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Here’s what Bitcoin needs to continue gains into 2024

Here’s what Bitcoin needs to continue gains into 2024

After considerable gains, amid which Bitcoin (BTC) reached a high of $44,000, a recent trend might show that further investor and institutional support might be needed for BTC’s price to continue upward.

The Bitcoin network has experienced a noticeable decline in growth in the last month, raising concerns about the viability of flagship crypto‘s recent surge to $44,000.

To ensure a resilient extension of the bullish trend, it is important to observe an increase in creating new BTC addresses. This uptick is essential for supporting a continued bullish momentum, per a post on X from crypto analyst Ali Martinez on December 18.

Number of new Bitcoin addresses in the previous 3 months.  Source: Ali Martinez
Number of new Bitcoin addresses in the previous 3 months. Source: Ali Martinez

The disparity between the addition of new addresses and the recent price surge of this digital asset indicates that further corrections might be a likely scenario in the near future. This trend could be reversed after the announcement of a potential BTC spot ETF, which could conceivably open the floodgates of institutional investment.

From an analytical standpoint, there remains a reasonable expectation that the lows in Bitcoin will be revisited before a gradual ascent occurs. The prospect of profit-taking towards the year’s conclusion suggests a likelihood of entering an up-only mode, commencing later this week or early in the following week, as per a post from crypto analyst Michael van de Poppe on December 18.

Bitcoin price analysis

At the time of press, Bitcoin was trading at $41,168, representing a decrease of  -1.49% in the past 24 hours, adding to the losses of -2.28% incurred over the last week. Contrary to this, the previous 30 days have brought an increase of 13.01%.

BTC 7-day price chart. Source: Finbold
BTC 7-day price chart. Source: Finbold

Over the past year, the cryptocurrency‘s price has surged by an impressive 146%, showcasing remarkable growth within this timeframe.

 Its performance has positioned it among the top performers, surpassing 73% of the top 100 crypto assets over the same year.

Technical indicators further support the positive trend, as the cryptocurrency trades above its 200-day simple moving average, suggesting a sustained upward momentum in its price movement.

 Examining the recent trend, it’s worth highlighting that there have been 17 green days in the last 30 days. This consistent positive performance signals a bullish sentiment and investor confidence in the asset.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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