Stablecoin

bullish

Bitcoin

Rise

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/david-puell-identifies-three-positive-indicators-for-bitcoins-growth/" data-wpel-link="internal" rel="noopener noreferrer nofollow">David Puell Identifies Three Positive Indicators for Bitcoin’s Growth</a> 
ARK Invest analyst David Puell has noted three current positive indicators for Bitcoin . He expressed that Bitcoin has experienced an intriguing market event suggesting a potential upward signal in recent weeks. Additionally, Puell observed that Bitcoin is forming a bullish trend in the daily timeframe.
<h2 id="bitcoin-is-set-to-rise">Bitcoin is Set to Rise</h2>
Puell stated that Bitcoin has bounced off its 200-day moving average and that short-term buyers are returning to the cost base. He quoted, “Bitcoin has bounced off its 200-day moving average and is breaking the expanding wedge that has developed since March.”
The analyst mentioned an examination of the Stablecoin Supply Ratio (SSR), which measures the ratio of Bitcoin supply to stablecoin supply. A low SSR indicates a relatively larger capacity for current stablecoin supply to facilitate Bitcoin purchases. He added, “The Stablecoin supply ratio oscillator shows that Bitcoin is in an oversold condition at levels not seen since mid-2022.”
<h2 id="increase-in-global-money-supply">Increase in Global Money Supply</h2>
Puell remarked that the global money supply (M2) has been increasing, which can serve as a positive catalyst for Bitcoin. He asserted, “A strong recovery was seen in Chinese stocks in September, indicating that global M2 liquidity is entering the market. We believe that Bitcoin can benefit from this overall liquidity.”
Currently, Bitcoin is trading around $66,260. The indicators mentioned by Puell support the potential for Bitcoin to break out of its current range. According to the analyst’s comments, an upward price movement can be expected with these positive signals.
While the analysis based on three different indicators provides additional insights into Bitcoin’s potential price movements, no one possesses a crystal ball predicting the future. It is crucial to consider risks in any investment decision.
Despite experiencing volatility due to various technical and macroeconomic factors, the indicators highlighted by the ARK Invest analyst suggest that BTC may continue to gain value. Investors can assess these signals in line with their risk profiles and strategies.
In summary, the bounce from the 200-day moving average, low SSR, and increase in global money supply suggest Bitcoin’s price may rise further.
The post <a href="https://en.coin-turk.com/david-puell-identifies-three-positive-indicators-for-bitcoins-growth/" data-wpel-link="internal" rel="noopener noreferrer nofollow">David Puell Identifies Three Positive Indicators for Bitcoin’s Growth</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

David Puell Identifies Three Positive Indicators for Bitcoin’s Growth

Table of Contents

COINTURK NEWS

Other articles published on Oct 23, 2024

Nigeria Drops Money Laundering Charges Against Binance Executive Tigran Gambaryan

TON Clicker Game COINFISH Launches on Oct 23, Telegram Channel Reaches 130K Users

Stella Price Prediction: ALPHA Plunges 13% As This Innovative Staking Platform Soars Toward $3 Mi...

Expert Traders Reveal Why Statistical Arbitrage Is Outperforming Traditional Crypto Strategies

Vitalik Buterin Breaks Down 'The Verge' Expectations to Boost Ethereum

ETFSwap (ETFS) Market Forecast: $500 Million Liquidity Infusion, ETF Launches, And 150x Gains On ...

Join our free newsletter for daily crypto updates!