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bitcoin price is up almost 2% in the last 24 hours to trade at $52,311 as of 6:30 am EST.
Trading volume has decreased by almost 15% over the same period, and investors are anticipating a drop in the price of btc, citing fractals. For the layman, “fractals are indicators on candlestick charts that identify reversal points in the market.”
$btc Fractal: Keeping it simple. https://t.co/1zloqRbfuI pic.twitter.com/eFRjJTtIeP
– MAXPAIN (@Mangyek0) February 19, 2024
Traders take advantage of fractals to get an idea of the direction the price will lean. A trader and analyst, @Mangyeko, says: “Tuesdays are usually bearish, so expect consolidation today or getting rid of the New York PM session,” adding that this would be a good confluence in his opinion. . If the analyst's assumption is true, then bitcoin price could fall on February 20 after a week-long consolidation below the $52,789 barricade.
It is worth mentioning that @Mangyeko is not the only analyst who anticipates a correction in the price of bitcoin. Another trader, @TSignalyst, says the cryptocurrency king is preparing for a breakdown.
take a look at me #BTCUSDT analysis about @TradingView: https://t.co/3pgBke2u7T
– TheSignalyst.eth (@TSignalyst) February 19, 2024
Meanwhile, an analyst at on-chain aggregation tool IntoTheBlock says there are five possible catalysts that could send btc to an all-time high within six months.
With bullish momentum increasing, @intotheblock predicts 85% probability bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin hits new ATHs in next 6 months, driven by halving, ETFs, easing, elections and Treasuries (HEEET). pic.twitter.com/tI3ZEWDxnD
– Satoshi Club (@esatoshiclub) February 16, 2024
Analyst Lucas Outumuro, head of research at on-chain aggregation tool IntoTheBlock, puts the odds of bitcoin price recording a new all-time high (ATYH) at 85%.
Five catalysts that could send bitcoin price to a new ATH
According to Outumuro, the expected rise in bitcoin price is due to further bullish momentum. The researcher credits this assumption to five key themes.
Reduce by half
The halving is scheduled for April 24, just eleven weeks later. In the event, miner rewards will be halved, which could mark the beginning of the next bull cycle, if history is anything to go by.
Exchange Traded Funds (ETFs)
The ETF narrative continues to drive the cryptocurrency market since the landmark approval on January 10. The US market continues to see growing demand in the sector with over $4 billion in new inflows reported within the first thirty days of trading, or thereabouts, since January. 10. Recent reports revealed that the Chinese, European and Canadian markets are lining up to get a piece of the US ETF pie.
The next wave of US ETF bulls is coming from abroad as global funds lag: It's not just China investors, but locals from Europe and Canada are also rushing to buy US-focused ETFs. USA, as the flow percentage is much higher than the total % for most regions. note today from @psarofagis & @RebeccaSin_SK pic.twitter.com/fsP1tfGTBI
– Eric Balchunas (@EricBalchunas) February 8, 2024
Make monetary policies more flexible
The easing of monetary policies by the Federal Reserve is a macroeconomic catalyst that can also drive up the price of bitcoin. It comes amid falling inflation rates, with hopes that the Federal Reserve may reduce interest rates. If this happens, the market would witness increased liquidity, which would benefit risk assets like btc and stocks.
4. Monetary Policy:
Central banks in recession-hit countries such as Britain and Japan…may implement accommodative monetary policies, including interest rate cuts and quantitative easing, which may weaken their currencies relative to the dollar.
— MR RED (@MrRedOG) February 18, 2024
The American elections
As Americans prepare for the 2024 elections in November, IntoTheBlock sees this as a potential bullish catalyst. This is because the odds of a Republican administration taking power continue to increase over time. In particular, Republicans have often been in favor of cryptocurrencies, and a simple example is SEC Commissioner Hester Pierce, aka crypto Mom.
Institutional Treasures
Lastly, IntoTheBlock highlights regions like Asia and South America that enjoy btc legitimization. With this, corporate treasuries and accessibility to ETFs are facilitators for the US market to enjoy a similar turn, promoting the growth of the cryptocurrency industry.
bitcoin use cases extend beyond individual ownership and include corporate treasuries. As more companies recognize the value of holding bitcoin as part of their reserves, this trend could contribute to a sustained increase in demand.
— BARBARA enimeleth (@CHARRISmiranda) February 18, 2024
With these five elements in play, IntoTheBlock's Outumuro says there is an 85% chance that the price of bitcoin will reach a new all-time high in the next six months.
bitcoin Price Outlook Amid New All-Time High Speculation
bitcoin price is facing a formidable hurdle at $52,768, and the Relative Strength Index (RSI) is hinting at a possible rejection. This is because this momentum indicator appears to be moderate and is moving horizontally to show buyer exhaustion. The RSI position at 79 also shows that bitcoin price is massively overbought, suggesting a possible correction.
Notice the pale bars on the moving average convergence divergence (MACD) histogram, which show that the bullish cycle is losing steam. The MACD is also flattening, adding credence to the exhaustion thesis.
If the bears have their way, bitcoin price could pull back, possibly retracing the 78.6% Fibonacci level of $49,786. A prolonged decline could see btc test the most critical Fibonacci level, 61.8% at $47,445. In a serious case, the king of cryptocurrencies could fall below the 50% Fibonacci level at $45,801. A decline below this level of buyer congestion could cause the price of bitcoin to fall to the psychological level of $40,000, almost 25% below current levels.
<img decoding="async" class="aligncenter wp-image-481874 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin” width=”1273″ height=”544″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-IntoTheBlock-Says-Five-Catalysts-Led-by-BTC.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-19_14-14-43-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-19_14-14-43-1024×438.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-19_14-14-43-768×328.png 768w” data-lazy-sizes=”(max-width: 1273px) 100vw, 1273px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-IntoTheBlock-Says-Five-Catalysts-Led-by-BTC.png”/><img decoding="async" class="aligncenter wp-image-481874 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-IntoTheBlock-Says-Five-Catalysts-Led-by-BTC.png" alt="bitcoin” width=”1273″ height=”544″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/02/Bitcoin-Price-Prediction-IntoTheBlock-Says-Five-Catalysts-Led-by-BTC.png 1273w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-19_14-14-43-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-19_14-14-43-1024×438.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/02/BTCUSDT_2024-02-19_14-14-43-768×328.png 768w” sizes=”(max-width: 1273px) 100vw, 1273px”/>
TradingView: btc/USDT 1-Day Chart
Reverse case
However, as the Awesome Oscillator (AO) indicator continues to record large volumes of green histogram bars, the bulls have a strong presence in the bitcoin market. If this group of traders improves their buying momentum, bitcoin price could break the $52,768 lock.
Such a move would not only focus attention on the $55,000 target, but would also make the $60,000 milestone the next logical target.
Elsewhere, as IntoTheBlock joins the list of market watchers eyeing the halving event, forward-thinking investors are eyeing BTCMTX, with analysts like YouTuber Jacob Bury saying it has the potential to multiplied by 10 at launch.
Promising alternative to bitcoin
BTCMTX powers the bitcoin Minetrix ecosystem, an innovative project that has decentralized and tokenized btc mining. This makes it accessible even to ordinary people.
Embarking on a new era of cloud mining with #BTCMTX!
Users earn staking credits and manage their mining skills.ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum The network's smart contracts ensure automatic and decentralized allocations, ensuring a safe and reliable mining experience. pic.twitter.com/1SpVeCK2DN
—Bitcoinminetrix (@bitcoinminetrix) February 18, 2024
bitcoin Minetrix revolutionizes the cloud mining space and focuses on offering a reliable route to btc mining for enthusiasts, leveraging transparency, independence and security.
#BitcoinMinetrix revolutionizes cloud mining by combining equity staking and cloud mining.
Leading the way in tokenized cloud mining with a focus on transparency, independence and security. #BTCMTX is committed to offering a reliable route for $btc mining enthusiasts. pic.twitter.com/FaWyl9ZFdW
—Bitcoinminetrix (@bitcoinminetrix) February 18, 2024
The project is in the pre-sale stage and has more than $11.162 million in sales out of a target target of $11.85 million. Traders can now purchase BTCMTX for $0.0135, a stage 26 price that will last less than 20 hours before an increase. So, act fast if you are interested.
Only 1 more day until Stage 26 of #BitcoinMinetrix comes to an end!
What role do mining nodes play in the bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin grid? pic.twitter.com/KikhErtKFv
—Bitcoinminetrix (@bitcoinminetrix) February 19, 2024
Enjoy easy access, simplified pricing, and a hassle-free btc mining experience at bitcoin Minetrix, and analysts include its token, BTCMTX, among the crypto-investments-top-picks-explosive-growth-calsona-j8nhe” target=”_blank” rel=”noopener”>Best Penny Cryptocurrency Investments with Explosive Growth Potential.
Visit and buy BTCMTX here
Also read:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 50% APY
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