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ARK Invest analyst David Puell has noted three current positive indicators for Bitcoin 
$106,370. He expressed that Bitcoin has experienced an intriguing market event suggesting a potential upward signal in recent weeks. Additionally, Puell observed that Bitcoin is forming a bullish trend in the daily timeframe.
Bitcoin is Set to Rise
Puell stated that Bitcoin has bounced off its 200-day moving average and that short-term buyers are returning to the cost base. He quoted, “Bitcoin has bounced off its 200-day moving average and is breaking the expanding wedge that has developed since March.”
The analyst mentioned an examination of the Stablecoin Supply Ratio (SSR), which measures the ratio of Bitcoin supply to stablecoin supply. A low SSR indicates a relatively larger capacity for current stablecoin supply to facilitate Bitcoin purchases. He added, “The Stablecoin supply ratio oscillator shows that Bitcoin is in an oversold condition at levels not seen since mid-2022.”
Increase in Global Money Supply
Puell remarked that the global money supply (M2) has been increasing, which can serve as a positive catalyst for Bitcoin. He asserted, “A strong recovery was seen in Chinese stocks in September, indicating that global M2 liquidity is entering the market. We believe that Bitcoin can benefit from this overall liquidity.”
Currently, Bitcoin is trading around $66,260. The indicators mentioned by Puell support the potential for Bitcoin to break out of its current range. According to the analyst’s comments, an upward price movement can be expected with these positive signals.
While the analysis based on three different indicators provides additional insights into Bitcoin’s potential price movements, no one possesses a crystal ball predicting the future. It is crucial to consider risks in any investment decision.
Despite experiencing volatility due to various technical and macroeconomic factors, the indicators highlighted by the ARK Invest analyst suggest that BTC may continue to gain value. Investors can assess these signals in line with their risk profiles and strategies.
In summary, the bounce from the 200-day moving average, low SSR, and increase in global money supply suggest Bitcoin’s price may rise further.
