Bitcoin Price Prediction: The leading cryptocurrency Bitcoin entered February 2024 in a silent and stagnant price behavior reflecting uncertainty among traders. However, with the increasing inflow in Spot Bitcoin ETFs the underlying asset witnessed a surge in demand pressure and surpassed the $48000 mark for the first time since the launch. This uptick created a ripple effect in the altcoin market triggering a renewed recovery of major cryptocurrency. Will buyers have sufficient momentum to surpass $50000?
Also Read: BTC Surges Beyond $48K, Reaching New Heights in Cryptocurrency Market
Bitcoin Price Prediction: Whale Accumulation Signals Prolong Rally
Bitcoin Price Prediction| Tradingview
The Bitcoin price has seen a notable uptrend, increasing for eight straight days from $42,280 to $48,050, marking a 13.65% rise. This surge has successfully recouped 50% of the losses from the previous correction, demonstrating a strong buyer conviction.
During this rally, on-chain analysis firm IntoTheBlock highlighted in a repost that 90% of BTC holders are now in profit, reducing the likelihood of panic selling and fostering more stable growth.
Bitcoin has shown significant volatility this week, surging by +11% from $42k to its current price of $47k.
Forecasts indicate a possible rally towards $50k.
Data from @IntoTheBlock reveals that 90% of Bitcoin holders are currently profitable.
Moreover, the In/Out of Money… pic.twitter.com/HY7ojctqoX
— C_THUMBS || ₿ || (@C__thumbs) February 9, 2024
With this momentum, Bitcoin is poised to retest the previous swing high resistance at $49,000. A successful breach of this level could signal a solid foundation for a continued uptrend, indicating robust market confidence and the potential for further gains
Moreover, the Bitcoin whales have significantly bolstered their holdings, purchasing 140,000 BTC, worth $6.16 billion, over the last three weeks. This trend, highlighted by crypto analyst @alichart, reflects a strong bullish sentiment among major investors.
#Bitcoin whales have been on a buying spree, acquiring 140,000 $BTC over the past three weeks, amounting to $6.16 billion! pic.twitter.com/ViRnYiJHmp
— Ali (@ali_charts) February 10, 2024
Also Read: Bitcoin Could be Headed for Major Shift With the Recent Surge
Is Bitcoin Price Poised For Major Trend Change?
Bitcoin Price Prediction| Tradingview
An analysis of the higher time frame chart shows the last correction was part of a bullish reversal pattern called cup and handle. This pattern often emerges at the bottom of a major downturn signaling an early sign of mark reversal. The consolidation amid this pattern development provides sufficient time for traders to accumulate their favorites at discounted prices.
Thus, a potential breakout from $49000 with trigger this chart pattern and encourage buyers to chase $81600 mark
- Exponential Moving Average: The fast-moving 20-and-50-day EMA slope may continue to act as dynamic support of BTC price.
- Average Directional Index: The ADX slope uptick at 19% reflects the buyers have sufficient to lead a prolonged rally.
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