As the trade stepped into the last quarterly trade, the market dynamics were believed to turn bullish. The Bitcoin price was believed to regain $66,000 and further test the crucial resistance at $68,500, which would have paved the way for a new ATH. It has been over 4 months now that the BTC price has been trading below $70,000 and here are the top reasons why you need to be bullish on Bitcoin for the rest of 2024.
Whale accumulation has been a major indicator of the mindset of the traders, as they tend to become optimistic once the whale activity soars. The accumulation was constantly rising since the start but has intensified in the past 6 months.
As per the data from Cryptoquant, the whales have accumulated over 1.5M BTC in the past 6 months, elevating the levels to 1.9M BTC. This indicates a huge supply crunch could be fast approaching, which could eventually have a major impact on the price.
The ADX usually signifies the strength of the trend, which ranges between 0 and 100, indicating a weak or a strong trend. The historical pattern suggests that whenever the ADX reaches the lower range, it has resulted in a strong rise in the BTC prices.
The historical pattern suggests the BTC price may soon end the ongoing consolidation, which may result in a bullish rebound. However, more bearish consolidation may be expected as a strong rebound can be expected once the ADX triggers a rebound from the lower range.
The US election has always had a significant positive impact on the BTC price rally in the long term. Regardless of the results, the price triggers a healthy ascending trend soon after the elections, which has been observed during the 2017 & 2021 elections. Therefore, a similar outcome is expected to repeat after the upcoming elections.
As seen in the above chart, the BTC price consolidated before the elections and triggered a huge upswing after the event. Secondly, former President Donald Trump, who is believed to be in favour of crypto markets and Bitcoin, is believed to win the elections. This could be super bullish for the Bitcoin BTC price rally, which may even form a new ATH before the end of 2024.
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