Bitcoin

David

Falcon

<div class="finbold">
 <p class="paragraph">After Bitcoin (BTC) last week initiated a bullish streak that has led it to surpass an important psychological price level at $48,000, further, stronger gains could be in store as the flagship decentralized finance (DeFi) asset has entered a ‘Boom’ <a rel="noopener noreferrer nofollow" title="phase" href="https://thebittimes.com/tag/phase.html">phase</a>.</p>
 <p class="paragraph">Specifically, Bitcoin has left the “Green Triangle at the ‘Get Ready’ phase” and started its movement in the ‘Boom’ phase, which could send it to $130,000 and beyond this year, according to the analysis shared by pseudonymous cryptocurrency expert <em>Trader Tardigrade </em>in an X post on February 12.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="708" src="https://cdn.thebittimes.com/images/2024/02/12/49a1b9dc8dd0a6ab012fadac72825b43.webp" alt class="wp-image-154421" srcset="https://cdn.thebittimes.com/images/2024/02/12/49a1b9dc8dd0a6ab012fadac72825b43.webp 1024w, https://cdn.thebittimes.com/images/2024/02/12/49a1b9dc8dd0a6ab012fadac72825b43.webp 300w, https://cdn.thebittimes.com/images/2024/02/12/49a1b9dc8dd0a6ab012fadac72825b43.webp 768w, https://cdn.thebittimes.com/images/2024/02/12/49a1b9dc8dd0a6ab012fadac72825b43.webp 1536w, https://cdn.thebittimes.com/images/2024/02/12/49a1b9dc8dd0a6ab012fadac72825b43.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price action analysis. Source: Trader Tardigrade</em>
  </figcaption>
 </figure>
 <p class="paragraph">As it happens, this move is taking place as Bitcoin’s <a rel="noopener noreferrer nofollow" title="weekly" href="https://thebittimes.com/tag/weekly.html">weekly</a> <a rel="noopener noreferrer nofollow" title="candle" href="https://thebittimes.com/tag/candle.html">candle</a> close has made a new high (in the $48,000 area) for the first time in over two <a rel="noopener noreferrer nofollow" title="years" href="https://thebittimes.com/tag/years.html">years</a>, or since December 2021, as the crypto trading analyst observed earlier, and illustrated in the accompanying chart patterns.&nbsp;</p>
 <figure class="wp-block-image"><img decoding="async" width="900" height="626" src="https://cdn.thebittimes.com/images/2024/02/12/9e9675f57efaa80e8c33144467a6de1a.webp" alt class="wp-image-154417" srcset="https://cdn.thebittimes.com/images/2024/02/12/9e9675f57efaa80e8c33144467a6de1a.webp 900w, https://cdn.thebittimes.com/images/2024/02/12/9e9675f57efaa80e8c33144467a6de1a.webp 300w, https://cdn.thebittimes.com/images/2024/02/12/9e9675f57efaa80e8c33144467a6de1a.webp 768w" sizes="(max-width: 900px) 100vw, 900px">
  <figcaption class="wp-element-caption"><em>Bitcoin weekly candle close. Source: </em><em>Trader Tardigrade</em>
  </figcaption>
 </figure>
 <p class="paragraph">At the same time, renowned crypto analyst Ali Martinez noted on February 11 that Bitcoin’s support levels “remain robust, potentially outweighing resistance,” despite ongoing skepticism regarding the largest asset in the crypto sector by market capitalization. As he further explained:</p>
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    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
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 <blockquote class="wp-block-quote">
  <p class="paragraph">&nbsp;“While a brief price correction is possible, it’s crucial to recognize that the next significant resistance level for BTC is positioned much higher, around $57,000.”</p>
 </blockquote>
 <figure class="wp-block-image"><img loading="lazy" decoding="async" width="900" height="477" src="https://cdn.thebittimes.com/images/2024/02/12/2da3691b8658e5f6329252d7ceb044af.webp" alt class="wp-image-154419" srcset="https://cdn.thebittimes.com/images/2024/02/12/2da3691b8658e5f6329252d7ceb044af.webp 900w, https://cdn.thebittimes.com/images/2024/02/12/2da3691b8658e5f6329252d7ceb044af.webp 300w, https://cdn.thebittimes.com/images/2024/02/12/2da3691b8658e5f6329252d7ceb044af.webp 768w" sizes="(max-width: 900px) 100vw, 900px">
  <figcaption class="wp-element-caption"><em>Bitcoin UTXO realized price distribution (URPD). Source: </em><em>Ali Martinez</em>
  </figcaption>
 </figure>
 <p class="paragraph">Indeed, to drive his point home, Martinez used Bitcoin’s realized price distribution (URPD) of unspent transactions output (UTXO), or the amount remaining after every transaction, suggesting BTC was facing strong resistance at $57,000, or specifically $56,973.12.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">Meanwhile, Bitcoin is at press time changing hands at the price of $48,080, recording a slight daily decline of 0.30%, but nonetheless making a solid gain of 11.83% on its <a rel="noopener noreferrer nofollow" title="weekly" href="https://thebittimes.com/tag/weekly.html">weekly</a> chart and accumulating an increase of 11.31% in the previous 30 days, as per recent data on February 12.</p>
 <figure class="wp-block-image"><img loading="lazy" decoding="async" width="1200" height="800" src="https://cdn.thebittimes.com/images/2024/02/12/4a49f21d1ff926f9d9c91fc1f7a8c1fd.webp" alt class="wp-image-154420" srcset="https://cdn.thebittimes.com/images/2024/02/12/4a49f21d1ff926f9d9c91fc1f7a8c1fd.webp 1200w, https://cdn.thebittimes.com/images/2024/02/12/4a49f21d1ff926f9d9c91fc1f7a8c1fd.webp 300w, https://cdn.thebittimes.com/images/2024/02/12/4a49f21d1ff926f9d9c91fc1f7a8c1fd.webp 1024w, https://cdn.thebittimes.com/images/2024/02/12/4a49f21d1ff926f9d9c91fc1f7a8c1fd.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px">
  <figcaption class="wp-element-caption"><em>Bitcoin 7-day price chart. Source: </em><em>Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">It is also worth noting that Hunter Horsley, the CEO of the crypto index fund manager Bitwise Invest, suggested that 2024 would unveil the true valuation of Bitcoin in the capital markets in light of the approved spot exchange-traded funds (ETFs) and the upcoming halving.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Forget what you knew about Bitcoin’s price. In 2024, we’re going to discover how the full capital market actually values Bitcoin,” he said.&nbsp;</p>
 </blockquote>
 <p class="paragraph">In response to Horsley’s statement, David Lawant, the head of research at digital assets prime brokerage firm Falcon X, agreed and noted that the Bitcoin market structure had already started to change for the better, as Finbold reported on February 11.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-in-boom-phase-after-closing-highest-weekly-candle-in-2-years-tbt79560.html">https://thebittimes.com/bitcoin-in-boom-phase-after-closing-highest-weekly-candle-in-2-years-tbt79560.html</a></p>

Bitcoin in ‘Boom’ phase after closing highest weekly candle in 2 years

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