Whales, Dragonflies, and Batshit Season: Will $BTC Hit $150K in 2024?
- An emerging dragonfly doji candlestick pattern could indicate a push over $65K for Bitcoin ($BTC).
- There's potential for a batshit' season that sees $BTC hit $150K.
- Market signals remain mixed, and analysts are divided.
- The growth of $BTC millionaires and inflows for $BTC ETFs show strong support for the leading cryptocurrency.
Is $BTC poised for a breakout? A holding pattern has held steady for several weeks, leading analysts to try to figure out how and when Bitcoin will finally make a move.
Will market indicators like the legendary butterfly doji' push $BTC beyond $65K? Or will macroeconomic factors like interest rates and US elections determine $BTC's price future?
Let's see where $BTC could go.
Did Bitcoin Enter the Dragon(fly)?Bitcoin is at a crucial technical juncture, with a potential dragonfly doji' candlestick patternon the monthly chart that indicates a possible reversal.
Arguably, the most interesting monthly candle in Bitcoin's history
pic.twitter.com/p6WKSoPlko
- HODL15Capital
(@HODL15Capital) August 25, 2024
Past dragonfly doji patterns preceded price shifts, both positive and negative. The current one could reverse the general negative trend after March's all-time high (ATH). But the month isn't over yet, and the dragonfly doji pattern could be overshadowed this week.
Fundamentals like the Federal Reserve rate decisions and global economic conditions may have a stronger influence on Bitcoin's future price direction.
In the meantime, analysts are torn between conflicting indicators.
Several bullish factors suggest Bitcoin could reach $68K in the short term:
- Positive sentiment around ETF approvals
- Potential Federal Reserve rate cuts
- A strong historical pattern in September
However, some analysts predict thatBitcoin may remain within a tight trading rangedue to market uncertainties, global economic factors and regulatory concerns.
Despite potential short-term volatility, the overall trend remains uncertain, with Bitcoin needing to breach key resistance levels for a significant upward movement.
Is $BTC Volatility a Positive Sign?Bitcoin volatility can frustrate investors, but volatility can also indicate upside potential.Lukman Otunuga (Senior Market Analyst at FXTM) highlights that $BTC reached its ATH in March only because of intense volatility.
Now, he and other analysts propose an upper price prediction of $123K for $BTC -a 100% increase above current levels.
While $123K might seem like a long shot, $BTC grew over 39% year-to-date, and positive support from $BTC ETFs continues to support the market.
The spot $BTC ETF market saw its second consecutive day of monster inflows, adding $202M in yesterday's trading. This came after another $252M inflow on Friday, 23 August.
In short, Bitcoin ETFs registered nearly $500M in inflows in two days. Blackrock's $IBIT fund commands the lion's share of that investment, while other ETFs suffered net outflows at IBIT's expense.
Want more evidence for healthy crypto seas? Look at the number of whales.
The number of Bitcoin millionaires has surged by 111% over the past year. There are now over 85k $BTC millionaires, indicating growing interest and accumulation among wealthy investors.That's a good marker for long-term bullish sentiment, with the potential for further price appreciation as adoption increases.
The same report also found well over 150 $BTC multi-millionaires and billionaires. Five of the six newest crypto billionaires ascended due to Bitcoin, with Andrew Amoils of New World Wealth noting that this underscores its [$BTC's] dominant position.'
A $BTC breakthrough won't be easy. However, the $BTC supply continues to flow out of exchanges and into instruments like Bitcoin ETFs, which could fuel demand and push $BTC higher more quickly.
Bitcoin Batshit Season BeginsKey analysts also point to market patterns connecting $BTC to broader $US dollar liquidity, marking thebeginning of a Bitcoin batshit season.'
Unless something fundamentally has changed, we are entering what @RaoulGMI refers to as the
zone, or what I would describe as #Bitcoin batshit season. pic.twitter.com/pMxk49ATtq
- Jamie Coutts CMT (@Jamie1Coutts) August 26, 2024
Bitcoin could fluctuate wildly in this period, possibly reaching highs beyond $65K or encountering significant resistance.
Will $BTC follow the whales, with a batshit season sending it crazy? Or will the market pattern fall through, with a win for the bears?
Either way, we're in for a wild ride in the latter half of 2024.
References- The Crypto Wealth Report 2024 (Henley & Partners)
- The Most Interesting Monthly Candle (X)
- Bitcoin Batshit Season (X)
- BTC ETF Flows (Farside Investors)
The post Whales, Dragonflies, and Batshit Season: Will $BTC Hit $150K in 2024? appeared first on The Tech Report.