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<p>The post <a href="https://coinpedia.org/price-analysis/deciphering-bitcoins-triple-top-a-pre-halving-price-analysis/" rel="noopener noreferrer nofollow">Deciphering Bitcoin’s Triple Top: A Pre-Halving Price Analysis</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Bitcoin (BTC) price has continued to signal short-term weaknesses despite the notable rise in demand from institutional investors. Heightened profit-taking from short-term holders has reduced the bullish momentum in the past few days. Furthermore, the on-chain analysis provided by Santiment shows that Bitcoin account holders with less than 1 BTC have dropped by 510,000 in the past 30 days.&nbsp;</p>
<p>However, Bitcoin account holders with more than 1k units have increased by 147 more in the past four weeks. The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has helped increase the cash inflow to the Bitcoin industry.</p>
<h2 class="wp-block-heading" id="h-bitcoin-key-liquidity-levels">Bitcoin Key Liquidity Levels</h2>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> Update:<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> still trading in Parallel channel or bull flag channel.<br><br>Still waiting for the breakout.<br> <br>Upside breakout: $52800<br>Downside breakout: $50800<br><br>keep an eye on these levels. <a href="https://t.co/r3unhJKo5H" rel="noopener noreferrer nofollow">pic.twitter.com/r3unhJKo5H</a></p>— Crypto Patel (@CryptoPatel) <a href="https://twitter.com/CryptoPatel/status/1760892114060329410?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 23, 2024</a>
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<p>Bitcoin price has faced immense short-term resistance around $52,400 in the past few days. The flagship coin has, as a result, been forming a possible reversal pattern on the four-hour time frame. Notably, Bitcoin price has formed a triple top coupled with bearish divergence on the four-hour Relative Strength Index (RSI).</p>
<p>According to a popular digital asset analyst Crypto Patel, Bitcoin price is likely to drop towards $47,718, if the support level around $50,800&nbsp; fails to hold in the coming days.&nbsp;</p>
<p>Otherwise, if Bitcoin price consistently closes above $52,800 in the coming weeks, the crypto analyst highlighted the bulls will push higher towards the all-time high.</p>
<h2 class="wp-block-heading" id="h-altseason-impact">Altseason Impact</h2>
<p>The Bitcoin’s short-term bullish outlook is threatened by the heightened demand for altcoins amid the ongoing crypto cash rotation. The rise of Ethereum (ETH), BNB, and AI-crypto tokens has expedited the crypto cash rotation from Bitcoin.</p>
<p>As a result, Bitcoin price is likely to continue with a parabolic bull rally after the upcoming halving.</p>

Deciphering Bitcoin’s Triple Top: A Pre-Halving Price Analysis

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