Bitcoin (BTC) continues to post higher highs, culminating in a strong uptrend. This bullish outlook has one analyst predicting a new all-time high soon, citing five stories that could push the cryptocurrency king to a new peak price.
Bitcoin will record a new ATH before the end of 2024
According to Lucas Outumuro, head of research at onchain aggregator IntoTheBlock, there is a strong possibility that the Bitcoin price will soon reach a new all-time high. Specifically, this tool puts the odds at 85% in favor of the cryptocurrency king recording a new peak in six months, that is, in August.
IntoTheBlock attributes BTC's expected price increase to high momentum, saying this ambition stems from five key themes. These are halving, exchange-traded funds (ETFs), monetary policy easing, US elections and institutional funds.
The halving event is only 11 weeks away and miners' rewards will be halved. This event is expected to launch the next bull cycle.
ETFs are the current craze in the market and continue to drive the cryptocurrency market. This investment product continues to see growing demand with over $4 billion in new inflows reported in the first month following the landmark approval and subsequent launch of Bitcoin ETF products Immediate delivery in the United States.
The topic of loosening monetary policy by the US Federal Reserve appeared shortly after the inflation rate decreased. In response, there is hope that the Fed may lower interest rates, which would have the effect of increasing liquidity in the market, ultimately benefiting risk assets such as Bitcoin and stocks.
The United States will hold its 2024 election in November with the possibility of a Republican administration inspiring cryptocurrency markets amid speculation of a pro-crypto leader.
Regarding institutional funds, regions such as Asia and South America continue to enjoy Bitcoin legalization. Corporate funds and access to ETFs could help the US market enjoy the same privilege, fueling the growth of the crypto industry.
Bitcoin price outlook
Measured across the market range from the January 23 low of $38,835 to the February 15 high of $52,816, Bitcoin price is trading above the 78.6% Fibonacci level at $49,753. It is very possible that BTC could test this retracement soon after the retracement as BTC is overbought. This is seen through the Relative Strength Index (RSI) which is at 81.
In a severe case, Bitcoin price could extend the decline to the most important Fibonacci of 61.8% at $47,420, or worse, extend the decline to the 50% Fibonacci at $45,780.
BTC/USDT 1-day chart. Source: TradingView
Conversely, considering the BTC bullish trend still in the market, seen with the green histogram bars in the positive zone, Bitcoin price could break the upper boundary of the channel. This could pave the way for an expansion to $55,000 or further towards the psychological $60,000 level.
Whales Accumulate Billions of Dollars in BTC by 2024
Data from onchain intelligence tracker Santiment revealed that whales have engaged in the highest level of activity seen in 20 months. Large wallet investors are independent of massive capital inflows into Bitcoin ETFs, and there have been significant shifts in the supply of Bitcoin held by different groups of whales.
Bitcoin whales holding between 1,000 and 10,000 BTC in their wallets added $12.95 billion in assets in 2024. The group holding between 100 and 1,000 BTC in their portfolios decreased Their holdings dropped to $7.89 billion.
Activity and accumulation of bitcoin whales. Source: Santiment
With Bitcoin's price rally surpassing $52,000 over the past five days, there has been a spike in whale transactions worth $100,000 or more. The metric reached its highest level since June 2022 and supports the thesis that Bitcoin's recent price move has piqued the interest of market participants this week.
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