-
Bitcoin rises slightly above $61,000 as bulls display some strength and prevent the bears from driving the prices below $60,000
-
While the lower targets remain activated, surpassing the pivotal resistance may only squash the bearish possibilities
As the trade stepped into the last quarterly trade, the market dynamics were believed to turn bullish. The Bitcoin price was believed to regain $66,000 and further test the crucial resistance at $68,500, which would have paved the way for a new ATH. It has been over 4 months now that the BTC price has been trading below $70,000 and here are the top reasons why you need to be bullish on Bitcoin for the rest of 2024.
Whale Accumulation at the Peak
Whale accumulation has been a major indicator of the mindset of the traders, as they tend to become optimistic once the whale activity soars. The accumulation was constantly rising since the start but has intensified in the past 6 months.
As per the data from Cryptoquant, the whales have accumulated over 1.5M BTC in the past 6 months, elevating the levels to 1.9M BTC. This indicates a huge supply crunch could be fast approaching, which could eventually have a major impact on the price.
The Strength of the Trend About to Get a Huge Blow
The ADX usually signifies the strength of the trend, which ranges between 0 and 100, indicating a weak or a strong trend. The historical pattern suggests that whenever the ADX reaches the lower range, it has resulted in a strong rise in the BTC prices.
The historical pattern suggests the BTC price may soon end the ongoing consolidation, which may result in a bullish rebound. However, more bearish consolidation may be expected as a strong rebound can be expected once the ADX triggers a rebound from the lower range.
Positive Sentiments Revolving Around the U.S.Elections
The US election has always had a significant positive impact on the BTC price rally in the long term. Regardless of the results, the price triggers a healthy ascending trend soon after the elections, which has been observed during the 2017 & 2021 elections. Therefore, a similar outcome is expected to repeat after the upcoming elections.
As seen in the above chart, the BTC price consolidated before the elections and triggered a huge upswing after the event. Secondly, former President Donald Trump, who is believed to be in favour of crypto markets and Bitcoin, is believed to win the elections. This could be super bullish for the Bitcoin BTC price rally, which may even form a new ATH before the end of 2024.
5 Comments
Insanont I’m often to blogging and i really appreciate your content. The article has actually peaks my interest. I’m going to bookmark your web site and maintain checking for brand spanking new information.
helloI like your writing very so much proportion we keep up a correspondence extra approximately your post on AOL I need an expert in this space to unravel my problem May be that is you Taking a look forward to see you
Thinker Pedia I truly appreciate your technique of writing a blog. I added it to my bookmark site list and will
FinTechZoomUs I truly appreciate your technique of writing a blog. I added it to my bookmark site list and will
Mountsinai Awesome! Its genuinely remarkable post, I have got much clear idea regarding from this post . Mountsinai