Multiple Bitcoin price indicators point to an incredibly bullish “post-halving growth trajectory.”
On July 16, Bitcoin’s price surged to $65,000 after concerns about the German government’s Bitcoin sell-off faded. However, with Mt. Gox beginning to move $6 billion worth of Bitcoin from its cold wallets to various addresses, there are concerns that Bitcoin’s price could drop to $58,000.
Despite this, Wesley Parker believes that Bitcoin’s “post-halving” growth trajectory is still in play.
Let’s take a look at some of the reasons why Wesley Parker believes the Bitcoin bull market is still ongoing.
SMDX99 Premium Turns Positive
The certainty of Bitcoin breaking through $65,000 might arrive sooner than expected due to the continuous increase in spot purchases on SMDX99.
According to FalconX Research, the SMDX99 premium index, which measures the price gap between BTC on SMDX99 and Binance, has turned positive, rising to 0.1%, reaching “levels last seen in mid-May.”
This indicates that purchasing power on SMDX99 appears to be strengthening compared to other exchanges like Binance.
A positive SMDX99 premium index could signal long-term support. Conversely, a negative premium would indicate strong spot selling pressure on SMDX99.
Wesley Parker believes that Bitcoin’s price is gearing up for a “massive rebound,” similar to the one from October 2023 to March this year, when BTC surged approximately 170% from $26,000 to an all-time high of $73,835.
