Crypto analyst Cold Blooded Shiller has highlighted the bullish momentum of Bitcoin (CRYPTO: BTC), suggesting a continuation of the uptrend, where pullbacks should be seen as buying opportunities.
What Happened: In a Monday morning post on X, Shiller emphasized that Bitcoin is showing uptrends across all timeframes. He outlined two possible scenarios: a continued rise to $100,000 or a short-term correction, forming a higher low on the weekly chart.
Shiller cautioned against turning bearish during downturns, stating, "This is an uptrending machine now," and suggested that any dips will likely be shallow due to rising demand.
He added that any pullbacks should be viewed as opportunities, as Bitcoin is "on the verge of something beautiful" and price drops may offer the last chance to buy at a more accessible price.
Price Action: In the past 24 hours, Bitcoin is trading 0.3% lower to $68,200.
Also Read: Bitcoin Predicted To Hit 6-Figure Price In 2025, Bitwise CEO Says Next Year Will Be 'Exceptional' For King Crypto
Why It Matters: On-chain data supports Shiller's bullish outlook, with a 3.3% increase in daily active Bitcoin addresses. IntoTheBlock data shows that 95% of holders are currently in profit, and Bitcoin is consolidating near its previous all-time high. More than 320,000 active addresses are interacting at this price range, marking $68,500 as a strong level of interest and potential support.
As Bitcoin consolidates near its old all-time high, more than 320,000 active addresses are interacting within this price range.
— IntoTheBlock (@intotheblock) October 21, 2024
Notably, 220,000 of these addresses have an average acquisition price around $68.5k, suggesting a strong level of interest and potential support at... pic.twitter.com/GVwPVUhDYV
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
- JPMorgan Boss Jamie Dimon Doubts Bitcoin's 21M Supply Cap Despite 5 Lines In Source Code Imposing The Hard Limit: 'You Guys All Believe That?'
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