2024

Bitcoin

Shiba Inu

Spot

Bitcoin Price Prediction: The leading cryptocurrency <a href="https://coingape.com/bitcoin-price-top-analyst-set-40k-new-bottom-btc/" rel="noopener noreferrer nofollow">Bitcoin</a> entered February 2024 in a silent and stagnant price behavior reflecting uncertainty among traders. However, with the increasing inflow in Spot Bitcoin ETFs the underlying asset witnessed a surge in demand pressure and surpassed the $48000 mark for the first time since the launch. This uptick created a ripple effect in the altcoin market triggering a renewed recovery of major cryptocurrency. Will buyers have sufficient momentum to surpass $50000?
Also Read: <a href="https://coingape.com/btc-surges-beyond-48k-reaching-new-heights-in-cryptocurrency-market/" rel="noopener noreferrer nofollow">BTC Surges Beyond $48K, Reaching New Heights in Cryptocurrency Market</a>
<h2 id="b-bitcoin-price-prediction-whale-accumulation-signals-prolong-rally-b">Bitcoin Price Prediction: Whale Accumulation Signals Prolong Rally</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/u/u36yS8Kv.png" alt="BINANCE:BTCUSD Chart " width="1946" height="937">
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 Bitcoin Price Prediction| Tradingview
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The <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> has seen a notable uptrend, increasing for eight straight days from $42,280 to $48,050, marking a 13.65% rise. This surge has successfully recouped 50% of the losses from the previous correction, demonstrating a strong buyer conviction.&nbsp;
During this rally, on-chain analysis firm IntoTheBlock highlighted in a repost that 90% of BTC holders are now in profit, reducing the likelihood of panic selling and fostering more stable growth.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Bitcoin has shown significant volatility this week, surging by +11% from $42k to its current price of $47k.
 Forecasts indicate a possible rally towards $50k.
 Data from <a href="https://twitter.com/intotheblock?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@IntoTheBlock</a> reveals that 90% of Bitcoin holders are currently profitable.
 Moreover, the In/Out of Money… <a href="https://t.co/HY7ojctqoX" rel="noopener noreferrer nofollow">pic.twitter.com/HY7ojctqoX</a>
 — C_THUMBS || ₿ || (@C__thumbs) <a href="https://twitter.com/C__thumbs/status/1756015278012473749?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 9, 2024</a>
</blockquote>
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 With this momentum, Bitcoin is poised to retest the previous swing high resistance at $49,000. A successful breach of this level could signal a solid foundation for a continued uptrend, indicating robust market confidence and the potential for further gains
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Moreover, the Bitcoin whales have significantly bolstered their holdings, purchasing 140,000 <a href="https://coingape.com/bitcoin-etf-records-second-largest-net-inflow-542-million/" rel="noopener noreferrer nofollow">BTC</a>, worth $6.16 billion, over the last three weeks. This trend, highlighted by crypto analyst @alichart, reflects a strong bullish sentiment among major investors.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> whales have been on a buying spree, acquiring 140,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> over the past three weeks, amounting to $6.16 billion! <a href="https://t.co/ViRnYiJHmp" rel="noopener noreferrer nofollow">pic.twitter.com/ViRnYiJHmp</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1756455959294071073?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 10, 2024</a>
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Also Read: <a href="https://coingape.com/bitcoin-could-be-headed-for-major-shift-with-the-recent-surge/" rel="noopener noreferrer nofollow">Bitcoin Could be Headed for Major Shift With the Recent Surge</a>
<h2 id="b-is-bitcoin-price-poised-for-major-trend-change-b">Is Bitcoin Price Poised For Major Trend Change?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/f/fFMrciIu.png" alt="BINANCE:BTCUSD Chart" width="1815" height="836">
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 Bitcoin Price Prediction| Tradingview
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An analysis of the higher time frame chart shows the last correction was part of a bullish reversal pattern called cup and handle. This pattern often emerges at the bottom of a major downturn signaling an early sign of mark reversal. The consolidation amid this pattern development provides sufficient time for traders to accumulate their favorites at discounted prices.
Thus, a potential breakout from $49000 with trigger this chart pattern and encourage buyers to chase $81600 mark
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The fast-moving 20-and-50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> slope may continue to act as dynamic support of BTC price.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX slope uptick at 19% reflects the buyers have sufficient to lead a prolonged rally.</li>
</ul>
Related Articles: <a href="https://coingape.com/crypto-headlines-of-the-week-bitcoin-solana-shiba-inu-fuels-inferences/" rel="noopener noreferrer nofollow">Crypto Headlines of The Week: Bitcoin, Solana, &amp; Shiba Inu Fuels Inferences</a>
The post <a href="https://coingape.com/markets/bitcoin-price-prediction-will-btc-reclaim-50000-in-coming-week/" rel="noopener noreferrer nofollow">Bitcoin Price Prediction: Will $BTC Reclaim $50000 in Coming Week?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Prediction: Will $BTC Reclaim $50000 in Coming Week?

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