Analyzing Bitcoin (BTC): Price poised for a $66,000 breakthrough

Bitcoin (BTC) Price Outlook: $66,000 on the Horizon

Bitcoin's (BTC) price is anticipated to reach $66,000 within a week or two, supported by on-chain data indicating a bullish trend. Currently trading at $63,903, BTC has seen potential after moving towards $65,000, though recent pullbacks do not threaten its upward trajectory.

Fresh Liquidity Drives Bitcoin

• Analysis of Glassnode data reveals a 14-day Market-Realized Gradient of 1.17.
• This gradient assesses the price at which each BTC last moved, providing insights into expected market trends.
• Significant increases in the gradient indicate growing investor interest and capital inflow, often leading to price hikes.

Historically, when the gradient reached a similar level, Bitcoin's price climbed to $66,805, supporting expectations for a price surge to or above $66,000 within two weeks.

NVT Golden Cross: A Positive Signal

The Network Value to Transaction (NVT) Golden Cross further supports the bullish outlook. Currently sitting at 0.71, this metric indicates that BTC has not yet hit its peak and remains an enticing purchase.

Market Sentiment and Trader Expectations

Crypto trader Hardy on X suggests Bitcoin is breaking out of its consolidation and eyeing even higher targets, reflecting positive market sentiment.