Bitcoin price shows promise. What are the predictions for 2024?
Major BTC indicators suggested that the coin’s price was overvalued.
Nonetheless, some market indicators remained bullish on BTC.
On December 23, renowned cryptocurrency analyst Caleb Franzen highlighted that Bitcoin (BTC) price had plummeted below key support levels. However, the coin quickly recovered as it hit the red support zone overnight.
Short-term #Bitcoin price action still follows this structure.
The concern is that the rising support trend line has been broken below (and perhaps turning into resistance?).
Nonetheless, we bounced back from the red support overnight. pic.twitter.com/WnWCeyrt5t
— Caleb Franzen (@CalebFranzen) December 23, 2023
Meanwhile, other datasets suggest that we may soon be witnessing a bull market. Could BTC repeat history and start 2024 with a bull market?
Is Bitcoin Ready for a Bull Market?
While BTC’s price recovered, another analysis showed that it had ended its re-accumulation phase. This suggests that BTC could be ready for an upward rally in the coming weeks, raising the possibility that the BTC price chart will turn green in 2024.
#Bitcoin will never hit $12,000. pic.twitter.com/KNu37krpq9
— Mags (@thescalpingpro) December 23, 2023
According to CoinMarketCap, BTC is up more than 3% over the past seven days. At the time of this writing, BTC was trading at $43,602.18, with a market capitalization of over $853 billion.
AMBCrypto looked at Santiment’s data to see if the buildup was over. We find that BTC’s on- and off-exchange supply is closely linked.
This means that at the time of this writing, BTC is not under high selling or buying pressure.
Source: Santiment
Binary CDD for BTC turns green, according to CryptoQuant. This means that the movements of long-term holders have been below average over the past seven days.
However, Bitcoin’s aSORP has gone into the red, meaning more investors are selling at profits, possibly marketing the market high.
Source: CryptoQuant
It is expected
Although buying and selling pressure on Bitcoin was nominal, AMBCrypto checked other indicators to see if Kingcoin could start a bull market next week.
Our analysis shows that while the price of BTC has been somewhat sideways, the NVT ratio has surged significantly.
High NVT ratio values historically coincide with periods of market highs and overvaluation, suggesting that we may be witnessing price corrections.
Moreover, BTC’s Fear Greed Index had a value of 70 at the time of press. When the indicator reaches that level, it means the market is in a “greed” phase, which makes price correction more likely.
Source: Glassnode
Read Bitcoin (BTC) Price Prediction for 2023-24
Bitcoin’s Relative Strength Index (RSI) has shown a worrying sideways trend. Nonetheless, MACD showed potential for a bullish crossover.
BTC’s Money Flow Index (MFI) also recorded gains, increasing the likelihood of a future price move northward.
Source: TradingView
