Mi. Feb 21st, 2024

Bitcoin Price Inches Closer to $30,000

• The world’s largest cryptocurrency, Bitcoin (BTC) has gained momentum in a move inching closer to $30,000.
• Crypto analyst Jesse Myers predicts that the Bitcoin price rally could continue further as we approach closer to the Bitcoin halving of 2024.
• On-chain data provider Santiment reported that current market conditions suggest that Bitcoin may experience a bearish correction in the near term.

Bitcoin Bulls Emerge Despite Macro Uncertainty

Despite all macroeconomic uncertainty, Bitcoin (BTC) has only emerged stronger. Crypto analyst Jesse Myers believes that the upcoming Bitcoin halving event happening tentatively around mid-2024 will lead to a 12-18 month major bull market due to its effect on the supply/demand price equilibrium.

141,000 BTC Options Expiring Soon

The broader cryptocurrency market has been consolidating recently and this could soon be affected by a massive 141,000 BTC options expiring with a Put Call Ratio of 0.74. This could cause some volatility in the short term for both Bitcoin and crypto markets.

Technical Indicators Point Towards Bullish Momentum

Relative strength indicator (RSI) levels indicate weak buying pressure but the monthly RSI is trending upwards, signifying potential long-term rise for BTC prices. The simple moving averages of 200 days and 200 weeks also act as strong support levels for BTC prices.

Conclusion

It appears that despite some short term bearishness due to expiring options contracts, Bitcoin prices are still heading towards $30,000 over time due to bullish indicators such as RSI levels and simple moving averages acting as strong support levels coupled with an upcoming halving event that will result in an upending of supply/demand price equilibrium leading to increased demand and fewer new supplies driving up prices over time.

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