Recent data indicates a notable increase in accumulation addresses for Bitcoin (BTC), indicating a growing trend towards ‘HODLing’. At the beginning of 2024, addresses holding at least 10 BTC without any outflows contained 1.5 million coins; currently, this number stands at 2.9 million.<\/p>\n
Despite the ultra-bullish forecasts provided by the Bitcoin Rainbow Chart suggesting a target price of $288k or higher in this cycle, historical patterns hint that the cycle’s peak might be closer to $100k this time around.<\/p>\n
A recent analysis by CryptoBullet highlighted a significant development in the weekly MACD indicator, showcasing a bullish crossover for the first time since October 2023. During the last such occurrence, Bitcoin witnessed a remarkable 172% rally within five months.<\/p>\n
However, it’s crucial to note that the previous rally took place before a Bitcoin halving event. The question now arises whether a similar surge can be expected this time or if the subsequent upward momentum would mark a lower high on the MACD, potentially signaling the end of the bullish phase.<\/p>\n
Considering multiple factors, CryptoBullet leans towards the latter scenario. Following a period of consolidation, a bullish MACD crossover post a rapid ascent is less likely to yield triple-digit percentage gains. The analyst’s chart analysis indicates a more plausible target of a 40% upward move from current levels.<\/p>\n
It’s an established notion that historical trends often repeat, echoing familiar patterns but not necessarily identical outcomes. For instance, during the 2017-18 bull market, a weekly MACD bullish crossover led to a substantial 617% increase, while a similar event in 2020 resulted in a 468% surge. Notably, the 172% rise in 2023 occurred before a halving event.<\/p>\n
Reflecting on previous market cycles, Bitcoin soared by 190% from its $3.2k lows approximately 18 months before a halving event. This data suggests that the purported extension target of 40% for the upcoming leg, as outlined by CryptoBullet, may face potential recalibration.<\/p>\n
Regardless, the current analysis supports the notion of a 40% increase as a feasible scenario, aligning well with Fibonacci extension levels displayed on the weekly chart analysis.<\/p>\n
Disclaimer: The information provided is the author’s personal opinion and should not be construed as financial or investment advice.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Recent data indicates a notable increase in accumulation addresses for Bitcoin (BTC), indicating a growing trend towards ‘HODLing’. At the beginning of 2024, addresses holding at least 10 BTC without any outflows contained 1.5 million coins; currently, this number stands at 2.9 million. Despite the ultra-bullish forecasts provided by the Bitcoin Rainbow Chart suggesting a<\/p>\n","protected":false},"author":1,"featured_media":28546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-28545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=28545"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28545\/revisions"}],"predecessor-version":[{"id":28548,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/28545\/revisions\/28548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/28546"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=28545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=28545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=28545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}