2024-3-3 19:32 |
Bitcoin (BTC) has demonstrated remarkable resilience following a recent surge that saw its price soar just above $63,000 earlier this week, edging close to its all-time highs.
However, as the weekend approached, the crypto market experienced a slight cooldown as Bitcoin investors seized the opportunity to offload partial profits, anticipating a further market surge.
Renowned crypto analyst Ali Martinez shed light on Bitcoin’s current standing on Friday, noting a significant accumulation of the digital asset. Martinez emphasized that over 1 million addresses had purchased approximately 671,000 BTC within the price range of $60,334 to $62,155.
“This accumulation zone highlights strong investor confidence and could serve as a crucial level of support for BTC, potentially cushioning against further drops,” wrote Martinez.
Earlier on Thursday, Martinez highlighted the TD Sequential indicator, which flashed a sell signal on Bitcoin’s 4-hour chart. The pundit pointed out that since February 15, each sell signal from this indicator had accurately preceded BTC price corrections ranging between 1.50% and 4.20%, offering valuable insights for traders monitoring short-term market dynamics.
Meanwhile, PlanB, the creator of the Stock-to-Flow (S2F) model, signalled the end of the accumulation phase for Bitcoin by highlighting the appearance of a “Red Dot” on the model, indicating the beginning of a bullish market cycle. According to PlanB, this transition marks the onset of approximately 10 months characterized by intense FOMO (fear of missing out), with extreme price surges accompanied by periodic -30% drops.
That said, amid growing optimism for further price surges, analysts from CryptoQuant also underscored the accelerating influx of new investors into the Bitcoin market. In a post on the firm’s website, the analysts noted a decline in the percentage of Bitcoin held for more than six months, indicating an increasing number of new individual investors entering the space. According to them, this trend suggests the potential for a “true bull market” as the influx of new investors continues to drive market dynamics.
Elsewhere, crypto analyst Joe Burnett offered insights into the potential impact of external factors on Bitcoin’s price performance. Burnett suggested that factors such as the China mining ban and FTX’s sale of billions of dollars of synthetic Bitcoin in 2021 may have suppressed the price. Consequently, Burnett speculated that Bitcoin’s previous all-time high should have been over $100,000, implying that the current market rally could be a natural progression towards this level.
Bitcoin traded at $61,973 at press time after a 0.52% drop over the past 24 hours. Notably, the top crypto asset has grown by just over 22% in the past week, according to CoinMarketCap data.
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