2024

Rally

Bitcoin

Serene

<p>Bitcoin always seems ready to take us on a financial rollercoaster ride. So, what does 2024 have in store for us? Matrixport, a company specializing in crypto investment products, has opened Pandora’s box with its predictions. Buckle up, the year is shaping up to be full of twists and turns!</p>
<h2 id="h-1-bitcoin-a-phoenix-in-january-and-an-icarus-in-march">1. Bitcoin, a phoenix in January and an Icarus in March</h2>
<p>Matrixport tells us that Bitcoin will rise from its ashes like a phoenix in January 2024, with a promising surge of +17%. Imagine a jump from $42,265 to $49,450!</p>
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<p>But beware, like Icarus flying too close to the sun, this ascent would be short-lived. By March, Bitcoin could plummet to $36,350, losing -14% of its value. A false rally to take seriously!</p>
<h2 id="h-2-trading-signals-when-caution-is-the-mother-of-wisdom">2. Trading Signals: When Caution is the Mother of Wisdom</h2>
<p>The trading signals from <a href="https://www.matrixport.com/institutions/research/matrix-on-target/819" target="_blank" rel="noopener noreferrer nofollow">Matrixport</a> suggest a short-term weakness. The first bearish alert since August 2023 predicts a -7% decline in the coming two weeks.</p>
<p>It’s as if Bitcoin is telling us: “Don’t get too excited too fast!” Trend reversals might not be followed by a rush of buying, and prices could turn around as quickly as a startled cat.</p>
<h2 id="h-3-a-covered-market-but-not-serene">3. A Covered Market, but not Serene</h2>
<p>The market consensus, with an implied volatility of 100%, eagerly awaits the SEC’s approval of Bitcoin ETFs. This decision could cause price fluctuations of +/- 7.8%.</p>
<p>It’s like waiting for lottery results, but with billions at stake! Depending on expectations, Bitcoin could swing between $40,600 and $47,400 by the end of the week. The suspense!</p>
<h2 id="h-4-the-funding-rate-a-key-indicator">4. The Funding Rate, a Key Indicator</h2>
<p>In 2023, Bitcoin’s funding rate skyrocketed to +66%, revealing a massive accumulation of long positions on leveraged futures products. Picture traders in “Vegas” mode, going all-in on red (or should I say, on Bitcoin).</p>
<p>But be careful, Matrixport warns us: such frenzy is unsustainable. Are we on the brink of a brutal adjustment?</p>
<h2 id="h-5-bitcoin-a-technical-vulnerability-to-monitor">5. Bitcoin: A Technical Vulnerability to Monitor</h2>
<p>Even if a Bitcoin Spot ETF were to get the green light, investors might decide to take their profits, thus limiting the downside.</p>
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<p>However, Bitcoin seems to be playing cat and mouse with resistance levels, particularly the area between $36,000 and $38,000, which could be revisited. It’s a bit like watching a tightrope walker on a wire: fascinating, but risky.</p>
<p>As 2024 looms with challenges and surprises for Bitcoin, one thing is certain: its ability to astonish us. With forecasts of both rises and falls, Bitcoin continues to fascinate and divide. One thing is for sure, for investors and crypto enthusiasts, the year 2024 will be anything but boring. Stay tuned, the best (or the worst) may still be to come! The approval of a Bitcoin ETF will only be the beginning.</p>

Bitcoin: 2024 Forecasts – Initial Rally and Inevitable Fall!

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