Source: Bitcoin BTC
- Analyst predicts that the Bitcoin price rally could continue further as we approach closer to the Bitcoin halving of 2024.
- Bitcoin and crypto could see some volatility in the short term as a massive 141,000 BTC options are about to expire with a Put Call Ratio of 0.74.
Although the broader cryptocurrency market has been consolidating recently, the world’s largest cryptocurrency Bitcoin (BTC) has gained momentum in a move inching closer to $30,000. As of press time, Bitcoin is trading 1.11% up at a price of $28,664 and a market cap of $554 billion.
We have seen how Bitcoin and the crypto market have swiftly traversed through the regulatory developments and banking crisis this month in March. In fact, despite all the macro uncertainty, Bitcoin (BTC) has only emerged stronger.
One analyst believes that Bitcoin is already on a bullish momentum and might never return to its November 2022 low of $16,000. Crypto analyst Jesse Myers presented his case explaining the same.
This is the moment you’ve been waiting for with #Bitcoin
We may never see Bitcoin’s price this low again.
A thread on why… pic.twitter.com/vOXk6fuVG0
— Jesse Myers (aka, Croesus 🔴 “crease-us”) (@Croesus_BTC) March 29, 2023
We are just 15 months away from the next Bitcoin halving event that will happen tentatively around mid-2024. In his thread, Myers writes:
What has happened after each past halving (2012, 2016, 2020) is a 12-18 month major bull market. This is the result of a supply shock upending Bitcoin’s supply/demand price equilibrium. Not as much new supply, just as much demand… Number Go Up.
He says that despite all the noise around the current macros, the bigger factor is the upcoming Bitcoin halving.
What’s Next for Bitcoin?
Over the last two weeks, Bitcoin has been consolidating between the support of $27,000 and the resistance of $28,600. The sentiment surrounding Bitcoin has been neutral to mildly bearish. On-chain data provider Santiment reported:
Relative strength indicator (RSI) levels also show a bearish divergence, indicating weak buying pressure. The simple moving averages of 200 days and 200 weeks act as strong support levels for BTC. The monthly RSI is trending upwards, indicating a potential long-term rise. However, current market conditions suggest that Bitcoin may experience a bearish correction before any major rise.
If Bitcoin manages to break past the resistance of $28,600, it could rally all the way further in the range of $29,000 to $32,000. The downside is that if the BTC price falls under the support of $27,000 it would further tank to $26,000 and below.
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However, the data from Santiment also shows that there’s a steady accumulation of BTC over the last year by the retail players. It adds: “Since February ’22, the amount of addresses holding 10+ #Bitcoin has ballooned by 10,279, a +7.1% increase. The overall percentage of available $BTC held by these wallets is rather stagnant, but the amount is closing in on the Sep, 2019″.
$4 Billion in Bitcoin Options Set to Expire
This month of March has been pretty eventful for crypto investors and a massive 141,000 BTC options are about to expire with a Put Call Ratio of 0.74, a max pain point of $24,000, and a notional value of $4.1 billion. Thus, one can expect some volatility going ahead amid these massive expirations.
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