- Bitcoin has risen by more than 3% in the past seven days.
- If BTC starts a bull rally, it may encounter resistance around $45,000.
If Bitcoins [BTC] the price froze around $44,000 and investors’ expectations for the king coin rose. If the latest data is to be believed, BTC could even reach a new high in 2024.
Given the hype surrounding Bitcoin ETFs, the possibility of BTC reaching new highs seems likely.
2024 might just be a year worth remembering
Bitcoin’s price action remained bullish last week as it was poised to cross the $44,000 mark. According to CoinMarketCapBTC rose by more than 3% last week.
At the time of writing, the king of cryptos was trading at $43,912.86 with a market cap of over $860 billion.
As the price of BTC has steadily risen, analysts have made bullish predictions for the king coin.
Specifically, an analyst who created the Stock-to-Flow (S2F) model predicted that Bitcoin could surpass $100,000 in 2024 before reaching a price of $532,000 in 2025.
When I bought my first bitcoin for $400 in 2015, people said bitcoin was dead.
In 2019, when BTC was worth $4000, I wrote the S2F article calling for $55k BTC. People said I was crazy.
Today Bitcoin costs $40,000, and the S2F model predicts $532,000 after the halving in 2024. People say it’s impossible.
— PlanB (@100 trillionUSD) January 7, 2024
The prediction was made at a time when Bitcoin ETFs were a hot topic of discussion in the market. If ETFs are approved, investors can expect the price of BTC to reach new highs.
ICrypto Tony, a popular crypto analyst, even mentioned that he also expected BTC to reach $50,000 if ETFs were approved.
ETF anticipation plan. I’m staying in my long as we are now above $41,000. My plan would be to take profits in the region of $47,000 – $50,000, and anticipate a sell-off in the coming weeks
If the ETF is approved, that is, if the ETF is rejected, we will go down first pic.twitter.com/4HJ9f1FkcP
— Crypto Tony (@CryptoTony__) January 8, 2024
Something for short-term investors?
While the $100,000 figure seemed ambitious, and it would be quite early to make such predictions, there was good news for investors. Captain Faibik revealed this in a tweet BTC‘s Bollinger Bands tightened on the daily timeframe chart.
The analyst remained bullish on BTC and expected the price to rise in the coming days.
$BTC Bollinger Bands Tighten in the Daily Timeframe Chart.
I’m expecting a big move next week.
By the way, I’m still bullish on Bitcoin
#Crypto #Bitcoin #BTC pic.twitter.com/HxbJh5ZYSR
— Captain Faibik (@CryptoFaibik) January 7, 2024
So, to better understand what to expect from BTC, AMBCrypto took a look at its on-chain metrics.
Our analysis showed that buying pressure on BTC increased as the currency reserve and currency netflow were in the green.
Source: CryptoQuant
Our look at CryptoQuant’s facts also revealed that BTC‘s binary CDD was green. This meant that long-term bond movements over the past seven days were lower than average.
bSentiment among US investors was also dominant, as evidenced by BTC’s Coinbase Premium.
Source: CryptoQuant
Read Bitcoins [BTC] Price prediction 2024-25
If Bitcoin manages to initiate a bull rally in the coming days, it could face some resistance zones. AMBCrypto then checked Bitcoin’s liquidation heatmap to figure out those troublesome zones.
Our analysis showed that BTCThe company’s liquidation increased last time when the price reached the $45,000 mark. Therefore, it needs to move above that level to maintain its bull rally.
Source: Hyblock Capital