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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Analyst: Bitcoin Has Never Been This Bullish, What’s Next?

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Bitcoin price ETFs

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While Bitcoin treads water around $50,000, with some predicting a slump, one analyst on X is swimming against the current, claiming the coin has “never been this bullish.” The coin is bullish despite cooling off from 2024 highs above $54,000.

Analyst: Bitcoin Is Bullish, Here’s Why

The analyst Mags argues that Bitcoin is, at spot rates, defying historical patterns and showing bullish signals, especially looking at the candlestick arrangements. Specifically, Bitcoin recently closed a weekly candle above the 0.618 Fibonacci level before the next halving event. Mags said this is the first time in the four-year cycle. 

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Bitcoin price breaking structure: Source: Mags on X
Bitcoin price breaking structure: Source: Mags on X

Therefore, though Bitcoin prices have been moving horizontally in the past few trading days, with fears of price slumps, the development in the weekly chart is overly bullish. Further bolstering their optimism, Mags points to the increasing demand for Bitcoin from institutional investors following the launch of spot Bitcoin exchange-traded funds (ETFs). 

Wall Street heavyweights, including Fidelity, issue some of these products. BitMEX Research data shows that spot ETFs continue to siphon more and more coins from circulating supply, sending them to custodians, like Coinbase Custody, for safekeeping. These coins will likely be released in the coming years, not months.

Besides institutional interest, optimism for more price gains also stems from the absence of retail interest at spot rates. Data from Coinbase shows that unlike the spike in interest that drove Bitcoin to $70,000, mainly at the back of retailers, BTC prices are up, but the dynamics are changing. 

Will Retailers Take BTC To New Levels?

Solid data reveals that retailers are mostly not interested in the coin at spot rates, looking at the amount retailers have been spending on the coin. By Q4 2021, retailers acquiring Bitcoin via Coinbase spent roughly $177 billion. However, this figure sharply fell throughout 2022 during the bear market, finding support in H2 2023.

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Then, according to exchange data shared by Will Clemente on X, retailers began loading the coin from Q3 2023. The figure has risen to around $39 billion in Q1 2024–less than 25% of Q4 2021 volumes.

Coinbase retail trading volume | Source: Will Clemente on X
Coinbase retail trading volume | Source: Will Clemente on X

How retailers will impact the price of Bitcoin in the future is yet to be seen. In the past, retail fear of missing out (FOMO) has been a critical price driver. Presently, CoinStats sentiment tracker, Fear & Greed indicator, stands at 74, at “greed” territory, down from “extreme greed” on February 22.

Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

This reduction could be possible because of the fake breakout that lifted Bitcoin above $53,000. The coin has support at $50,500 but generally remains in a bullish pattern.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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