Bitcoin has hit the $68 500 mark

The first cryptocurrency is “clear to take off,” analysts say

09.11.2021 - 12:30

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2 min

What's new? In the night from Monday to Tuesday, November 9, bitcoin rose above the $68 500 mark. The cryptocurrency rose to a high of $68 564, marking its fourth consecutive day of gains. At the time of writing the material, bitcoin is at $67 320, having been corrected after hitting another high.

Bitcoin price chart

What do traders and analysts say? A popular Twitter trader under the nickname Pentoshi predicted earlier this week that bitcoin is “clear to take off.”

$BTC highest weekly close ever after consolidation We are clear for take-off pic.twitter.com/yHEr7sjy9v— Pentoshi Won’t Dm You. hates Dm’s. DM's are scams (@Pentosh1) November 8, 2021

The co-founder and analyst of the Decentrader platform, known on Twitter as filbfilb, also stated that he believes BTC has “caught” a bullish wave. According to the expert, the first cryptocurrency will soon reach the $70 000 mark.

What is the state of onchain activity? For their part, analysts at blockchain data provider Glassnode pointed out that the outflow of funds from cryptocurrency exchanges has intensified amid new BTC records. The platforms' reserves amounted to just over 12,9 % of the circulating supply.

As #Bitcoin hits new All-Time-Highs, exchange balances continue to be depleted.Exchange reserves we track account for just over 12.9% of the circulating supply and are still seeing outflows, even at ATH prices.Read: https://t.co/unaRv5iHHqWatch: https://t.co/5K2LuXChem pic.twitter.com/vSWjsbkPRJ— glassnode (@glassnode) November 9, 2021

According to experts, onchain activity is currently “very slowly recovering.” This suggests that the crypto market is still in a moderate accumulation phase, Glassnode analysts added.

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