<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s cyclical nature is demonstrated again with the Bitcoin Trend Strength Prophecy being fulfilled.</li>
 <li>Bitcoin’s volatility is decreasing, and the percentage of Bitcoin supply in profit has dropped by 25%.</li>
</ul>
<p>Bitcoin [BTC] has once again shown its cyclical nature, with the Bitcoin Trend Strength Prophecy being fulfilled.</p>
<p>This occurred in 2016 when Bitcoin’s price dipped into the support zone in September, and the same pattern has emerged in 2024.</p>
<h2 id="market-movements">Market Movements</h2>
<p>The market’s movement has remained consistent throughout these alternating cycles.</p>
<p>This pattern of three dips into the support zone during the same cycle has historically led to a price move higher.</p>
<p>The current cycle suggests that Bitcoin’s price could be setting up for another surge.</p>
<p>At the time of writing, Bitcoin was trading at a key support level around the $56k price range, with a strong resistance level at $65k.</p>
<h2 id="liquidity-levels-and-volatility">Liquidity Levels and Volatility</h2>
<p>Sell orders have pushed Bitcoin’s price down, allowing buy orders to be filled.</p>
<p>There are numerous bids resting below the $59k-level, and this has been the case for the past six months.</p>
<p>Despite significant whale activity, the price has remained flat as large holders pushed prices lower to accumulate more BTC.</p>
<p>Binance’s order books revealed a strategy of filling bids at these levels before the price rises again.</p>
<p>Bitcoin’s volatility is dwindling.</p>
<p>With BTC now trading at around $56k, it is significantly less volatile than in 2021 — Around 4 to 6 times less volatile, in fact.</p>
<h2 id="fear-and-greed-index">Fear and Greed Index</h2>
<p>Market sentiment, at press time, also seemed to mirror the fear seen at the bottom in 2022.</p>
<p>The pervasive fear in the market has many investors on the sidelines, but this could signal an opportunity for a reversal.</p>
<p>With institutional adoption increasing and more projects building on Bitcoin’s network, this current downturn might represent a significant buying opportunity.</p>
<h2 id="percentage-supply-in-profit">Percentage Supply in Profit</h2>
<p>Despite the uncertainty, the percentage of Bitcoin supply in profit has dropped by 25%, meaning fewer investors are making gains.</p>
<p>Roughly 4,938,183 BTC are currently held at a profit, valued at around $280 billion.</p>
<p>This fall in profitable positions suggests that now might be the time for long-term holders to HODL, especially as the market could be poised for a recovery and higher BTC prices in the near future.</p>

Could Bitcoin’s Price in 2024 Repeat its 2016 September Surge?

Table of Contents

CoinEagle.com

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