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Bitcoin’s surge back to $101K – Mapping the road ahead
The post Bitcoin’s surge back to $101K – Mapping the road ahead appeared on BitcoinEthereumNews.com. contributor Posted: December 13, 2024 Bitcoin’s surge back to $101K is fueled by large HODLers capitalizing on the dip. A new all-time high could be within reach, setting the stage for an exciting rally. Bitcoin [BTC] is back at the critical $100K level, igniting intense speculation about its next big move. The market is divided: some see the recent surge as a sign of cautious optimism, fueled more by hype than solid fundamentals. On the flip side, the increasing number of large HODLers suggests a strong accumulation phase, with many considering the current price as a potential bottom. This sets the stage for a significant breakout as the new year excitement ramps up. So, with the stakes higher than ever, can Bitcoin deliver on its promise of hitting a new all-time high by the end of Q4? Bitcoin is showing signs of undervaluation Several key factors are in play right now. On the internal front, volume data suggests Bitcoin is moderately undervalued, while the RSI remains neutral. The MACD lines are close to a bullish crossover, and the CMF stays positive. Externally, both economic and psychological dynamics are lining up, hinting that a bottom formation is underway. Historically, breakouts tend to follow when the network is undervalued—and right now, the NVT ratio is confirming this sentiment. Source : CryptoQuant With the NVT hitting a two-month low, Bitcoin’s price seems to be outpacing its network activity. This signals a potential buying opportunity, especially for large HODLers capitalizing on the dip. But here’s the catch: whales have been actively scooping up every dip for the past two weeks, effectively preventing any major pullbacks. However, despite their efforts, price movement has remained lackluster due to the overwhelming influence of high leverage in the derivatives market. A confirmed bottom could set the stage to…
The post Bitcoin’s surge back to $101K – Mapping the road ahead appeared on BitcoinEthereumNews.com.
contributor Posted: December 13, 2024 Bitcoin’s surge back to $101K is fueled by large HODLers capitalizing on the dip. A new all-time high could be within reach, setting the stage for an exciting rally. Bitcoin [BTC] is back at the critical $100K level, igniting intense speculation about its next big move. The market is divided: some see the recent surge as a sign of cautious optimism, fueled more by hype than solid fundamentals. On the flip side, the increasing number of large HODLers suggests a strong accumulation phase, with many considering the current price as a potential bottom. This sets the stage for a significant breakout as the new year excitement ramps up. So, with the stakes higher than ever, can Bitcoin deliver on its promise of hitting a new all-time high by the end of Q4? Bitcoin is showing signs of undervaluation Several key factors are in play right now. On the internal front, volume data suggests Bitcoin is moderately undervalued, while the RSI remains neutral. The MACD lines are close to a bullish crossover, and the CMF stays positive. Externally, both economic and psychological dynamics are lining up, hinting that a bottom formation is underway. Historically, breakouts tend to follow when the network is undervalued—and right now, the NVT ratio is confirming this sentiment. Source : CryptoQuant With the NVT hitting a two-month low, Bitcoin’s price seems to be outpacing its network activity. This signals a potential buying opportunity, especially for large HODLers capitalizing on the dip. But here’s the catch: whales have been actively scooping up every dip for the past two weeks, effectively preventing any major pullbacks. However, despite their efforts, price movement has remained lackluster due to the overwhelming influence of high leverage in the derivatives market. A confirmed bottom could set the stage to…
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