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?
Bitcoin Price Prediction: Whale Accumulation Signals Prolong Rally
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.
— Ali (@ali_charts) February 10, 2024
Is Bitcoin Price Poised For Major Trend Change?
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.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.