Bitcoin’s price has shown only modest gains in the last 24 hours as movements indicate consolidation.
The cryptocurrency’s daily trading volume dropped by 2.24% as per CMC data.
As good times in the digital assets sector persist, this week has seen a short pause in price rallies. The community known for its endless optimism has been sportive as investors wait for the next bull cycle. Meanwhile, smart traders have gotten to work beginning to accumulate tokens before it hits new highs.
Notably, the overall market has seen a modest dip in market cap—0.53%, while Bitcoin is reflecting modest gains of 0.51%. Meanwhile, the slump could be seen reflected in the altcoin sector as well. Ethereum and Solana have shown price drop percentages under 5%.
The past day’s price movements ranged from $91,294 to the current $92,290 before it rose to a new all-time high at $94,002. After testing this new level, the cryptocurrency receded to the aforementioned prices. At the time of writing, BTC was trading at $92,335, as per CMC data.
#Bitcoin is mirroring the behavior of the last two bull cycles! After surpassing its previous all-time high, $BTC has been consolidating for a week. If history repeats, we could see another breakout in the next day or two, targeting ~$150,000, followed by a ~30% correction. pic.twitter.com/EQlX62BSdE
— Ali (@ali_charts) November 19, 2024
Ali (@ali_charts), the prominent crypto market expert posted a prediction for Bitcoin on his X account yesterday. He outlined how BTC has been mirroring the previous bull cycles and predicted another price rally. This rally would result in Bitcoin hitting the $150,000 level followed by corrections stated the analyst.
Bitcoin Whales Accumulations – Sign of Incoming Bull Run?
According to on-chain investigators reports, several Bitcoin whales have shown activity this week. Lookonchain posted two BTC whales buying tokens and selling them at highs. Moreover, MicroStrategy founder Micheal Saylor recently announced plans to invest more funds in the cryptocurrency.
BTC/USDT Daily Price Chart (Source: TradingView )
Moreover, on its price charts, Bitcoin’s signal line stands above the MACD line indicating a positive trend as per TradingView data. In the case of Ali’s aforementioned price breakout materializing, the cryptocurrency can be expected to face slight bumps at resistance levels – $94,164 and $96,974.
Furthermore, the aforementioned whale accumulations have led to market anticipations of yet another mind-boggling bull run. The coming days hold an answer to whether Bitcoin will stage this price rally dropping more fortunes into our laps.
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