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For the first time since September 2023, Bitcoin (BTC) price has consistently closed below the daily 50 Moving Average (MA), thus indicating potential reversals in the near term. The short-term Bitcoin’s bearish outlook is propped up by the possible weekly double-top in addition to the falling divergence on the weekly Relative Strength Index (RSI).
Additionally, a recent analysis of Bitcoin miners’ on-chain activities shows accelerated selling pressure, which has been weighing down on the buying pressure emanating from institutional investors. Meanwhile, the altcoins’ bull market is expected to materialize in the coming months to fulfill a healthy crypto cash rotation.
Bitcoin Price Targets
The best thing about this bitcoin market cycle model is that only a few will believe it when it detects a phase transition. For example, when I tweeted on Jan 12 that the bear market (green) was over and the accumulation phase (blue) had begun, many were still calling for 10k. https://t.co/V74Y8VYCVo pic.twitter.com/l2uuFaVr14
— PlanB (@100trillionUSD) January 16, 2024
According to a popular crypto analyst alias PlanB, who created Bitcoin’s stock-to-flow (S2F) model, the crypto macro bear market is over and the accumulation phase has officially begun. Notably, the crypto analyst expects Bitcoin price to range between $100k and $1 million during this bull cycle.
Meanwhile, PlanB indicated that Bitcoin price will consolidate in a horizontal range but not fall below $32k in the coming weeks amid heightened calls for a market correction. A similar Bitcoin stance has been issued by a controversial crypto analyst alias Crypto Capo on the X platform.
$BTC plan
After the other’s day sell-off, fundings got reset and the price formed a ltf bottom pattern. There’s a lot of liquidity above the last high, so 50k is still possible before reversal.
Also, altcoins look like they are going to pump.
Ltf bullish. Then bearish again. pic.twitter.com/YQ5xkkUI7k
— il Capo Of Crypto (@CryptoCapo_) January 16, 2024
The Surprising Twist
There are more reasons for investors to focus on Bitcoin as an asset class than before. Already, more cash inflow is expected in the coming years following the recent approval of 11 spot Bitcoin ETFs in the United States.
Additionally, Bitcoin’s fourth halving event is less than 100 days from happening, which will reduce its annual inflation to less than 1 percent. Meanwhile, the US Federal Reserve has already signaled several interest rate cuts this year following the easing of inflation without major unemployment cases.
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