Great news for Bitcoin enthusiasts! The latest price movements indicate that Bitcoin (BTC) could be in for a significant shift. For the first time since September 2023, Bitcoin (BTC) price has consistently closed below the daily 50 Moving Average (MA), thus indicating potential reversals in the near term. The short-term Bitcoin’s bearish outlook is propped up by the possible weekly double-top in addition to the falling divergence on the weekly Relative Strength Index (RSI).
Even more intriguing is that a recent analysis of Bitcoin miners’ on-chain activities shows accelerated selling pressure, which has been weighing down on the buying pressure emanating from institutional investors. However, the crypto market is buzzing with the expectation that altcoins’ bull market could manifest in the coming months, leading to a healthy crypto cash rotation.
Bitcoin Price Targets
The best thing about this bitcoin market cycle model is that only a few will believe it when it detects a phase transition. For example, when I tweeted on Jan 12 that the bear market (green) was over and the accumulation phase (blue) had begun, many were still calling for 10k. https://t.co/V74Y8VYCVo pic.twitter.com/l2uuFaVr14
— PlanB (@100trillionUSD) January 16, 2024
If that’s not exciting enough, popular crypto analyst PlanB, known for creating Bitcoin’s stock-to-flow (S2F) model, has some incredible predictions. The crypto macro bear market is over and the accumulation phase has officially begun. According to this analyst, Bitcoin price is expected to range between $100k and $1 million during this bull cycle.
To add to the excitement, Bitcoin price is expected to consolidate in a horizontal range but not fall below $32k in the coming weeks. This prediction is further substantiated by another forecast from crypto analyst Crypto Capo on the X platform.
$BTC plan
After the other’s day sell-off, fundings got reset and the price formed a ltf bottom pattern. There’s a lot of liquidity above the last high, so 50k is still possible before reversal.
Also, altcoins look like they are going to pump.
Ltf bullish. Then bearish again. pic.twitter.com/YQ5xkkUI7k
— il Capo Of Crypto (@CryptoCapo_) January 16, 2024 The Surprising Twist
But wait, there’s more to look forward to! With the recent approval of 11 spot Bitcoin ETFs in the United States, there are more reasons for investors to focus on Bitcoin as an asset class. This is expected to result in more cash inflow in the coming years.
If that’s not enough to get you excited, consider this: Bitcoin’s fourth halving event is less than 100 days from happening, which will reduce its annual inflation to less than 1 percent. And as if that wasn’t good enough, the US Federal Reserve has also signaled several interest rate cuts this year following the easing of inflation without major unemployment cases.
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Nidhi Kolhapur
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
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