bullish

Bitcoin

<p>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 <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC price</a> 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.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-whale-accumulation-at-the-peak">Whale Accumulation at the Peak</h2>   
<p>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.&nbsp;</p>   
<figure class="wp-block-image">
 <img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdc6ogLTRiV2ZKnccNL2oMB1BWBaoXyTIgNINK8ar4kY6JyxZvmYugxb8QYd0V2riZKnInyvuZbU3K2p4aeZFxKG-II_mqpuVXf3rwhLmoBAJJSaFNsazjPLmcBcVH-QOq30Yy4RKNhS5g57PHlS5ZlI5Iu?key=mUdsKmrkfbcNzaeyDmPP2A" alt="">
</figure>   
<p>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.&nbsp;</p>   
<h3 class="wp-block-heading" id="h-the-strength-of-the-trend-about-to-get-a-huge-blow">The Strength of the Trend About to Get a Huge Blow</h3>   
<p>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.&nbsp;</p>   
<figure class="wp-block-image">
 <img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeJi3SnHTJ_Db5dZ1BqOVJ5xxIqjyJroITbJyTDFarZsxzgAsQprSyGPHOwzElZSzdmbPdx887IbQ3Ph0Yz1a5PuCw4ViwYbjHBKhuIzM9CDaYLjb68pMLBcqLFZ4MZqHfGT1CPz-msLYyLLMvLpKTq73o6?key=mUdsKmrkfbcNzaeyDmPP2A" alt="">
 <figcaption class="wp-element-caption">
  Source: <a href="https://x.com/CryptoCon_/status/1844459792372531685" target="_blank" rel="noreferrer noopener nofollow">X</a>
 </figcaption>
</figure>   
<p>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.&nbsp;</p>   
<h3 class="wp-block-heading" id="h-positive-sentiments-revolving-around-the-u-s-elections">Positive Sentiments Revolving Around the U.S.Elections</h3>   
<p>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 &amp; 2021 elections. Therefore, a similar outcome is expected to repeat after the upcoming elections.&nbsp;</p>   
<figure class="wp-block-image">
 <img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcUuH8LZWvttHRQfWA-C5MWFc5-orJxTiPQ1Rjy-gHXrS47bRS3gxF8y4L9jjhai4EVT7TdAlDBzYeGaypH9GOBRkIsFHsSQeQ8sUpwcIer2KlirjbIaZUmCmXOY2bXmidQm1Uw6Qb64HKb1pYheGZD-w8a?key=mUdsKmrkfbcNzaeyDmPP2A" alt="">
 <figcaption class="wp-element-caption">
  Source: <a href="https://x.com/rovercrc/status/1844671029186297976" target="_blank" rel="noreferrer noopener nofollow">X</a>
 </figcaption>
</figure>   
<p>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.&nbsp;</p>

Top Reasons Why You Should be Bullish on Bitcoin While the Bears Are Based at $63,000

Table of Contents

CoinPedia News

Other articles published on Oct 11, 2024

Next Big Thing After Bitcoin (BTC): FXGuys (FXG) Attracts Crypto Whaless

How These 9 Cryptocurrencies, including Qubetics, Can Multiply Your Wealth in 2024

Crypto ETFs Gaining Popularity: Millennials Lead the Charge

FIO Protocol 💜Partners with Kindly for Uplift Event

Genius Trump Solana Memecoin to Skyrocket 19,000% Ahead of Exchange Listing, While SHIB and DOGE Lag

Meme Coin Madness: DOGE, SHIB, PEPE, BONK, and WIF Battle for Supremacy

Join our free newsletter for daily crypto updates!