Is the Bitcoin Bull Run Back On Track? Predictions for BTC Price Movement Before 2024
With market participants eagerly watching the crypto markets, particularly the Bitcoin price rally, the question on everyone’s mind is whether the BTC price will rise and reach a new all-time high (ATH) before the end of 2024. The recent market volatility has kept investors on their toes, with the star token struggling to gain significant buying pressure. However, a recent uptick in price suggests that the bulls are making a strong push to reclaim the $100K mark, although the bears have been putting up a fight to prevent it from doing so. With a Christmas rally in full swing, many are hopeful that a year-end surge will lead to new highs for Bitcoin.
Despite the uncertainty surrounding the BTC price, spot ETFs have seen a significant sell-off. BlackRock recently sold over $188 million worth of BTC, marking one of their largest sell-offs to date. In total, sell-offs have reached over $338 million, causing the price to dip from $94,000 to $99,000. However, it’s worth noting that BlackRock and Fidelity collectively hold over $50 billion in Bitcoin, providing some optimism for the bullish momentum of the rally.
In the short term, the BTC price may experience a small pullback as the stochastic RSI has entered oversold territory. Additionally, the DMI levels are on the verge of a bearish crossover following a bullish crossover. This suggests that Bitcoin could see a slight dip below $96,000 in the coming days. However, this pullback could present an opportunity for investors to accumulate at a lower price point.
As we approach the end of the year, the crypto markets typically see an uptick in buying volume. However, current volume levels remain relatively low, indicating that bullish participation is somewhat limited at the moment. An increase in volume could spark the volatility needed for a healthy bullish close to the year, potentially pushing Bitcoin above the $100K mark.