Bitcoin Short-Term Price Rally Likely As Coinbase Premium Flashes Green – CryptoQuant

As a seasoned crypto investor with a decade-long journey through the digital asset landscape, I find myself optimistic about Bitcoin’s short-term prospects based on recent developments surrounding Coinbase Premium. The positive trends observed in this key indicator are reminiscent of bullish periods we’ve seen in the past, signaling potential buying pressure from institutional investors in the United States.


The unpredictable fluctuations in Bitcoin‘s current pricing are fueling growing doubts about its future price trend among cryptocurrency supporters and investors. Yet, with optimistic news surrounding Coinbase Premium, there is a possibility that this digital asset might experience an upward surge in the near future, sparking enthusiasm within the crypto community.

Coinbase Premium Indicates A Short-Term Rally For Bitcoin

Given the weakening market climate, it’s worth noting that Coinbase Premium, a significant gauge of investor sentiment, is showing promising patterns at present. This could indicate a possible near-term surge in Bitcoin prices, as suggested by data from the on-chain analytical platform, CryptoQuant.

The Coinbase Premium tracks variations in Bitcoin’s price between the Coinbase trading platform and other digital currency markets. A positive value generally indicates strong demand from U.S.-based institutional investors, who are actively purchasing Bitcoin.

In the brief article, the expert known as Yonsei Dent proposes that a rally might soon occur for Bitcoin, based on his examination of the Coinbase Premium Index using the 1-hour time frame. This analysis aims to detect short-term momentum by considering both the 24-hour and weekly moving averages.

By combining this signal with past Bitcoin price trends, Dent points out that when a ‘golden cross’ occurs, the cryptocurrency often experiences short-term price surges. This is based on historical data showing significant price fluctuations following the daily moving average crossing above the weekly moving average in a decisive manner, marking a golden cross.

Bitcoin Short-Term Price Rally Likely As Coinbase Premium Flashes Green – CryptoQuant

Currently, the index is briefly exceeding its weekly moving average, and the gap between the weekly and daily averages is narrowing steadily. This could suggest an upcoming price surge within a short timeframe.

Despite the drop in Bitcoin’s price on Tuesday, from approximately $66,000 to around $61,000, US investors continue to show an increased interest due to a growing pressure toward higher prices. This sustained demand could potentially indicate that Bitcoin’s price may surge again soon, as suggested by market experts.

A Price Dip To Take Place Before The Rally?

Although Bitcoin may be poised for an upward trend soon, it’s possible that the cryptocurrency could encounter a temporary drop before it rallies again. Notably, the crypto analyst, Crypto Bullet, recently cautioned on their social media platform X (previously Twitter), predicting a potential price fall to around $57,000.

According to Crypto Bullet’s analysis, Bitcoin was previously priced between $59,000 and $60,000, a level he mentioned around 5 days ago when its value stood at $65,000. He predicts that the price might fall slightly more to approximately $57,000, but only after a temporary rise. He further stated that if this drop happens, it will likely be the lowest point for Bitcoin in September, and we should aim to break past the previous low of $57,500 set on Sept 16th.

Bitcoin Short-Term Price Rally Likely As Coinbase Premium Flashes Green – CryptoQuant

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2024-10-05 12:11