Bitcoin shows typical behavior with 150 days in $5,000 price range, according to CryptoSlate analysis.
Bullish expectations for BTC after halving and growing demand for ETFs.

Bitcoin’s characteristic behavior in its $5,000 price range is an interesting observation. Although Bitcoin has experienced two-year highs in 2024, as well as lows of $38,500, it has failed to break out of this range and establish a broader price trend. This has led BTC/USD to remain within a trading range of only $5,000 for approximately 150 days through Feb. 2.

James Van Straten, research and data analyst at CryptoSlate, points out that this behavior is not unusual in Bitcoin’s history. Analyzing price movements in $5,000 increments shows that Bitcoin typically trades within these ranges for periods ranging from 100 to 250 days. Therefore, the current price action conforms to historical trading patterns and is considered characteristic behavior rather than an anomaly.

Investors and traders have been expecting sustained upside momentum following the launch of Bitcoin exchange-traded funds (ETFs), but the lack of significant upside has led to a revision of price expectations for BTC. With the upcoming block reward halving event in sight, Bitcoin is expected to regain its upside momentum in the months ahead.

Here’s the road map

March – May – BTC has a slight up tick from halving FOMO.

May – Sept – BTC chills out

Sept – Oct – BTC starts its incline

Nov – Jan – ALT season

Feb – Apr – BTC blow off top

Now until Forever – Any random ALT can go 10x; good luck

— Cobra Crypto (@CobraCrypto) February 1, 2024

The outlook forecast by some experts is as follows:

March – May: BTC experiences a small rally due to FOMO (fear of missing out) due to halving.
May – September: BTC remains stable.
September – October: BTC starts to rise.
November – January: altcoins season.
February – April: BTC peaks.

However, it is important to remember that the cryptocurrency market is highly volatile and subject to rapid change. In addition, Bitcoin accumulation through ETFs is removing coins from the market at an accelerating pace, which could have a significant impact on supply and demand .

In particular, it highlights the fact that demand for just two ETFs is currently 10 times greater than the daily supply of Bitcoin, and this demand could increase further when the block reward is halved in the coming months. This suggests a possible bullish scenario for Bitcoin in the near future.

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Filed under: Bitcoin - @ February 4, 2024 7:00 am