Bitcoin Eyed for New Heights as Bullish Sentiment Prevails

By: Isha Das

Notable traction in Bitcoin's performance has indicated a shift from long-term holding to profit-taking strategies in 2024. Bitcoin supply that has remained inactive for over a year has fallen to an 18-month low at 65.8%. This downward trend signifies profit-making from investors and a shift seen in the holding strategy through 2023. Such changes in Bitcoin's trends, however, do not diminish its potential for greater heights.

With the impending Bitcoin "Halving" event, expectations for the flagship cryptocurrency's performance have increased. Some analysts, like Ali Martinez and Captain Faibik, express optimistic predictions. It was noted that Bitcoin had its best quarterly close during Q1, 2024. Despite facing a significant correction at the beginning of Q2, Bitcoin has been showing signs of momentum recovery, even testing the $70,000 resistance level in the first week of the month.

According to Martinez's analysis, the In/Out of the Money Around Price (IOMAP) indicator seems favorable to the bulls, with support level holders massively outnumbering those holding Bitcoin at the resistance level. Captain Faibik anticipates an upside breakout from Bitcoin's bullish pennant, with potential surges into the $88,000-$90,000 price range anticipated this month.

Despite the positive resistance, Bitcoin's price performance experienced a slight decrease of 2.3% from yesterday. The prevailing bullish sentiment, fueled by the upcoming 'Halving' event, may aid the largest cryptocurrency by market capitalization to consolidate support above its current levels.