Bitcoin Bull Run Will Continue Until 2024 Expert Predicts, Can BTC Break $100,000?
10 Aprile 2023 - 11:00PM
NEWSBTC
Bitcoin (BTC) has been on a remarkable run during the first quarter
of 2023, with a year-to-date increase of 69%. Bitcoin is trying to
break its consolidation level and surpass its nearest resistance to
breach the long-awaited $30,000 psychological level, which will
introduce a new normal to the market and the new fully formed bull
run. As of this writing, the industry’s largest
cryptocurrency by market cap is trading at $29,200, posting a
profit of over 3% in the last 24 hours. Will Bitcoin continue its
bull run through 2023 and the 2024 halving cycle? Related Reading:
Is Ethereum Set to Rally After Shanghai? Data Suggests Bullish
Sentiment BTC’s Bull Run It’s Just Getting Started According to a
recent analysis by the CryptoQuant team, the correlation between
BTC and the technology-related index Nasdaq 100 has weakened,
dropping 60% from October’s 0.75 to the current value of 0.3.
This can indicate that Bitcoin is becoming increasingly independent
of traditional markets. According to the analysis, BTC’s market
behavior can be divided into two main phases over a longer time
frame; accumulation and distribution. During the accumulation
phase, it is known that investors buy and hold Bitcoin, which
causes its price to rise. In contrast, during the distribution
phase, investors sell, causing the price to fall. Bitcoin’s history
is characterized by halving events that occur approximately every
four years. As seen in the chart above, there is typically an
accumulation phase in which institutional investors increase their
Bitcoin purchases before each halving event. This trend has been
observed in recent months as more financial institutions have
adopted cryptocurrencies amidst the banking crisis that has
impacted the traditional financial system. Halving events are
significant because they reduce the rate at which new Bitcoin
enters circulation, making it more difficult for miners to earn
rewards for verifying transactions. This, in turn, leads to a
reduction in the supply of new Bitcoin on the market, which can
cause an increase in demand and therefore drive up the price.
If Bitcoin maintains its bullish momentum and consolidates above
the $30,000 mark, it could potentially align with the next halving
cycle. According to CryptoQuant analysis, if this happens, it could
be relatively straightforward to see BTC reaching $100,000 in the
aftermath of the 2024 halving event. Whales Lead The Rally
According to the crypto analysis and research firm Material
Indicators, the recent uptrend of Bitcoin to the $29,000 mark has
been led by “Mega Whales.” According to Material Indicators, the
rally has resulted in a shift in the ladders of ask liquidity,
which refers to the depth of sell orders at various price points.
This shift has made it easier for BTC’s price to increase,
indicating a positive market sentiment. However, according to
Materials, there is a lack of liquidity above $30,000, so there may
not be as much interest in clearing that level yet.
Furthermore, ask liquidity has been shifting upwards over the last
24 hours, indicating uncertainty, according to the analysis firm.
They further suggest that if Bitcoin’s price reaches an illiquid
zone, it could surge quickly, resulting in a rapid price
increase. Related Reading: Ethereum Staking Deposit Plummets
As Shanghai Upgrade Draws Near, Here’s Why Featured image from
Unsplash, chart from TradingView.com
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