Bitcoin (BTC) Price Prediction: BTC Follows a Past Trend, ATH Incoming in 2024?

Bitcoin [BTC] has once again gained bullish momentum as it was fast approaching the $60k target. This just might be the tip of the iceberg, as the coin has the potential to reach new highs soon.

Bitcoin [BTC] price gained upward momentum once again as it approached $60,000. This may just be the tip of the iceberg, as the coin has the potential to reach new heights in a short time. Let's take a look at why this is the case with BTC.

Is a major move likely?

According to data from CoinMarketCap, the price of BTC has increased by more than 6% in the last seven days. The upward trend continued in the last 24 hours and the price of the crypto king increased by more than 1%.

At the time of writing, BTC was traded at $ 59,256.11 and its market value was $ 1.17 trillion.

Meanwhile, Titan of Crypto, a famous crypto analyst, shared a tweet emphasizing that BTC is following a past trend. According to the tweet, in past cycles BTC has always reached new highs after starting its 3rd parabolic advance phase.

More precisely, such events took place in 2013, 2017 and 2021. At the time of writing, BTC has reached the support level from which it can begin its third advance.

Therefore, this bull rally had a chance to push BTC to an all-time high in the coming months.

Source: X

Possibility of Bitcoin reaching ATH in 2024

Since there is a possibility of a major bull rally, AMBCrypto planned to take a closer look at the situation of the crypto king.

According to our analysis of CryptoQuant's data, Bitcoin's exchange reserve has reached levels as low as seen in 2018. This clearly shows that buying pressure for the coin is increasing and is considered a sign of a bullish trend.

Source: CryptoQuant

Other than that, BTC's Binary CDD was green, meaning long-term holders' movement over the last seven days was less than average. These holders have a reason to hold their coins.

But aSORP looked troubled because it was red. This meant more investors were selling at a profit. In the middle of a bull market, it can indicate a market top.

Source: CryptoQuant

Therefore, AMBCrypto wanted to better understand whether Bitcoin can maintain its upward trend by taking a look at its daily chart.

Is your portfolio green? Check out the BTC Profit Calculator

Technical indicator MACD showed that the bulls are trying to catch up with the bears.

BTC's Chaikin Money Flow (CMF) indicator has moved north, giving hope of a bullish trend. However, the Money Flow Index (MFI) indicator moved horizontally, signaling a few slow moving days in the coming days.

Source: TradingView

The above is the detailed content of Bitcoin (BTC) Price Prediction: BTC Follows a Past Trend, ATH Incoming in 2024?. For more information, please follow other related articles on the PHP Chinese website!