Crypto trader Ali (@ali_charts) has recently retweeted an old thread related to the upcoming Bitcoin halving and the various market phases that come with it. The thread suggests that the recent spike in the fees-to-rewards ratio indicates that the market has entered into an accumulation cycle, similar to the one in 2019 and 2020. This is a positive sign for Bitcoin’s potential price rally leading up to the 2024 halving.
At present, Bitcoin’s price stands at $30,731.20 after a 1.37% increase over the last 24 hours, according to CoinMarketCap. This gain has added to Bitcoin’s positive weekly performance, pushing the total weekly gain to 10.25% at press time. Despite this, Bitcoin was still outperformed by the altcoin market. Currently, Bitcoin’s market dominance is estimated to be 46.41%, which is 0.56% lower compared to yesterday. The altcoin leader, ETH, was also able to outperform Bitcoin over the last 24 hours and is up around 4.60% against Bitcoin.
Technical indicators on Bitcoin’s daily chart are bullish at present. The 9-day EMA is trading above the 20-day EMA, and the daily RSI line is trading above the daily RSI SMA line. Bitcoin’s daily RSI line is also sloped positively towards overbought territory, which is another positive sign for the market leader’s price. These technical indicators suggest that Bitcoin’s price has entered into a medium-term bullish cycle and may continue to rise in the next 24-48 hours. Should this bullish thesis be validated, Bitcoin’s price could soar to the next resistance level at around $36,900.
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