Bitcoin (BTC) Price Prediction: BTC Bulls Aim for $70K as On-Chain Data Flashes Bullish Signs

Bitcoin's (BTC) price is likely to reach $66,000 within a week or two, according to on-chain data. Based on the metrics analyzed, the coin, which recently went through a tough period, is flashing bullish signs.

Bitcoin (BTC) price could hit $66,000 in a week or two, on-chain data suggests.

Fresh liquidity continues to flow into Bitcoin, an analysis of Glassnode data shows.

Bitcoin’s 14-day Market-Realized Gradient stood at 1.17 on Friday, suggesting an increase in fresh capital flowing into the cryptocurrency.

When this happens, BTC tends to experience a price increase. At press time, the 14-day MR Gradient showed that fresh liquidity continues to enter Bitcoin’s market.

This gradient uses the price at which each coin last moved to determine the length of an expected uptrend or downtrend. Steep decreases in this gradient indicate a drop in fresh capital.

The last time the gradient was in a similar region, Bitcoin’s price hit $66,805. If the pattern continues, the cryptocurrency’s value could hit or surpass $66,000 in the next two weeks.

Moreover, the Network Value to Transaction (NVT) Golden Cross appears to support a similar bias.

For context, this metric measures if a crypto’s value is close to its bottom or nearing its top. When the reading is below -1.6, the price is at its bottom, and upward pressure could be strong. However, values above 2.2 indicate that the crypto is overbought and could undergo a major correction.

In Bitcoin’s case, the NVT Golden Cross is at 0.71, suggesting that the coin has bounced off the top but is in a prime buying zone. If the increase continues, so will BTC’s price.

Interestingly, Hardy, a crypto trader on X, also seems to share a similar thought. According to Hardy, Bitcoin is finally exiting its consolidation phase and even extended its targets beyond the price mentioned above.

“The real moves hit on weekdays. Next week is looking good; still riding this long to the top of the range. Eyes on $70K,” the trader posted.

BTC Price Prediction: Sellers Can’t Stand Buying Pressure

According to the daily chart, Bitcoin has formed an inverse Head and Shoulders pattern. This technical analysis pattern predicts the reversal from a downtrend to an uptrend and is crucial for confirming a bullish signal.

As seen below, the pattern consists of three parts: the first shoulder, which represents selling pressure and a rebound; the head, which indicates a steeper decline and a stronger rebound; and lastly, the second shoulder, which reveals how buying pressure invalidated sellers’ attempt to drive BTC lower.

At press time, Bitcoin has broken above the neckline at $61,024, which was previously a resistance level. This breakout increases the coin’s chances of hitting a higher value. However, another resistance exists at $64,562.

Should Bitcoin breach this point, the cryptocurrency’s price could hit $66,849. However, if BTC is rejected at around $64,000, its value risks dropping to $60,000, which could invalidate the bullish bias.

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