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New Bitcoin Prediction: Analyst Backs BTC To Reach $34,500 In 2024
Bitcoin (BTC) has experienced little price movement this week and is up by only 0.25% in seven days, according to data from CoinMarketCap Following the announcement on Wednesday that federal interest rates will remain at their current level, the premier cryptocurrency showed the expected reaction, maintaining its price above $27,000
However, over the last two days, Bitcoin has witnessed a slight price decline of 2%. As the most-priced blockchain asset now hovers around $26,500, crypto analyst Captain Faibik has predicted an incoming bullish run, which may see BTC close out 2023 with impressive gains
Analyst Says Bitcoin Is Poised For 30% Gain Soon
On Saturday, Captain Faibik shared on X (formerly Twitter) with his 65,000 followers a Bitcoin price forecast. Using data from Tradingview, the analyst stated that Bitcoin is currently experiencing a consolidation in a falling wedge stretching as far back as March 2023.
According to Faibik, the asset is also likely to remain in this wedge all through October, reaching as low as $23,000. Upon testing this price level, Faibik predicts Bitcoin could experience a price breakout and embark on a strong bullish run.
To explain, a falling wedge pattern is generally interpreted as a bullish signal. It usually suggests that a bearish trend is losing momentum, and a price reversal could soon occur
If this pattern holds true in the present Bitcoin market, Captain Faibik predicts Bitcoin could start rising in November, attaining a price of $34,500 in January 2024. Such price gain would mark a 30% increase in Bitcoin’s current price
As usual, there are no guarantees no this prediction as the crypto market is subject to ious factors. Investors are advised to conduct proper personal research before making investment decisions.
Bitcoin Non-Whales Attain New Levels Of Market Supply
In other news, Bitcoin non-whales, defined generally as addresses holding under 100 BTC, have increased their total holdings in the BTC market
According to data from Santiment, these wallet addresses have acquired 2.4% of BTC’s supply from October 2022 and now account for an all-time high value of 41.1% of Bitcoin’s available supply
On the other hand, BTC whales, defined as addresses holding 100-100,000 BTC, have dumped 0.9% of BTC since early June and now account for 55.5% of BTC’s available supply, their lowest level of market dominance since May
At the time of writing, BTC now trades at around $26,574, with a 0.07% decline in the last day. The token’s daily trading volume is also down by 29.95% and is valued at $9.17 billion. With a market cap of $517.19 billion, Bitcoin retains its spot as the largest cryptocurrency in the market.
Featured image from Investing News Network, chart from Tradingview