Crypto Market Weekly Review: Bitcoin On A Bullish Road Beyond $50K Break; Pre-Halving Run is HERE!

With the year of Dragon turning into a year of “long positions” for BTC price, the crypto market is bouncing back stronger this year. Starting the week at $42,500 to form a Doji Candle, Bitcoin picks up momentum slowly and steadily.

A new 52-Week High: BTC close price on the last day is $47.15k, the highest level in over 365 days. 

 With an 11% jump this week, the biggest cryptocurrency, Bitcoin, reaches a market cap of $900 Billion with a market of $47,400 for a single BTC. Aiming for the milestone of $50,000 this weekend, the crypto is ready to blast through and start a rally as the fourth Bitcoin halving comes closer.

Once the BTC price crosses $50,000, the BTC price might offer a bull run to the peak of $100,000. However, the markets are filled with questions like, “how high will Bitcoin go in 2024?” or “Will it reach the $100,000 mark or the $1 Million milestone?”

Well, worry not. To resolve your doubts, Coinpedia brings out a well-detailed BTC price prediction. Read this deep analysis prediction article to understand the dynamics of the coming bull run in Bitcoin. 

Buyers Dominate The Bitcoin Chart

With a bullish turnaround this week, the BTC price chart shows a dominance of buyers of multiple timeframes. The most notable bullish engulfing candle in the weekly chart puts Bitcoin on the verge of an inverted head and shoulder pattern. 

Comparatively, the three days following the fall on Monday were quiet and led to multiple Doji candles. The lower price rejections set a bullish stage for Bitcoin by returning the support base at the $38.20% Fibonacci level and the $38K mark. 

Source: Tradingview

With the BTC price ready to cross the 61.80% Fibonacci level, the buyers are anticipating a breakout rally. Further, the Fibonacci levels predict a bull run to almost $96K that aligns with the 1.618 Fib level. 

Source – The Block

With the Cumulative Spot Bitcoin ETF Volumes reaching almost the $34 billion mark, the demand for BTC in the market is growing significantly. Further, the recent news of miners hesitating to sell bitcoin is leading to a short supply, in turn, creating more demand for it in the market. 

The Altcoins Are Soaring High

Despite the bearish channel in the ETHBTC price chart, known for showcasing the strength of altcoins in the market, the performance is increasing remarkably. With a 10% drop and an evening star formation, the reversal from the overhead trendline results in a negative cycle. 

On the contrary, the total market cap of cryptocurrencies, excluding Bitcoin, stands at $809 Billion, with a 7.53% jump this week. 

Supporting the bullish spike, the best performers of this week are Dymension (DYM), Kaspa(KAS), and Bonk(BONK). Ranging from the world of decentralized finance to meme coins, the altcoins are preparing for a bullish role in the coming weeks. 

On the downside, we have Monero(XMR), Ronin(RON), and Jupiter(JUP), each undergoing a deep correction phase. 

Defi Market 

The Total DeFi market cap resurfaces above the $77 Billion mark with a bullish jump of 8.87% this week. Amidst such market-wide recovery, the DeFi TVL value reached the $66.507 billion mark, accounting for a 15% jump from last week. 

Moreover, the 24H volume of the DeFi space reaches the $4.073 billion mark supporting the rise in stablecoins market cap reaching to $136.635 billion.

With the recovery trend in the DeFi Space, the ERC20 coin, MANTRA (OM), and COTI have a remarkable price jump this week. 

On the flip side, the bearish side displays the top losers as the DeFiChain token, Jupiter(JUP) and Frax Share (FXS). 

NFT market

With the ongoing challenges of the NFT market to regain momentum and create hype, the NFTs might start a new run in 2024. Further, with the increased volatility last week and the recovery on Friday, the NFTs are prepping a comeback.