2024

Strong

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-starts-2024-strong-with-over-40-increase/" data-wpel-link="internal">Bitcoin Starts 2024 Strong with Over 40% Increase</a> 
<a href="https://en.coin-turk.com/will-traditional-finance-change-bitcoin/" data-wpel-link="internal">Bitcoin</a> started 2024 strong with an increase of over 40% since the beginning of the year. This rise is supported by several positive fundamental factors, including the launch of spot Bitcoin exchange-traded funds in the US and the halving event that reduced the amount of Bitcoin awarded to miners by 50%. 
<h2 class="p1" style="text-align: justify" id="what-to-expect-on-the-bitcoin-front">What to Expect on the Bitcoin Front?</h2> 
Unlike previous cycles, Bitcoin’s <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">price</a> reached new all-time highs before the halving event, leading many analysts to predict a super cycle within the current halving year. More than 123 days have passed since the Bitcoin halving event, and the Bitcoin price has yet to surpass its all-time high before the halving. 
Data from Coinglass reveals that Bitcoin has always provided positive returns in the fourth quarter of halving years, with gains of 58% and 168% in 2016 and 2020, respectively. Moreover, Bitcoin has provided positive returns in eight out of eleven years between 2013 and 2023, with an average gain of 88%. 
<img decoding="async" class="aligncenter wp-image-381983 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/coinglass-3.png" alt="" width="1259" height="1208"> 
If history repeats itself, Bitcoin’s likelihood of recovery in the fourth quarter of 2024 stands out at 73%. CryptoQuant founder and CEO Ki Young Ju analyzed Bitcoin’s price movement during the 2020 halving event and found that the recovery began in the fourth quarter: 
<blockquote> 
 “In the last Bitcoin halving cycle, the bull recovery started in the fourth quarter. Whales will not allow the fourth quarter to be boring with flat annual performance.” 
</blockquote> 
<img decoding="async" class="aligncenter wp-image-381982 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/crypto-1.png" alt="" width="1158" height="549"> 
According to Young Ju, Bitcoin’s price is in an accumulation phase, indicating a potential parabolic uptrend as it enters the last quarter of 2024. 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
Data from TradingView shows that Bitcoin’s price movement has formed a series of higher lows on the daily chart but has remained below the 200-day exponential moving average (EMA) for the past seven days. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-381981 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-.png" alt="" width="2181" height="1282"> 
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model reveals that Bitcoin faces relatively strong resistance on its recovery path compared to its downside support. The 200-day EMA average at $59,423 is close to the $59,500 to $61,300 price range, where approximately 1.51 million addresses previously purchased about 817,770 Bitcoin. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-381980 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/itb-2.png" alt="" width="2315" height="683"> 
This indicates that high demand-side liquidity is necessary to push Bitcoin’s price beyond the 200-day EMA average and subsequently above the resistance provided by the 50 and 100-day EMA averages at $61,383 and $62,323, respectively. Analyst Mark Cullen suggests that if this does not occur, Bitcoin’s price could drop to the $57,500 level or even revisit the $54,500 level. 
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The post <a href="https://en.coin-turk.com/bitcoin-starts-2024-strong-with-over-40-increase/" data-wpel-link="internal">Bitcoin Starts 2024 Strong with Over 40% Increase</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Starts 2024 Strong with Over 40% Increase

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