Rally

2024

Bitcoin

Bull Flag

<p>The post <a href="https://coinpedia.org/price-analysis/bitcoin-price-to-hit-this-lower-level-before-starting-a-fresh-rally/" rel="noopener noreferrer nofollow">Bitcoin Price To Hit This Lower Level Before Starting A Fresh Rally</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>After closing the past two weeks on a bearish outlook, Bitcoin’s (BTC) price opened Monday with further weaknesses. According to the latest market data, Bitcoin’s price dropped approximately 3 percent in the past 24 hours, leading to Monday’s trade of around $40,617 during the mid-London session. The ongoing Bitcoin price correction has induced notable bearish sentiment in the altcoin market, which recorded similar losses during the same period.&nbsp;</p>
<h2 class="wp-block-heading" id="h-crypto-whales-heighten-on-chain-activity-nbsp">Crypto Whales Heighten On-chain Activity&nbsp;</h2>
<p>Since several spot Bitcoin ETFs were approved in the United States on January 10, crypto whales have increased their on-chain activities. Grayscale Investments has been the leading force behind the bearish sentiment, having offloaded about 52,227 Bitcoins worth approximately $2.2 billion in the past two weeks. Nonetheless, Grayscale’s GBTC still holds the majority among the spot ETF issuers with about 566,973 coins.&nbsp;</p>
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   <p lang="en" dir="ltr">Old <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> is moving.<br><br>Someone(s) broke an old piggy bank and distributed its contents, likely through OTC deals.<br><br>The average dormancy of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> reached a five-year high just a few days ago.<a href="https://t.co/Q5K2bHFRGB" rel="noopener noreferrer nofollow">https://t.co/Q5K2bHFRGB</a> <a href="https://t.co/cBrrCL6KtF" rel="noopener noreferrer nofollow">pic.twitter.com/cBrrCL6KtF</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1749366150193201438?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 22, 2024</a>
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<p>Notably, both short-term holders and miners have been depositing large amounts of Bitcoins to cryptocurrency exchanges in the recent past.&nbsp;</p>
<h2 class="wp-block-heading" id="h-bitcoin-price-action">Bitcoin Price Action</h2>
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   <p lang="en" dir="ltr">"History does not repeat itself – but it often rhymes" (Mark Twain)<a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> has moved to the 6.618 Fib Extension after a Bull Flag Correction. We are currently in a small correction like in late 2017 and late 2020.<br><br>Will History rhyme in 2024 – and BTC move to its 6.618 Fib… <a href="https://t.co/7FqWs8BOyl" rel="noopener noreferrer nofollow">pic.twitter.com/7FqWs8BOyl</a></p>— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) <a href="https://twitter.com/Negentropic_/status/1749352356024619011?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 22, 2024</a>
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<p>Despite the short-term Bitcoin bearish sentiments, most crypto analysts believe the macro bulls are in control, fueled by the mass adoption from institutional investors and the upcoming halving in April.</p>
<p>According to Glassnode cofounder alias Negentropic on the X platform, Bitcoin price is in the early stages of a bull market similar to the 2017 and 2020 cycles. Notably, the crypto analyst argued that Bitcoin price often reaches the 6.618 Fib Extension in a bull market, which currently coincides with $120,000.&nbsp;</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <br>ok we are set for some very difficult weeks in the markets …. i expect bearish distribution in the next 23 months ….. and it would be really bullish for the second half of 2024….markets to be healthy must have these stops …. is simple analysis ! i don't really care… <a href="https://t.co/A4zRGmRVNl" rel="noopener noreferrer nofollow">pic.twitter.com/A4zRGmRVNl</a></p>— EliZ (@eliz883) <a href="https://twitter.com/eliz883/status/1749364343903289782?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 22, 2024</a>
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<p>In the short term, Bitcoin will likely find a solid support level above $32k, where the instrument will rebound for a fresh bull leg.</p>

Bitcoin Price To Hit This Lower Level Before Starting A Fresh Rally

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