data, Trump is projected to win all seven key swing states. Patric H. reminds readers, “Trump is pro-crypto; Elon Musk will lead a Department of Government Efficiency (DOGE).”<\/p>\n

\"Polymarket
\n#6 S&P 500 As Trailblazer<\/p>\n

The S&P 500 index is trading at an all-time high, historically signaling positive momentum for Bitcoin and crypto. “There has not been a time in history when Bitcoin and the altcoins market did not catch up to the performance of the S&P 500,” Patric H. points out, dismissing skepticism with, “But ‘this time is different’… yeah, sure.” The correlation between traditional markets and cryptocurrencies suggests that bullish trends in equities could spill over into the Bitcoin and crypto sector.<\/p>\n

#7 Seasonality<\/p>\n

Historically, the fourth quarter (Q4) has been the most bullish period for Bitcoin, especially in halving years. “Bitcoin and the crypto market tend to outperform all asset classes in a halving year,” argues the analyst.<\/p>\n

Supporting these fundamental reasons, technical analysis also paints a positive picture for Bitcoin. Patric H. highlights that Bitcoin has closed above its weekly downtrend line, signaling a potential reversal from bearish to bullish momentum. Moreover, the cryptocurrency is holding firmly above the 50-week Exponential Moving Average (EMA), a critical support level. Also, the Moving Average Convergence Divergence (MACD) indicator has made a bullish cross for the first time since April, often interpreted as a buy signal.<\/p>\n

\"Bitcoin<\/p>\n

“Yes, there will be pullbacks every now and then. But from now on, dips are for buying as the market structure clearly shifted from a downtrend to an uptrend,” Patric concludes.<\/p>\n

At press time, BTC traded at $68,397.<\/p>\n

\"Bitcoin<\/p>\n","protected":false},"excerpt":{"rendered":"

In an analysis shared on X, crypto analyst Patric H. from CryptelligenceX outlines seven reasons why investors should be bullish about the Bitcoin price trajectory this week. “How can anyone be bearish here?! BTC broke the weekly downtrend, closing above key levels, and some people still call for sub-$40k?! Sorry, bears, you clearly missed the…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[65,431,111,108,73,112,113,71],"class_list":["post-701","post","type-post","status-publish","format-standard","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-bull-run","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusdt"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=701"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/701\/revisions"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}