Bitcoin Falls Below $26,000 Mark: Possible Price Uptick Soon
Market Indicators Suggest a Price Uptick
Bitcoin’s price has fallen below $26,000, but market indicators and metrics are pointing towards a possible price uptick in the near future.
Bitcoin’s Supply at Loss Reaches 7-Month High
Glassnode Alerts’ tweet highlighted that Bitcoin’s supply at loss reached a 7-month high of 7,670,004.977 BTC on September 8th.
Is Bitcoin Repeating its 4-Year Cycle?
A Twitter account called CryptoCon posted about Bitcoin’s November 28th Time Cycles indicator, suggesting that Bitcoin’s price could enter its “mid-cycle lull” phase soon.
Bitcoin’s Next Bull Market Expected in November 2024
According to the November 28th Time Cycles, Bitcoin’s current phase is expected to last until November 2024, when it will enter its next bull market. This aligns with the upcoming halving, which has historically been followed by bull rallies.
Bitcoin’s Metrics Indicate Possible Upticks
Bitcoin is currently trading at $25,840.79 with a market capitalization of over $503 billion. Metrics such as low net deposits on exchanges, green aSORP (investors selling at a loss), and a fear phase in the Net Unrealized Profit and Loss (NUPL) suggest a possible price uptick.
Market Indicators Support Buyers
The MACD and Money Flow Index (MFI) display bullish signals, indicating a potential northbound price movement. However, the Chaikin Money Flow (CMF) shows some concerning signals as it declined slightly.
Read Bitcoin’s Price Prediction 2023-24