Bitcoin Price Lethargic Ahead of New Year
As we approach the New Year, Bitcoin’s price is stagnant as investors eagerly await the approval of spot Bitcoin exchange-traded funds (ETFs) in the US. Although the cryptocurrency briefly reached $45,000 in December, it has since corrected to test support at $40,000.
Navigating the Incoming Breakout
Bitcoin is currently in the hands of the bulls, supported by an ascending trendline that forms a bullish triangle pattern. With multiple bounces off this support line, BTC is likely to resume its upward trend.
The ongoing consolidation within the ascending triangle further strengthens the bullish outlook. However, traders should be cautious and consider entering new long positions only if they can overcome the immediate resistance at $43,000.
Bitcoin Holders Increase Risk Appetite
Data from IntoTheBlock shows that Bitcoin holders are still accumulating the cryptocurrency while its price consolidates. This accumulation by long-term holders indicates a positive market sentiment and mirrors previous pre-bull market cycles.
Crypto analyst Rekt Capital suggests that the bottoming out of Bitcoin’s three-year candle is coming to an end and a new confirmed trend reversal candle is set to form soon. Another analyst, Crypto Thanos, agrees and believes that Bitcoin’s dip is over, signaling a potential surge above $50,000 with a break above resistance at $45,000.
Hot Take: Bitcoin Poised for a Bullish Breakout in 2024
As we enter 2024, all eyes are on Bitcoin as it prepares for a potential bullish breakout. With increasing investor confidence and anticipation surrounding the approval of spot Bitcoin ETFs in the US, there is optimism that BTC could surpass $50,000 in the near future. The ascending trendline and the accumulation by long-term holders further support this bullish outlook. Keep a close watch on Bitcoin’s price as it navigates through the incoming breakout, as it could mark a significant turning point for the cryptocurrency.
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