Bitcoin price could be heading towards $25,000 according to latest reports from popular analyst PlanB. Also, crypto tracking an analytical platform Skew reported that Bitcoin witnessed its first sign of life in a week.
PlanB posted an image on Twitter which illustrated the correlation and cointegration between the leading cryptocurrency and investment asset S&P.
Bitcoin has acted largely as a stablecoin in the past two months staying within the 9000-9600 range as Altcoins have enjoyed their best period in a while.
This has caused speculations with no concrete reasons as to why the novel cryptocurrency had lost its famous volatility. However, analyst PlanB thinks the bull is gearing up for Bitcoin due to its relationship with S&P assets. PlanB implied that there is a noticeable connection between the two assets in the past 10 years.
He added that this could mean that the recent surge in S&P assets value will translate to something good for Bitcoin. PlanB furthered that S&P implies that Bitcoin price is heading for $25,000.
This sentiment was also echoed in the recent movement by Bitcoin on popular exchange OKEx.
Bitcoin Sees First Sign of Life as Demand Surges on OKEx
Crypto analysis firm Skew.com posted today an image that shows great signs of movement by Bitcoin demand on the OKEx exchange. The image illustrates an increase in demand for Bitcoin on OKEx within the spot and swap markets.
There has been a significant spike in demand for Bitcoin in the past 24 hours with the price moving from $9,130 to $9,320 within this period. Skew regarded the move as an aliveness sign for Bitcoin, the first of its kind in the past week.
This trend was also noticed on other top exchanges like Binance, Gemini and Coinbase. The demand for BTC from traders could lead to a ripple effect on the market. Movements like this suggests that a bullish run could be on the horizon for the leading coin.
Bitcoin enjoyed a positive 24 hours with the coin gaining 1.55% during this period. At the time of publication, BTC is exchanging hands for $9,305.
Looking at the charts, the leading coin could test the $9500 resistance point before the end of the week. While a drop in movement could see the coin rebound back to $9,100 mark.
It remains to be seen whether Bitcoin would respond to this latest speculations on its price.