š Here's What Bitcoin Needs for Continued Gains in 2024
š Analyzing Trends and Seeking Support
After reaching an impressive high of $44,000, Bitcoin's recent trajectory prompts a closer look at what's needed for sustained growth into 2024. The concern arises as the Bitcoin network experiences a slowdown in growth, raising questions about the durability of its recent surge.
š Critical Indicator: New BTC Addresses
To ensure a resilient extension of the bullish trend, attention turns to the creation of new BTC addresses. Crypto analyst Ali Martinez underscores the importance of an uptick in new addresses to support ongoing bullish momentum. The disparity between the recent price surge and the addition of new addresses suggests potential corrections in the near future.
š Spot ETF Potential: Turning the Tide
Anticipation centers around the possible announcement of a BTC spot ETF, seen as a catalyst that could unlock institutional investment floodgates. This development might address the current imbalance and pave the way for renewed upward momentum.
š” Expert Insights and Future Outlook
From an analytical perspective, there's a reasonable expectation of revisiting Bitcoin's lows before a gradual ascent. Crypto analyst Michael van de Poppe suggests a potential shift to an "up-only" mode in the coming weeks, possibly marking the conclusion of profit-taking towards the year's end.
š Bitcoin's Current Position
As of now, Bitcoin is trading at $41,168, marking a minor decrease of -1.49% in the past 24 hours. Despite short-term fluctuations, the cryptocurrency has witnessed a 13.01% increase over the last 30 days, showcasing its resilience over time.
š A Year of Triumphs: Bitcoin's Remarkable Growth
Over the past year, Bitcoin has demonstrated outstanding performance, with a remarkable 146% surge, outperforming 73% of the top 100 crypto assets.
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