Bitcoin continues to be a top choice for traders in the crypto space, with its volatility on the rise. Prices are fluctuating near the upper threshold, leading market participants to maintain a bullish outlook for the remainder of 2024, aiming for the coveted $100,000 milestone.
Despite the potential for a fresh price surge, some accumulation may persist given the current market dynamics. Recent developments, such as Mt. Gox and German government actions, have capped Bitcoin’s price below $70,000. However, following the launch of the ETH ETF, Bitcoin wallets have become more active, with a notable increase in unique token transfers between wallets according to Santiment.
The uptick in token transfers indicates a resurgence in market activity similar to the Q1 bull run of 2024. This surge, combined with high BTC circulation, suggests a renewed market vigor and utility. If this momentum continues, a significant market shift may be on the horizon.
With Bitcoin currently trading around $66,000, the focus shifts to what lies ahead for the token in the latter half of 2024.
Bitcoin’s long-term price action suggests a bullish trend as it hovers near its all-time high. The current consolidation phase has led to tighter Bollinger bands, hinting at continued accumulation. Additionally, a decrease in selling pressure on the monthly MACD could signal a shift in favor of the bulls. A bullish crossover may mark the start of a new uptrend, potentially breaking above the descending megaphone.
A breakout from this pattern could push prices towards $80,000, setting the stage for a climb to $100,000. While achieving this milestone may take some time, Bitcoin is poised to do so during the next bullish cycle in 2024.
