Bitcoin

Grayscale Bitcoin Trust

Spot

<img width="1280" height="853" src="https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Price-Rally.jpg" class="attachment-full size-full wp-post-image" alt="Factors Driving Success" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Price-Rally.jpg 1280w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Price-Rally-300x200.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Price-Rally-1224x816.jpg 1224w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Price-Rally-768x512.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Price-Rally-150x100.jpg 150w, https://coingape.com/wp-content/uploads/2023/12/Bitcoin-Price-Rally-272x182.jpg 272w" sizes="(max-width: 1280px) 100vw, 1280px">
<p>The world’s largest cryptocurrency Bitcoin (BTC) has experienced substantial selling pressure recently with the <a href="https://coingape.com/bitcoin-dumping-continues-as-btc-price-tanks-under-41000-is-grayscale-behind-this/?utm_source=24hrsupdateall" target="_blank" rel="noopener">BTC price crashing to $40,000</a> earlier today. This has happened as there have been large outflows from the Grayscale Bitcoin Trust (GBTC) moving into the newly launched Bitcoin ETFs.</p> 
<h3 id="bitcoin-price-can-correct-to-34-000">Bitcoin Price Can Correct to $34,000</h3> 
<p>Renowned crypto analyst Ali Martinez has pointed out the adherence of Bitcoin’s price movements to a parallel channel. According to Martinez, this indicates that Bitcoin encountered resistance at the upper boundary of the channel, situated at $48,000.</p> 
<p>The analyst anticipates a retracement for Bitcoin, projecting a decline to the lower boundary at $34,000. Subsequently, Martinez foresees a rebound, with Bitcoin aiming to revisit the upper boundary, which is set at $57,000. This observation provides valuable insights into the potential price trajectory of Bitcoin, offering a perspective on key support and resistance levels within the established parallel channel.</p> 
<figure id="attachment_175223" aria-describedby="caption-attachment-175223" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-175223" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Movement.jpeg" alt="" width="2191" height="1452" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Movement.jpeg 2191w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Movement-300x199.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Movement-1224x811.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Movement-768x509.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Movement-1536x1018.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Movement-2048x1357.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Movement-150x99.jpeg 150w" sizes="(max-width: 2191px) 100vw, 2191px">
 <figcaption id="caption-attachment-175223" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/ali_charts/status/1746117423994937413" target="_blank">Ali Martinez</a>
 </figcaption>
</figure> 
<p>Santiment, a prominent on-chain data provider, reports that traders continue to maintain optimism regarding the long-term implications of the approval of 11 initial Spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on January 10th. However, Santiment highlights a notable shift in sentiment, suggesting that the Fear of Missing Out (FOMO) surrounding the approvals may have contributed to a local cryptocurrency market top.</p> 
<p>Experts posit that the widely anticipated approvals were already factored into market prices at the time of the announcements, leading to a subsequent decline in Bitcoin’s value. After Bitcoin experienced a significant drop to $40.6K, representing a 16.9% decrease from its peak market value the previous week, Santiment observes that the narrative surrounding these ETFs might shift.</p> 
<figure id="attachment_175231" aria-describedby="caption-attachment-175231" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-175231" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Drop.jpeg" alt="" width="2692" height="1660" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Drop.jpeg 2692w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Drop-300x185.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Drop-1224x755.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Drop-768x474.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Drop-1536x947.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Drop-2048x1263.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Drop-150x92.jpeg 150w" sizes="(max-width: 2692px) 100vw, 2692px">
 <figcaption id="caption-attachment-175231" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1748150225242648764" target="_blank">Santiment</a>
 </figcaption>
</figure> 
<p>There is a keen interest in monitoring whether the crowd’s sentiment turns negative, associating words like “scam,” “ripoff,” or “disaster” with the approved ETFs. If a bearish sentiment emerges around the subject that initially drove prices higher from October through December, Santiment anticipates that Fear, Uncertainty, and Doubt (FUD) could trigger selloffs from novice traders.</p> 
<h3 id="expect-multi-month-stagnation">Expect Multi-Month Stagnation</h3> 
<p>In a recent analysis, On-chain College suggests that a multi-month correction or stagnation for Bitcoin price could be in the making. Such a trend, according to the analysis, does not necessarily signal an impending bear market and could potentially pave the way further for a robust bull run in the future as coins transition to stronger hands within the market.</p> 
<figure id="attachment_175235" aria-describedby="caption-attachment-175235" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-175235" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-NUPL.jpeg" alt="" width="1521" height="814" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-NUPL.jpeg 1521w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-NUPL-300x161.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-NUPL-1224x655.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-NUPL-768x411.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-NUPL-150x80.jpeg 150w" sizes="(max-width: 1521px) 100vw, 1521px">
 <figcaption id="caption-attachment-175235" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/OnChainCollege/status/1748118442471739818/photo/1" target="_blank">On-chain College</a>
 </figcaption>
</figure> 
<p>Amidst the current market conditions, attention stays on the short-term cost basis for Bitcoin, currently situated at $37.8K. Historically, this level has also served as a support level during bull markets and a resistance level during bear markets, adding significance to its role in shaping market dynamics. The insights provided by On-chain College further offer a nuanced perspective on the potential trajectories for Bitcoin price, acknowledging the historical implications of key price levels in influencing market trends.</p> 
<p>The post <a href="https://coingape.com/bitcoin-btc-price-can-correct-to-34000-expect-multi-month-stagnation/">Bitcoin (BTC) Price Can Correct to $34,000, Expect Multi-Month Stagnation</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin (BTC) Price Can Correct to $34,000, Expect Multi-Month Stagnation

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