The post Bitcoin Consolidation and Rising Demand Signal Potential Bull Rally in Q4 2024 appeared on BitcoinEthereumNews.com.

Bitcoin’s price remained relatively stable last week, reflecting a consolidating market. Notably, Bitcoin’s exchange reserves decreased, signaling heightened demand. A prominent crypto analyst suggests historical patterns might lead to a future price surge. An in-depth look at Bitcoin’s recent market dynamics, including trends in price stability and exchange reserves, while exploring potential future price movements. Bitcoin’s Market Consolidation: What’s Happening? Bitcoin (BTC) has seen a phase of minimal price fluctuations recently, aligning around the $60,000 mark. CoinMarketCap data shows a minor 2% decline over the past week, with a slight 1% recovery in the last 24 hours. Currently, BTC is priced at $59,172.68, boasting a market capitalization exceeding $1.17 trillion. This stabilization has led to decreased price volatility, as confirmed by recent dips in the 1-week volatility charts provided by Santiment. Analyzing the Decreased Volatility Quinten, a well-known cryptocurrency analyst, attributes this reduced volatility to BTC following a historical pattern. He notes that post-halving periods often see BTC entering prolonged consolidation phases, which then precede significant price surges. If this pattern holds, we could witness BTC reaching new all-time highs by Q4 2024. This analysis suggests the current consolidation may be setting the stage for a substantial bull rally in the near future. Rising Demand Amidst Market Consolidation As Bitcoin consolidates, its demand continues to grow, particularly evidenced by significant drops in exchange reserves. Analysis from CryptoQuant highlights a notable reduction in BTC exchange reserves in 2024, suggesting a supply squeeze. This scenario typically leads to price increases as demand outpaces supply. Further data from Glassnode confirms this rising demand, with Bitcoin’s accumulation trend score reaching 0.94, indicating high buying pressure. Technical Indicators and Market Sentiment Examining Bitcoin’s daily chart provides additional insights into its near-term prospects. The Bollinger Bands show BTC approaching resistance near the 20-day Simple Moving Average…

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Filed under: News - @ August 17, 2024 8:15 pm