|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bitcoin (BTC) Price Prediction: Will Bulls Maintain the Pressure to Avoid Repeating the 2021 Pattern?
May 23, 2024 at 01:00 pm
Bitcoin [BTC] was gaining bullish momentum as prices approached the all-time high. It saw a 4% pullback in the past two days that retested the $69k support zone.
Bitcoin [BTC] price action was observed to be approaching the all-time high once again. After a 4% pullback over the past two days, BTC price action retested the $69k support zone. However, technical indicators remained bullish.
Back in April and the first half of May, while BTC price action remained stagnant, accumulation continued at a rapid pace.
Highlighting the matter, a recent report by AMBCrypto noted that BTC might be preparing for a 300-day bull run. Moreover, the available evidence further reinforced the bullish narrative.
This momentum indicator shows bulls have to maintain the pressure or risk a slump
Crypto analyst Axel Adler posted a piece of on-chain analysis on X (formerly Twitter) that highlighted the current momentum of Bitcoin and the values the gradient reached over the past 18 months.
The price gradient oscillator above measures how quickly the market cap grows in relation to the realized cap.
During the 2021 rally, as BTC neared its eventual top, the oscillator formed lower highs which indicated a fading bull trend.
In 2024, the oscillator has formed a lower high at 2.96. Therefore, a move past 3 would be optimal for the bulls to avoid repeating the 2021 pattern, which would signal fading bullishness.
At the time of writing, the oscillator reading was at 1.38.
“It’s only a matter of time” for Bitcoin to hit all-time highs
Analyst Willy Woo noted that as the price lacked a true higher timeframe trend, the available Bitcoin was being scooped up.
This led to panic among retail holders, but the spot BTC demand was observed to be large.
According to the analyst, it’s only a matter of time before the prices climb past their all-time high against the US Dollar.
The exchange whale ratio was observed to be rising in April and May. This indicated increased whale activity, which is abnormal during a bull run. Usually, during the bullish long-term trend, whale activity quietens down.
It picks up once the top is in and prices begin sliding lower.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- PPP raises concerns over Punjab, federal budget with PML-N
- Jun 16, 2024 at 01:25 pm
- The Pakistan Peoples Party (PPP), which has reservations about the implementation of the power-sharing agreement with the Pakistan Muslim League-Nawaz
-
- Varadkar expects Labour to be 'more even-handed' in dealing with Northern Ireland than the Tories
- Jun 16, 2024 at 01:25 pm
- Former Irish Taoiseach Leo Varadkar has said he expects a Labour government to be "more even-handed" when dealing with Northern Ireland than the Torie
-
- Expert Tips for VeThor Token Airdrop Claims
- Jun 16, 2024 at 01:20 pm
- Crypto airdrops are a promotional initiative employed by blockchain-based projects to distribute free tokens or coins to users as part of their promot
-
- BlockDAG: The Decade’s Standout Investment
- Jun 16, 2024 at 01:08 pm
- Investors are eagerly searching for the next crypto that will offer astronomical returns, and BlockDAG might just be the transformative force they're
-
- BlockDAG’s Keynote 2 Unveils Revolutionary Innovations, Driving Over 1120% Increase; Toncoin & Celestia Prices Rise
- Jun 16, 2024 at 01:08 pm
- BlockDAG’s recent updates, showcased in Keynote 2, and the launch of the X1 Miner app have set the stage for remarkable growth, generating strong FOMO
-
- Axelar (AXL) Airdrop Alert: How to Maximize Your Rewards
- Jun 16, 2024 at 01:08 pm
- Axelar (AXL) Airdrop Alert: How to Maximize Your Rewards Follow -- Listen Share The crypto world keeps introducing innovative ways to reward active pa
-
- How to Claim JUST Airdrops - Tips and Tricks
- Jun 16, 2024 at 01:07 pm
- How to Claim JUST $JST Airdrops - Tips and Tricks Follow these steps to claim your JUST $JST Airdrops and participate in this groundbreaking cross-ch
-
- Furrever Token: The New Crypto Darling Emerges Alongside Bitcoin and Ethereum
- Jun 16, 2024 at 01:07 pm
- Bitcoin and Ethereum are undoubtedly the giants in the cryptocurrency market, boasting vast communities and technological innovations that have shaped
-
- MoonBag: The Meme Coin Revolution That's Leaving Established Coins Feeling Like Yesterday's News
- Jun 16, 2024 at 01:06 pm
- MoonBag, a meme coin, has shattered its presale target by an impressive $2 million, breaking the internet and sparking rumors of a meme coin revolutio