2024

Bitcoin

April

Rekt

Bitcoin price forecast: BTC, the king of crypto, is facing a crucial period as various factors shape its prospects in the short and long term.&nbsp;<a href="https://coingape.com/bitwise-bitcoin-etf-enters-30b-investment-advisor-network/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a>&nbsp;sparked mixed responses in January, but its 25% rally in February signals a strong uptrend, especially after the April halving.
<h2 class="p1" id="bitcoin-price-forecast-what-s-next-if-52-000-level-holds">Bitcoin Price Forecast: What’s Next If $52,000 Level Holds?</h2>
Short-term analysis shows that Bitcoin’s position at $52,000 is playing a crucial role with resistance cut out at $52,800. The four-hour candle close below this level ($52,000) on Monday implied that sellers cannot be underestimated. With another close below it, larger dips will start to become apparent, bringing the traders’ attention to support at $48,000.
The founder and CEO of MN Trading Consultancy, Michaël van de Poppe backed this sentiment via a post on X suggesting that he is “still leaning towards this scenario in which a flush on the downside seems likely.”
In his forecast, Poppe argues that $48,500 – $49.500 is the range to watch. While such a flush drop might not sit well with people already moving with the momentum of a&nbsp;<a href="https://coingape.com/blog/pre-halving-bitcoin-price-rally/" rel="noopener noreferrer nofollow">pre-halving rally</a>, recent market behavior, has revealed that dips could be eaten up quickly, with Bitcoin propped to resume the uptrend after collecting fresh liquidity.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 At this point, I'm still leaning towards this scenario in which a flush on the downside seems likely.
 What's the key zone to watch?
 I think $48.5-49.5K area for <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>. <a href="https://t.co/9bsKRgglu1" rel="noopener noreferrer nofollow">pic.twitter.com/9bsKRgglu1</a>
 — Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1759858786175442953?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 20, 2024</a>
</blockquote>
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A successful retest of the upper range resistance, as highlighted with the grey rectangle on the four-hour chart, would support further upward movement, Rekt Capital, a trader and analyst opined.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a>
 Bitcoin has managed to Weekly Candle Close above this resistance
 As a result, price is now trying to retest it as new support
 Successful retest here would enable further trend continuation towards the upside<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/2kRSJziXAn" rel="noopener noreferrer nofollow">https://t.co/2kRSJziXAn</a> <a href="https://t.co/C4vtfTW5AE" rel="noopener noreferrer nofollow">pic.twitter.com/C4vtfTW5AE</a>
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1759896683473711461?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 20, 2024</a>
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An incoming buy signal from the Moving Average Convergence Divergence (MACD) would be another signal for the uptrend’s continuation. This call to buy BTC would manifest with the blue MACD line crossing above the red signal line.
The 20-day Exponential Moving Average (EMA) closely trailing the price can be used to back the bullish theory. In case of a correction below $52,000,&nbsp;<a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a>&nbsp;will have a chance to stabilize ahead of another rebound.
Recommended: <a href="https://coingape.com/markets/5-best-ai-based-altcoins-to-buy-ahead-of-2024-bull-run/" target="_blank" rel="noopener noreferrer nofollow">5 Best AI-Based Altcoins To Buy Ahead Of 2024 Bull Run</a>
<figure id="attachment_181571" aria-describedby="caption-attachment-181571" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-181571" src="https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-20_16-36-19.png" alt="Bitcoin price forecast chart | Tradingview" width="2710" height="1454" srcset="https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-20_16-36-19.png 2710w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-20_16-36-19-300x161.png 300w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-20_16-36-19-1224x657.png 1224w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-20_16-36-19-768x412.png 768w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-20_16-36-19-1536x824.png 1536w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-20_16-36-19-2048x1099.png 2048w, https://coingape.com/wp-content/uploads/2024/02/BTCUSD_2024-02-20_16-36-19-150x80.png 150w" sizes="(max-width: 2710px) 100vw, 2710px">
 <figcaption id="caption-attachment-181571" class="wp-caption-text">
 Bitcoin price forecast chart
 </figcaption>
</figure>
<h2 class="p1" id="long-term-holder-supply-held-in-loss-falls-drastically">Long-Term Holder Supply Held In Loss Falls Drastically</h2>
The uptick in the price of&nbsp;<a href="https://coingape.com/bitcoin-liquidity-surges-us-crypto-exchange-here-why/" rel="noopener noreferrer nofollow">Bitcoin</a>&nbsp;since Q4 last year has continued to turn BTC holdings profitable. According to Glassnode, a blockchain data analytics firm, Long-Term Holder (LTH) supply held in loss has reduced to only 778.8k BTC, representing 6.5% of the supply in the cohort. The last when LTH supply was at this threshold was in the early stages of the bull market conditions of 2019.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 We can see that the total volume of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> LTH Supply held in loss is currently 777.8k BTC, and is trending towards the zero bound as prices rise. Just 6.5% of the aggregate LTH supply is therefore held in loss.
 Previous instances where the LTH cohort held a similar coin… <a href="https://t.co/AMMAShSylq" rel="noopener noreferrer nofollow">pic.twitter.com/AMMAShSylq</a>
 — glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1759552507632636218?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 19, 2024</a>
</blockquote>
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Bitcoin holders in profit are supporting the bullish trend, according to IntoTheBlock’s blockchain data. The chart below shows two key support zones: $46,582-$48,200, where 1.2 million addresses bought 567k BTC at $47,460 on average, and $51,368-$52,919, where 996k addresses bought 555k BTC at $51,932 on average.
<figure id="attachment_181572" aria-describedby="caption-attachment-181572" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-181572" src="https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-20-at-16.54.50.png" alt="Bitcoin IOMAP chart | IntoTheBlock" width="1888" height="980" srcset="https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-20-at-16.54.50.png 1888w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-20-at-16.54.50-300x156.png 300w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-20-at-16.54.50-1224x635.png 1224w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-20-at-16.54.50-768x399.png 768w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-20-at-16.54.50-1536x797.png 1536w, https://coingape.com/wp-content/uploads/2024/02/Screenshot-2024-02-20-at-16.54.50-150x78.png 150w" sizes="(max-width: 1888px) 100vw, 1888px">
 <figcaption id="caption-attachment-181572" class="wp-caption-text">
 Bitcoin IOMAP chart
 </figcaption>
</figure>
On the other hand, resistance levels are not as strong as the support zones. If Bitcoin price continues to rise this week, it could end February closer to $60,000 than to $48,000.
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The post <a href="https://coingape.com/markets/bitcoin-price-forecast-is-btc-going-to-60k-or-48k-as-lth-supply-in-loss-shrinks/" rel="noopener noreferrer nofollow">Bitcoin Price Forecast: Is BTC Going To $60k or $48k As LTH Supply In Loss Shrinks?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Forecast: Is BTC Going To $60k or $48k As LTH Supply In Loss Shrinks?

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