Cash receipts As the end of 2020 reverberates, the BTC price will come back
Bitcoin (BTC) is showing signs of a fresh bull run as BTC price strength drives 7% daily gains.
The price of BTC rises instantly after the sale.
Data from Cointelegraph Markets Pro and TradingView hint that bullish momentum may continue as metrics on the chain reset.
After hitting $44,000 this month, Bitcoin “had to cool down,” the analyst believes, and after moving to $40,000, conditions are improving.
In a December 13 post on X (formerly Twitter) by statistician Philip Swift, BTC/USD showed a bullish streak, hitting a recent 19-month high.
At the current BTC price, the Coin Days Depreciated Multiplier (VDD) metric has indicated several days of devalued value and reached its highest level since May 2021 on December 11.
“Destroyed value days have now reached levels seen at previous Early Bull domestic highs,” as some HODL'ers took profits, according to a body of commentary.
VDD seeks to measure bitcoin selling activity at a certain price point based on the length of time the newly activated supply has previously been dormant.
As Cointelegraph reports, the recent sell-off was driven by short-term holders, or STHs – a more speculative set among Bitcoin investors.
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Looking at short-term BTC price action, others see key resistance near $50,000.
Related: ‘Take some rest and go' — Bitcoin price replicas 2020 bull run fractal
For analyst Matthew Hyland, this comes in the form of the Relative Strength Index (RSI), which, on daily time frames, prints a marked divergence with price.
“BTC has confirmed the shutdown,” he told X subscribers on December 14.
Ali, a well-known social media analyst, is optimistic, as he has spied a return to massive flows into both Bitcoin and the major altcoin, Ether (ETH).
These, in the year He stated that conditions look like when BTC/USD breaks above $20,000 to enter the first price breakthrough in late 2020.
Over $19.7 billion is flowing into #Bitcoin and #Ethereum today! This is the same capital inflow environment we saw in December 2020 before $BTC increased from $18,000 to $65,000. pic.twitter.com/pBALVN0C2c
— Ali (@ali_charts) December 14, 2023
“We have a plan. We know where we are going, why we are going and when we are going. The rest is just noise,” added an analyst at BitQuant on his latest series of BTC price predictions.
“Bitcoin should overcome the $42K-45K channel by the end of the coming week, and then there are no strong resistances until $63K.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
