Bitcoin Rally Signals Suggest $73K Target

The bullish signals are coming in from all sides, and this time the trend looks ready to break all-time highs. Bitcoin’s key price indicators are hitting levels we haven’t seen since February, which suggests new BTC peaks might be just around the corner. The latest rally set a new higher high (HH3), surpassing the previous local high of $66,450 from September 27. With a 6.17% surge on October 15, market expectations are climbing toward a $70,000 recovery for the first time in the second half of 2024. It’s looking like Bitcoin's gearing up for another big rally.

Signals Leading to a Bull Market

The first major sign is, that historically, demand for Bitcoin has spiked before every significant rise since 2016. The current demand reflects levels last seen in February 2024, right before BTC hit its all-time high of $73,800 in March.

A decrease in Bitcoin's supply relative to its production indicates growing demand, as a larger number of coins enter circulation. Conversely, if production outpaces the supply shift, demand may weaken.

Right now, demand for Bitcoin has jumped by 3%. Bitcoin on-chain researcher Axel Adler Jr. highlights a similar trend among investors, noting in a post on X:

Another key indicator of the ongoing rally is the lack of retail demand for Bitcoin. Crypto Rover, founder of Cryptosea, points out that while Bitcoin is nearing its all-time high, “retail interest is practically zero.”

Coinbase (U.S.) and Kimchi (Korea) premiums have also shown positive growth, hinting that retail investors are starting to place their bets on BTC. A rising Coinbase premium indicates pressure from the U.S. retail market, while the Kimchi premium reflects the sentiment of retail investors in Korea.

The positive growth in both Coinbase and Kimchi premiums signals the awakening of retail investors, particularly in the U.S. and Korea, which usually indicates a growing interest in BTC.

Finally, the recent rise in open interest for Bitcoin futures suggests that the current trend is likely to continue. For example, in the past week, open interest has surged by $800 million, a sign that often precedes price growth in the spot market.

These signals suggest strong potential for the bull trend to continue, though a short-term correction is still possible. 

Market Expectations Are Aiming for $73,000

Ki Young Ju, the CEO of CryptoQuant, highlights that visible demand for Bitcoin serves as a crucial metric. This demand is assessed by comparing the new supply from mining issuance with shifts in long-term holdings, referring to coins that have remained inactive for over a year.

A three-line break chart shows that Monday marked the breakout from a prolonged downtrend, reigniting a broader upward trend from the October 2023 lows. If the bulls keep winning, we could look at record highs beyond $73,000.

While a short-term correction remains possible, the broader trend suggests Bitcoin is showing strong bullish signals across multiple fronts.

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