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Bitcoin traders are already looking for the next target. Because Bitcoin (BTC) is on the verge of $40,000. Bitcoin is now in the green for the fourth week in a row. In this post from “Pooyan Music“, we examine the next path of Bitcoin price.
Bitcoin is up for the fourth week in a row. The price of the leading digital currency is just below $38,000, the highest price in the last 18 months. Bitcoin is up 0.53% in the last 24 hours to $37019 at the time of writing.
Bitcoin has increased by more than 40% in the last four weeks. Because expectations that an ETF will be approved have created positive sentiment in the market. On Thursday, Bitcoin was just shy of $38,000, its highest price since May 2022.
Bitcoin is still halfway to recapturing its insane peak in 2021. When its value reached more than $69,000.
Traders are currently looking for $40,000 and above. Legendary trader Peter Brandt has reportedly set a price target of $43,289 for Bitcoin if the flag pattern is confirmed.
Demand for the Bitcoin network is also increasing, according to Into De Block. Which states that Bitcoin spending increased by 243% during the week. Meanwhile, the volume of orders is at its highest level in six months.
The demand of institutions and whales has also increased significantly. So that Bitcoin has faced an 80% increase in the volume of transactions over $100,000. During the last week, 230 million dollars of bitcoins were deposited in exchanges.
Perpetual exchange rates for both BTC and ETH are at their highest levels in over a year, according to IntoTheBlock.
Funding rates are fees that holders of perpetual contracts must pay when their prices are above or below spot prices.
Large investment rates in both directions historically mark moments when the market is overextended. As was evident in the fall of FTX last November.
Bitcoin funding rates reaching annual highs may indicate that the market is likely over-prepared to go long.
This may not necessarily indicate falling prices in the short term. Because funding rates remained high for several weeks in 2021 cycles. But it may be necessary to make a decision about this with more caution.
