- Bitcoin price shows a rounding bottom breakout potential in the weekly chart as it challenges the $61.80% Fibonacci level.
- With an almost 180% jump from the low of $16K in January 2023, Bitcoin shows a remarkable recovery.
- As the bullish rally fueled by the Bitcoin Spot ETF approval and trading started this Thursday, the BTC price eyes a $50K break.
With the U.S. SEC approving all the Bitcoin Spot ETF files, the trading of Bitcoin ETFs started this Thursday. The monumental milestone sets a bull run in BTC price, potentially leading to a bounce back to cross the $50K mark.
Further, the improving market conditions and the anticipation around halving and rate cuts will propel Bitcoin upwards. Hence, as per our BTC price prediction, 2024 has extreme bullish potential for Bitcoin.
Source – Tradingview
Currently, the BTC price trades at $46,154, forming a long-wick bullish engulfing candle in the weekly chart. Moreover, the year-long recovery trend teases a rounding bottom breakout rally for Bitcoin, leading to a stronger bull run.
As per the Fibonacci retracement levels, the buyers are restricted at the 61.80% level at $46,758 due to excessive overhead supply. Nevertheless, this week’s positive closing can result in a high momentum rally crossing the $50K mark.
Technical Indicators:
RSI Indicator: The weekly RSI line persists in the overbought zone, reflecting a growing demand for Bitcoin.
MACD Indicator: The MACD and signal lines sustain a bullish trend and find a revival in the bullish histograms.
Hence, the momentum indicators in the weekly chart reflect a high momentum bullish trend in motion in BTC price.
Almost 90% Bitcoin Holders Turn Profitable
As per the GIOM indicator on Intotheblock, almost 88% of Bitcoin addresses are “into the money,” which translates to addresses that bought Bitcoin at lower prices. However, a significantly lower number of 9.04% holders are “out of the money,” translating to addresses holding Bitcoin at an average price greater than the current market price.
Source: Intotheblock
Meanwhile, a small 3% of addresses are “at the money” and are waiting for Bitcoin to cross the $46.5K barrier and enter the positive territory.
ARK Invest’s Cathie Wood Predicts Bitcoin To Reach $1.5M by 2030
Cathie Wood, the CEO of ARK Invest, recently shared some insightful Bitcoin price predictions. Wood suggests a potential rise in Bitcoin prices to $1.5 million by 2030, marking a substantial 50% increase from her earlier $1 million projection.
This heightened optimism from Wood is largely attributed to the U.S. Securities and Exchange Commission’s recent approval of spot Bitcoin ETFs, a milestone event following a decade of anticipation.
In outlining different market scenarios, Wood presented a ‘bear case’ where Bitcoin could still appreciate $258,500 and a ‘base case’ with a projection of $682,800. These estimates are not baseless; ARK Invest’s confidence is bolstered by key indicators such as an enhanced hash rate, a resilient supply from long-term holders, and an increase in active Bitcoin addresses.
Will BTC Price Cross The $50K Barrier?
With the recent boost in demand, Bitcoin is ready for a new breakout rally and teases a bullish 2024 with multiple catalysts down the year. Hence, the said weekly pattern might shortly give an entry opportunity for sideline traders. Further, the big names supporting the future of Bitcoin, like Michael Saylor, Cathie Wood, and more, help fuel the bull run.
In case the growing demand supports the BTC price to cross the 61.80% Fibonacci level, Bitcoin can reach the $50,000 milestone in January 2024. Conversely, a retest to the $42,000 mark is possible if the buyers fail to sustain above $45K.
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