• Bitcoin (BTC) is surging closer to $30,000 after a 4% increase.
• Analysts predict that the Bitcoin price rally could continue further as we approach the 2024 halving event.
• The cryptocurrency market has been consolidating, but there is potential for a long-term rise in the monthly RSI.
Bitcoin Inches Closer to $30,000
Bitcoin (BTC) has seen an increase of 4%, bringing its price closer to $30,000. The world’s largest cryptocurrency currently trading at a price of $28,664 with a market cap of $554 billion.
Bullish Case Validated
Crypto analyst Jesse Myers believes that Bitcoin’s current bullish momentum might never return to its November 2022 low of $16,000. He explains that this is due to the upcoming supply shock caused by the 2024 halving event which will bring about 12-18 months of major bull markets.
Short Term Volatility Expected
Despite the bullish sentiment surrounding Bitcoin, short term volatility could be expected due to 141,000 BTC options expiring with a Put Call Ratio of 0.74.
Sentiment Neutral to Mildly Bearish
On-chain data provider Santiment reports that Relative Strength Indicator (RSI) levels show bearish divergence indicating weak buying pressure. However, simple moving averages act as strong support levels and monthly RSI is trending upwards suggesting potential long-term rise in Bitcoin prices.
Long Term Bull Market Predicted
Analysts predict that we are headed towards a 12-18 month major bull market post the upcoming halving event in mid-2024 and suggest that we may never see Bitcoin’s prices this low again.