Market Sentiment and Trader Perspectives
The recent Bitcoin rally has reshaped predictions from prominent traders like Credible Crypto, who anticipated a retest of key support levels before another upward move.
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In a recent X (formerly Twitter) post, Credible Crypto noted:
"Bids are filled, all indicators still look great—send it."
The $43,000 level remains contentious. Analysts like Crypto Chase argue that bullish momentum may fade long-term, citing potential "sell-the-news" behavior post-ETF approval.
ETF Approval and Price Impact
QCP Capital’s market update highlighted:
"We expect resistance at $45K–$48.5K, with a possible retracement to $36K before trend continuation."
Bitcoin’s 2023 Performance Recap
- Year-to-date gain: 160% (per CoinGlass data).
- Q4 surge: 60%, marking Bitcoin’s strongest December since 2020.
Key Drivers:
- Long-term holder resilience: Minimal sell-offs despite price surges.
- Shallow corrections: Just -20% from local peaks (vs. typical -25% to -50% in past cycles).
Glassnode’s "The Week On-Chain" noted:
"2023’s shallow pullbacks reflect strong buyer support and balanced supply-demand dynamics."
Profitability Metrics and Future Outlook
- NUPL indicator: Matches mid-2019 levels (pre-cycle highs).
- Current price: $43,000 (37% below all-time high).
FAQs
Q: Will Bitcoin’s rally continue in 2024?
A: While ETF inflows may sustain momentum, watch for consolidation near resistance levels.
Q: How do current corrections compare to past cycles?
A: 2023’s -20% retracements are notably milder than historical norms.
Q: Are long-term holders selling now?
A: Glassnode data shows continued hodling, reducing sell-side pressure.
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