2024

Bitcoin ETF

Bitcoin

Gains

<p>It’s the first trading day of 2024 and Bitcoin is hovering around $42,600, with minimal price movement over the last 24 hours. As we analyze where Bitcoin might head next, popular crypto analyst Ali provides some insightful technical and historical analysis.</p>
<p><a href="https://x.com/ali_charts/status/1741435134107136425?s=20" target="_blank" rel="noopener noreferrer nofollow">According</a> to Ali, Bitcoin is currently positioned between two key supply walls:</p>
<p><em>“Support Zone: Between $41,200 – $42,400, backed by 1.92 million addresses holding 723,500 $BTC. Resistance Zone: Between $42,500 – $43,750, where 1.67 million addresses are sitting on 706,400 #BTC.”</em></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="381" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-2-1024x381.png" alt="" class="wp-image-411356" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-2-1024x381.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-2-300x112.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-2-766x285.png 766w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-2-1536x571.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-2-2048x762.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-2-403x150.png 403w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-2-100x37.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-2-941x350.png 941w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-2-788x293.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>In other words, there is significant buying and selling interest around Bitcoin’s current trading range between $41,200 and $43,750. A decisive move outside of this range could set the trend for the next Bitcoin price swing.</p>
<p>Specifically, Ali notes that <em>“A breakout above resistance may propel #BTC towards $47,600, while a dip below support might lead to a correction down to $38,600.”</em></p>
<p>Beyond the technicals, Ali also <a href="https://x.com/ali_charts/status/1741547018328453342?s=20" target="_blank" rel="noopener noreferrer nofollow">examines</a> historical Bitcoin price patterns:</p>
<p><em>“History might be hinting at what’s next for #Bitcoin! In the last two instances, a strong $BTC performance in September, October, November, and December was followed by a bearish January. If this trend keeps up, prepare for a spike in profit-taking in January.”</em></p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="542" src="https://captainaltcoin.com/wp-content/uploads/2024/01/image-3-1024x542.png" alt="" class="wp-image-411364" srcset="https://captainaltcoin.com/wp-content/uploads/2024/01/image-3-1024x542.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-3-300x159.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-3-767x406.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-3-1536x814.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-3-2048x1085.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-3-283x150.png 283w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-3-100x53.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-3-661x350.png 661w, https://captainaltcoin.com/wp-content/uploads/2024/01/image-3-788x417.png 788w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>The last two precedents Ali is referring to are from 2015 and 2016, when an end-of-year Bitcoin price run was followed by a January downturn.</p>
<p>Of course, historical patterns do not necessarily repeat themselves. A key variable this time is the pending Bitcoin ETF approvals, which would allow mainstream investors easy Bitcoin access via their existing brokerage accounts. While much anticipation may already be priced into Bitcoin’s rally from $25k to over $40k in 2023, ETF approvals could still provide enough incremental buying pressure to power Bitcoin to new highs.</p>
<p>In summary, Ali presents a case for both bullish and bearish scenarios in January 2024. On the bullish side, Bitcoin ETF approvals and a breakout above resistance could send Bitcoin rallying towards its all-time high around $60k. On the flip side, historical trends and technical resistance point to potential downside towards $38k if support fails to hold. Volatility and sharp moves in either direction seem likely based on this analysis. We’ll be watching closely with Ali which way Bitcoin breaks out next.</p>
<p>You may also be interested in:</p>
<ul>
 <li><a href="https://captainaltcoin.com/litecoin-ltc-expected-to-spike-200-in-january-if-this-happens/" target="_blank" rel="noopener noreferrer nofollow">Litecoin (LTC) Expected to Spike 200% in January If This Happens</a></li>
 <li><a href="https://captainaltcoin.com/weekly-analysis-of-memecoins-pepe-vs-rebel-satoshi-vs-dogecoin/" target="_blank" rel="noopener noreferrer nofollow">Weekly Analysis of MemeCoins: PEPE vs. Rebel Satoshi vs. Dogecoin</a></li>
 <li><a href="https://captainaltcoin.com/arbitrums-arb-silence-finally-coming-to-an-end-but-breakout-of-this-zone-is-crucial-to-major-price-increase/" target="_blank" rel="noopener noreferrer nofollow">Arbitrum’s ARB Silence Finally Coming to an End but Breakout of This Zone Is Crucial to Major Price Increase</a></li>
</ul>
<div class="bigofferblock margincenter mb30 pt20 pl20 pr20 " style="">
 <div class="col_wrap_two mb0">
  <div class="offerbox_big_wrap flowhidden">
   <div class="image position-relative text-center col_item mobileblockdisplay img-maxh-350 img-width-auto"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <img decoding="async" class="lazyload" data-skip-lazy="" data-src="https://captainaltcoin.com/wp-content/uploads/thumbs_dir/etoro-ca-1-oyc386si1bdrmhrff7xex5ngu4zikfy3ei6bk0rbb6.png" width="500" alt="We recommend eToro" src="https://captainaltcoin.com/wp-content/themes/rehub-theme/images/default/blank.gif"> </a>
   </div>
   <div class="product-summary col_item mobileblockdisplay">
    <h3 class="product_title entry-title font150 lineheight25 mb30" id="a-class-re_track_btn-href-https-captainaltcoin-com-go-etoro-target-_blank-rel-noopener-noreferrer-nofollow-span-we-recommend-etoro-span-a"><a class="re_track_btn" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> <span>We recommend eToro</span> </a></h3>
    <div class="rev_disclaimer font70 greencolor lineheight15 mb20"><strong>74% of retail CFD accounts lose money.</strong>
    </div>
    <div class="buttons_col mb25 rh_big_btn_inline">
     <div class="priced_block clearfix">
      <div><a class="re_track_btn btn_offer_block" href="https://captainaltcoin.com/go/etoro/" target="_blank" rel="noopener noreferrer nofollow"> Visit eToro Now </a>
      </div>
     </div>
    </div>
    <div class="bigofferdesc"><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Active user community and social features like news feeds, chats for specific coins available for trading. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>Copy trading: allows users to copy thetrades of leading traders, for free. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate. <br><i class="vertmiddle mr10 rhicon rhi-check-circle-solid greencolor font130"> </i>eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
    </div>
   </div>
  </div>
 </div>
</div>
<p>The post <a href="https://captainaltcoin.com/bitcoin-eyes-january-gains-despite-historic-downside-risks-analyzing-btc-price-reactions-following-the-last-two-bullish-q4s/" rel="noopener noreferrer nofollow">Bitcoin Eyes January Gains Despite Historic Downside Risks: Analyzing BTC Price Reactions Following the Last Two Bullish Q4s</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Eyes January Gains Despite Historic Downside Risks: Analyzing BTC Price Reactions Following the Last Two Bullish Q4s

Table of Contents

CaptainAltcoin

Other articles published on Jan 1, 2024

Shiba Inu Lead Starts 2024 With Special Shout-Out to SHIB Community

Altcoin Showdown: Pullix (PLX) Challenges Harmony (ONE) and Theta (THETA) in Crypto Markets

Ethereum (ETH) at $12,000 Expected by Top Trader in 2025

XRP Price Poised To Hit $20,000: Chad Steingraber Theory Outlines How

Shiba Inu Weekly Burn Report

Zero-fraud security is still a challenge in web3 gaming | Opinion

Join our free newsletter for daily crypto updates!