BitcoinLong
🔥 Predicting Bitcoin's 2024 Surge: Accumulation Insights
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In this analysis I want to take a look at the BTC accumulation phases of the current, the last, and the bear-market before that. I took the lowest weekly close as my anchor.
As seen on the chart, Bitcoin is trading exactly where it should be - in a longer term period of accumulation. The square accumulation periods that I drew on the chart are just lines I quickly drew and are not set in stone.
Nevertheless, it's clear that Bitcoin needs a period of relative sideways price action after the bottom is in. Naturally, we're assuming that the November 2022 lows are the bottom.
In my view, we can go up and down for the next ~6 months. Most important will be the months after the halving took place. I think we're going to fly again by July/August 2024.
Share your thoughts in the comment section 🙏
In this analysis I want to take a look at the BTC accumulation phases of the current, the last, and the bear-market before that. I took the lowest weekly close as my anchor.
As seen on the chart, Bitcoin is trading exactly where it should be - in a longer term period of accumulation. The square accumulation periods that I drew on the chart are just lines I quickly drew and are not set in stone.
Nevertheless, it's clear that Bitcoin needs a period of relative sideways price action after the bottom is in. Naturally, we're assuming that the November 2022 lows are the bottom.
In my view, we can go up and down for the next ~6 months. Most important will be the months after the halving took place. I think we're going to fly again by July/August 2024.
Share your thoughts in the comment section 🙏
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