Bitcoin price displayed a magnificent move during the last trading day, achieving new highs close to $90,000. Since then the bears have been holding a notable hold over the rally, restricting the rally to rise above the highs. However, in the short term, the price is consolidating within a narrow range and is about to undergo a fine upswing, leading the rally below $100,000. While the rally to the milestone appears to be pre-programmed if the long-term holders become active, a more bullish rally is expected in the coming days.
Although the institutions and the whales continue accumulating BTC, the impact remains for a short while. Market volatility largely depends on the short-term traders or retail traders who maintain significant activity on the platform. Besides, the rise in the long-term holders induces a huge confidence in the token. However, these holders still have not intensified their activity, suggesting that there is still more room for the BTC to swell.
Popular analyst, Ali shared data from Glassnode which suggests the sentiments of the long-term holders are still within the ‘greed’ phase. Previously, in 2018 & 2021, the sentiments had switched to ‘extreme greed’ that triggered a bull run, leading the price towards new highs close to $19,000 in 2018 and later at $69,000 in 2021. Currently, the sentiments continue to remain greedy and are yet to flip to extreme greed which may trigger the next phase of the bull run.
Although the BTC price is consolidating within a narrow range, the long-term trajectory remains bullish. The price in the weekly chart trades within a rising wedge and after rebounding from the support, the rally is expected to head to the resistance.
The technicals have turned bullish as the RSI has crossed the upper threshold and is about to enter the overbought range. Besides, the OBV or the on-balance volume remains elevated suggesting the price is trading under bullish influence. Therefore, once the long-term holders turn extremely bullish on Bitcoin, the BTC price is believed to rise above $115,000 forming new highs for 2024.
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