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<ul> 
 <li>A key BTC metric suggested that the coin’s price was overvalued.&nbsp;</li> 
 <li style="font-weight: 400;">Nonetheless, a few of the market indicators remained bullish on BTC.&nbsp;</li> 
</ul> 
On the 23rd of December, Caleb Franzen, a popular crypto analyst, highlighted that <a href="https://ambcrypto.com/search/bitcoin" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin’s [BTC]</a> price had plummeted below a key support level. However, the coin was quick to recover, as it reached the red support zone overnight. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Short-term <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">#Bitcoin</a> price action is still following this structure. 
 A concern is that we've broken below the rising support trendline (and perhaps flipping it into resistance?). 
 Nonetheless, we rebounded on the red support zone overnight. <a href="https://t.co/WnWCeyrt5t" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">pic.twitter.com/WnWCeyrt5t</a> 
 — Caleb Franzen (@CalebFranzen) <a href="https://twitter.com/CalebFranzen/status/1738480371832934576?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">December 23, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
In the meantime, other datasets showed that we were about to witness a bull rally. Will BTC be able to repeat history and start 2024 with a bull rally? 
<h4>Is Bitcoin preparing for a bull rally?</h4> 
While BTC’s price recovered, another analysis suggested that we had exited the re-accumulation phase. This hinted that BTC might be preparing for a bull rally in the coming weeks, increasing the chances of BTC’s price chart turning green in 2024. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">#Bitcoin</a> is not going to $12k <a href="https://t.co/KNu37krpq9" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">pic.twitter.com/KNu37krpq9</a> 
 — Mags (@thescalpingpro) <a href="https://twitter.com/thescalpingpro/status/1738501699533443201?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">December 23, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
According to <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">CoinMarketCap</a>, BTC was up by more than 3% in the last seven days. At the time of writing, BTC was trading at $43,602.18 with a market capitalization of over $853 billion. 
To check whether accumulation has come to an end, AMBCrypto took a look at Santiment’s data. We found that both BTC’s Supply on Exchanges and Supply outside of Exchanges were closely knit. 
This meant that BTC was high on neither selling pressure nor buying pressure at the time of writing. 
<div id="attachment_360317" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-14.29.09-24-Dec-2023.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-360317" decoding="async" class="wp-image-360317 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-14.29.09-24-Dec-2023.png" alt="" width="3840" height="1300" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-14.29.09-24-Dec-2023.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-14.29.09-24-Dec-2023-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-14.29.09-24-Dec-2023-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-14.29.09-24-Dec-2023-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-14.29.09-24-Dec-2023-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Bitcoin-BTC-14.29.09-24-Dec-2023-2048x693.png 2048w" sizes="(max-width: 3840px) 100vw, 3840px"></a>
 Source: Santiment
</div> 
As per <a href="https://cryptoquant.com/asset/btc/summary" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">CryptoQuant</a>, BTC’s Binary CDD turned green, meaning that the movements of long-term holders over the last seven days were lower than average. 
However, Bitcoin’s aSORP turned red, which meant that more investors were selling at a profit, possibly marketing a market top. 
<div id="attachment_360318" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-2.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-360318" decoding="async" class="wp-image-360318 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-2.png" alt="" width="1407" height="410" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-2.png 1407w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-2-300x87.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-2-1024x298.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/CryptoQuant-BTC-2-768x224.png 768w" sizes="(max-width: 1407px) 100vw, 1407px"></a>
 Source: CryptoQuant
</div> 
<h4>Looking forward</h4> 
While buying and selling pressure were nominal on <a href="https://ambcrypto.com/as-bitcoin-surges-miners-reap-these-benefits/" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin</a>, AMBCrypto checked other metrics to find whether the king coin could initiate a bull rally over the next week. 
Our analysis found that while BTC’s price somewhat moved sideways, its NVT Ratio spiked substantially. 
High NVT Ratio values have historically coincided with market tops and periods of overvaluation, suggesting that we might witness a price correction. 
On top of that, BTC’s Fear and Greed Index had a value of 70 at press time. When the metric reaches that level, it means that the market is in a “greed” phase, further increasing the chances of a price correction. 
<div id="attachment_360319" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-360319" decoding="async" class="wp-image-360319 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt.png" alt="" width="1800" height="1013" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt.png 1800w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt-300x169.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt-1024x576.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt-768x432.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/glassnode-studio_bitcoin-network-value-to-transactions-ratio-nvt-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px"></a>
 Source: Glassnode
</div> 
Read <a href="https://ambcrypto.com/as-bitcoin-surges-miners-reap-these-benefits/" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin’s [BTC] Price Prediction</a> 2023-24 
Bitcoin’s Relative Strength Index (RSI) took a sideways path, which looked concerning. Nonetheless, the MACD displayed the possibility of a bullish crossover. 
<a href="https://ambcrypto.com/as-bitcoin-surges-miners-reap-these-benefits/" target="_blank" rel="noopener" data-wpel-link="internal">BTC</a>’s Money Flow Index (MFI) also registered an uptick, increasing the chances of a northbound price movement in the coming days. 
<div id="attachment_360321" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-24_14-39-00.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-360321" decoding="async" class="wp-image-360321 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-24_14-39-00.png" alt="" width="1814" height="791" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-24_14-39-00.png 1814w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-24_14-39-00-300x131.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-24_14-39-00-1024x447.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-24_14-39-00-768x335.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/BTCUSD_2023-12-24_14-39-00-1536x670.png 1536w" sizes="(max-width: 1814px) 100vw, 1814px"></a>
 Source: TradingView
</div>

Bitcoin’s price shows promise – What about its 2024 prediction?

AMBCrypto

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