bullish

Bitcoin

Delta

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin (BTC) could aim for $84K next, as per CryptoQuant data.</li> 
 <li>Whale bets indicate more room for BTC growth despite nearing a fresh all-time high (ATH).</li> 
</ul>  
<p>On October 29, <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a> reached $73K, increasing its market dominance to a new high of 60%. This surge brought it closer to a new ATH, with analysts predicting further growth potential. </p> 
<h2 id="could-84k-be-the-next-target">Could $84K be the Next Target?</h2> 
<p>Julio Moreno, CryptoQuant’s head of research, suggests that if BTC clears the March ATH of $73.7K, the next target could be $84K. This is based on the trader on-chain realized price band, a valuation metric using historical BTC price data. The upper band (resistance) at $84K is the next target if BTC prices remain above $60K. </p> 
<p>The $84K target is not unrealistic, considering that BTC options traders are eyeing $80K by the end of November, regardless of the outcome of the US elections. </p> 
<h2 id="market-structure-indicates-more-room-for-growth">Market Structure Indicates More Room for Growth</h2> 
<p>According to Mathew Siggel, VanEck’s head of digital assets research, the current market structure shows more room for growth. Despite BTC nearing a new ATH, the market is not as overheated as it was in March/April. He also notes that current spot volumes are half of what they were in March/April, indicating significantly less panic buying from retail participants. </p> 
<p>However, there are substantial sell walls on the Binance spot at the March ATH, which could pose a short-term challenge. </p> 
<p>Despite this, whales remain confident and have shown high positive conviction. The run-up to $73K seems to be largely driven by large players as they have increased their exposure in the past five days. The rising Whale to Retail Delta indicator suggests that large players are more bullish on BTC than retail at current levels.</p>

Bitcoin Smashes Records: Why $84K Might Be The Next Milestone

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CoinEagle.com

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