Bitcoin
The Bitcoin Bull Market Is 50% Complete, But THIS Is What’s Next
- Bitcoin may wait until the third or fourth quarter before the bull run continues
- BTC Price Could Reach $101,500 Before the End of 2024
Bitcoins [BTC] The journey to a higher value on the charts may take longer than initially expected. This appeared to be the case after AMBCrypto analyzed some crucial network metrics.
In fact, at press time, the number of BTC was observed to be falling. This decline could be a sign that most Bitcoin holders are inclined to accumulate more currency rather than selling it.
Did the search for money take a break?
Here, it is worth mentioning that the drop in reserves proved that Bitcoin is in a bull market. However, the metric also suggested that Bitcoin could be 50% away from its potential market this cycle.
At the time of writing, BTC is valued at $67,937, with the cryptocurrency recording a notable drop from its ATH in March. The drop in reserves and price mix indicate that Bitcoin could be Hunting for liquidity.
Source: CryptoQuant
In trading, liquidity hunting happens when market participants look for low liquidity as prices move within a short range. AMBCrypto’s market assessment showed that Bitcoin has been moving between US$64,000 and US$68,000.
This price inefficiency is a sign that BTC may do not do a significant upward movement until the end of the second quarter (2Q). As such, the bull run may pause and begin its next leg in the third quarter, by the end of the fourth quarter of this year.
XBTManager, an analyst at CryptoQuant, also shared a similar thought. In his analysis, he explained,
“Bitcoin is gaining momentum for the next rise. When it gathers enough strength, a sharp climb seems to be waiting for us. It seems likely that increases like those in the third and fourth quarters will continue.”
This opinion also aligned with the crypto index of fear and greed. This index shows whether the cryptocurrency is fairly priced, too expensiveor undervalued using market sentiment.
Bitcoin Price Could Double
At press time, the metric had a reading of 60 – a sign that greed in the market was not extreme. Therefore, Bitcoin appeared to be fairly priced on the charts. However, this also indicates that another significant increase may be possible in the medium to long term.
To reinforce this price rise prediction, AMBCrypto verified the Cycle Change Detector. This metric shows whether Bitcoin has transitioned into a bullish or bearish phase.
This metric also uses the correlation between price and supply in profit. Looking at the chart below, a light blue line would appear if Bitcoin reached its maximum price.
Source: Glaassnode
However, if the line is light red, it means the price is close to the bottom. At press time, Bitcoin had surpassed the bottom.
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However, there was still no blue light (top detector) in sight. Following the signals discussed above, the price of BTC could reach US$101,500 between the third and fourth quarter of 2024.
Next: Warning signs for Ethereum price? Traders, stay tuned to this index!