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Home CRYPTO

Bitcoin This Week: BTC Could Rally to $74K by End of Year and Here is Why

Matoy by Matoy
August 12, 2024
in CRYPTO
Reading Time: 3 mins read
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  • Bitcoin shows technical signs of a potential recovery, with bullish divergence and Doji candlesticks indicating weakening downward momentum.
  • Bitcoin whales have significantly increased their holdings, suggesting a strong belief in the cryptocurrency’s future price increase.
  • Market sentiment is cautious ahead of key U.S. economic reports that could influence Federal Reserve rate decisions.

Bitcoin’s price saw a significant drop, falling over 25% during a global market downturn on August 5. However, current market indicators and technical analyses suggest this might be a setup for a stronger comeback, potentially leading Bitcoin to set new records in 2024.

Technical Indicators Point to Recovery

Bitcoin’s trading patterns are showing promising signs of a potential reversal. Analysis of the weekly charts indicates a bullish divergence; despite the price marking lower lows over recent weeks, the Relative Strength Index (RSI)—a key indicator of market momentum—has been making higher lows. This divergence typically suggests that the selling pressure is starting to diminish, and a price recovery could be on the horizon.

Further reinforcing this outlook is the appearance of a long-legged Doji candlestick in last week’s trading. This pattern often signifies market indecision that, following a strong downtrend, can herald a reversal. Coupled with an increase in trading volumes at lower price levels, there’s a strong indication that traders are beginning to rally behind Bitcoin, setting the stage for a potential upward movement toward the upper trendline of the current bull flag pattern, which sits around $66,500.

Whale Activity and Market Sentiment

Supporting the technical perspective is significant activity from Bitcoin whales—large-scale holders of the cryptocurrency. Onchain data from Glassnode reveals a notable increase in Bitcoin being moved out of exchange wallets, a sign often interpreted as confidence in the market’s long-term prospects. In fact, the level of Bitcoin withdrawal by these whales is at its highest since 2015, a precursor to the historic bull runs that followed.

Macroeconomic Factors in Play

The broader economic landscape also plays a crucial role in the cryptocurrency’s prospects. Current data from the Chicago Mercantile Exchange (CME) highlights a market consensus expecting the Federal Reserve to cut interest rates in September. Such a move would likely foster a favorable environment for investment in risk assets like Bitcoin. As investors and traders watch closely, upcoming U.S. producer and consumer price index reports will provide crucial data that could sway the Fed’s decision-making process.

A Cautious Market Awaits Key Data

Despite the optimistic technical and on-chain signals, the market remains wary. Recent hawkish comments from Federal Reserve Governor Michelle Bowman have injected a note of caution, underscoring the delicate balance of factors influencing Bitcoin’s near-term price movements. The outcome of upcoming inflation reports will be critical in determining whether the market’s bullish predictors hold true or if caution will temper the enthusiasm for a Bitcoin rally.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Bitcoin
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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