• Bitcoin price is only a mere 7% away from its previous ATH.
  • Expectations for BTC to set new ATHs gains momentum.
  • Analyst shares signs for a parabolic pump despite market challenges.

The pioneer cryptocurrency Bitcoin (BTC) is only a mere 7% shy of its previously set all-time high. Despite global economic concerns like wars and potential recessions on the horizon, the BTC price chart shows high new ATH promises. While some predict a pullback to August lows, others are bracing for a blow-off top . 

$BTC is only 7% away from its ATH, even with wars & recession fears looming

Now some are calling for August lows, while others are screaming a blow-off top

but here's what i think after digging into BTC's history and the current market

5 things you need to know. A thread:🧵👇

— Axel Bitblaze 🪓 (@Axel_bitblaze69) October 20, 2024

As we can see from the detailed post above, one analyst believes 5 crucial factors will lead Bitcoin into a glorious price discovery phase where the next ATHs for Bitcoin will continually outperform the previous high over the next few months if not till the end of 2025. This included BTC cycle top predictions ranging between $220,000 to $550,000.

Whale Accumulation Fuels Bullish Sentiment

Firstly, the analyst notices how BTC whales are buying aggressively, similar to the start of previous bull runs. Since August’s bottom, Bitcoin whales have amassed over 70,000 BTC, while Bitcoin ETFs added 53,630 BTC. In total, 111,000 BTC has been withdrawn from exchanges, reducing selling pressure and signaling accumulation across investor classes.

Retail Interest Lags but Altcoins Show Promise 

Retail interest in Bitcoin remains low, even below levels seen during the FTX collapse in November 2022. However, altcoins are gaining momentum, reflecting a trend similar to the pre-bull run phase of 2020. With large-cap tokens like ETH, BNB, and SOL showing strength, the crypto market may see broader participation soon.

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BTC and USDT Dominance 

Bitcoin dominance continues to rise, a trend observed during every halving year before altcoin rallies. Meanwhile, USDT dominance is declining, indicating capital is moving from stablecoins into Bitcoin and other cryptos. Analysts predict that once USDT dominance hits 2%-2.5%, the market could peak.

In conclusion, all these factors contribute greatly to the bullish sentiment of Bitcoin’s expected growth over Q4 and the months after. Bitcoin will set new ATHs and usher a bullish altseason following its parabolic lead.

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