Bitcoin Price Set For Major Breakout? Coinbase Premium Signals Imminent Move
13 September 2024 - 11:00AM
NEWSBTC
Recent analysis from CryptoQuant highlights that Bitcoin price may
soon undergo a significant move, according to an indicator known as
the Coinbase Premium. A CryptoQuant analyst under the pseudonym
‘Avocado Onchain’ noted earlier today that the Coinbase Premium,
which measures the price gap between Bitcoin on Coinbase and
Binance, is showing signs of convergence. The narrowing of this
premium suggests that Bitcoin’s price is approaching its fair
value, leading many to believe that a decisive move is imminent.
Related Reading: Bitcoin’s Leverage Ratio Hits New High: What Does
This Mean BTC? How Does The Coinbase Premium Suggest Big Move Ahead
For Bitcoin? The Coinbase Premium reflects the difference in
Bitcoin’s price on Coinbase compared to other exchanges, primarily
Binance. When this premium is high, it suggests that US
institutional investors, who often favor Coinbase, are buying more
Bitcoin, pushing the price higher. Conversely, a low or negative
premium indicates that these investors are either selling or that
demand is higher on other exchanges like Binance. Avocado Onchain
identified that the Coinbase Premium has gradually been narrowing
in the past few weeks, with the price gap between Coinbase and
Binance shrinking. According to the analyst, this convergence
creates a triangular pattern on the one-hour chart, signaling that
a decisive price move is approaching. While the direction of this
move remains uncertain, previous instances of such convergence
patterns have led to significant upward price movements in Bitcoin.
For instance, the analyst mentioned that a similar pattern was
observed during the 2021-2022 bull market, with the Coinbase
Premium forming a triangular convergence. The moment this pattern
was completed, Bitcoin’s price surged to new all-time highs. The
analysis noted: I believe that the current triangular pattern in
the Coinbase Premium reflects a standoff among large investors
(whales), as they cautiously gauge each other’s moves before the
next major price shift. BTC Market Performance And Outlook After
previous attempts, Bitcoin could once again trade above the $58,000
mark earlier today with a 24-hour high of $58,435. However,
according to the latest data, the top crypto has now corrected as
it trades below it with a current trading price of $57,619 at the
time of writing, though still up by 1.5% in the past day. Related
Reading: Bitcoin Recovery: Has BTC Prevented A Fall To $41,000 With
This Surge? Renowned crypto analyst Tony “The Bull” on X has
recently identified the fractality of Gold in the Bitcoin price
chart. Tony noted that should this trend continue, a $100,000 price
target could be coming over for Bitcoin in the next six months If
#Bitcoin continues to follow this #Gold fractal, $100K is coming
over the next six months RSI and SuperTrend exhibit similar
behaviors, albeit on vastly different timescales
pic.twitter.com/l1wmMZzudg — Tony “The Bull” Severino, CMT
(@tonythebullBTC) September 12, 2024 Featured image created with
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