“Bloomberg Analyst predicts a potential ‘air pocket’ on Bitcoin’s chart, hinting at a possible BTC explosion to a staggering $39,000.”
A Bloomberg crypto analyst believes that Bitcoin’s price chart is showing signs of an “air pocket” that could lead to a rapid increase in BTC’s price. The analyst, Jamie Coutts, points out that Bitcoin has been trading in a tight range for over six months, and when it eventually breaks out, the move could be unexpectedly explosive.
Coutts shares a chart showing Bitcoin’s URPD (unspent transaction output) realized price distribution, which tracks the number of existing coins that have moved within a specific price range. He notes that more coins have changed hands within this tight range than anywhere else in Bitcoin’s price distribution history. Coutts sees this as a sign that the next phase of the breakdown of the fiat monetary order is approaching, and when Bitcoin breaks $31k, it could quickly reach $39k.
An “air pocket” refers to a price range with low volume and few positions held, making it volatile due to a lack of liquidity. Currently, Bitcoin is trading just below the potential breakout level identified by Coutts, at $30,971.
Coutts also highlights a sharp downturn in Bitcoin’s active addresses (AAs), which is usually a bearish signal for the price of BTC. He suggests that a break above $31,000 or a collapse below $24,000 will provide further clarity on Bitcoin’s market structure.
It’s important to note that the opinions expressed in this analysis are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is it an investment advisor.
Source: Jamie Coutts/X
Image Source: Jamie Coutts/X