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This Is How Bitcoin (BTC) Could Resume its Bull Run and Chart New ATH

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It’s safe to say that the highly-anticipated 2024 bitcoin bull run is not going as planned, even though the asset managed to break its 2021 all-time high early on.

However, it has lost some traction and speed on the way toward the coveted $100,000 mark, but Perplexity listed some of the factors that could propel another run by the end of 2024.

Market Sentiment, Regulatory Developments

Bitcoin made history this year as it charted a new all-time high before the scheduled halving. That happened in March on the heels of the massive demand for the spot BTC ETFs in the States, which were greenlighted in mid-January. This led to heightened hopes that the 2024 rally would be spectacular and could finally see the primary cryptocurrency skyrocket to the $100,000 target, especially after the completion of the halving.

However, that has not been the case. The fourth such event indeed took place as scheduled in April but the landscape has been anything but overwhelming since then. Although BTC came inches away from breaking the March ATH of almost $74,000 on a couple of occasions in May and early June, it failed to do so and the subsequent rejections pushed it south hard. In fact, it dumped to under $50,000 in early August.

According to the popular CharGPT rival, Perplexity, BTC could overcome the current sluggish landscape only if certain factors improve. The first listed ones were the overall market sentiment and investor confidence.

The AI chatbot said the current sentiment is “cautious, with a fear and greed index reading indicating a general sense of fear among investors.”

“A shift towards more optimistic sentiment, characterized by increased trading volumes and positive news cycles, could help restore confidence in bitcoin. A return to a more bullish outlook could encourage more buying activity, which typically drives prices higher.” – it added.

On the regulatory side, Perplexity explained that the approval of the spot ETFs was a good sign at the start of the year, but global watchdogs have failed to double down. Perhaps that could change after the upcoming elections in the US, especially if the self-proclaimed ‘pro-crypto’ candidate Donald Trump enters the White House.

Global Economy and Adoption

The AI chatbot believes BTC adoption levels are nowhere near their peaks from a few years ago, which is another factor that needs to improve.

“Continued growth in the adoption of bitcoin for transactions, as well as its integration into financial products and services, could provide a solid foundation for a bull run. As more businesses and individuals recognize bitcoin’s value, demand could increase, driving prices higher.”

Lastly, Perplexity outlined the global economic landscape. It highlighted certain macroeconomic conditions, like inflation and interest rates, that have historically impacted the entire crypto market. Recall that BTC soared last week after Powell’s promise to cut the interest rates in the States.

Perplexity asserted that “a favorable economic environment, where inflation concerns lead to increased interest in alternative assets like bitcoin, could support a bullish trend.”

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Cryptocurrency

Bitcoin Price Analysis: Can BTC Bounce Back to $100K Following 8% Weekly Drop?

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Bitcoin has been navigating an ascending consolidation phase near its critical $108K resistance level, recently encountering a sharp decline.

However, strong support zones suggest a potential for a short-term bullish rebound.

Technical Analysis

By Shayan

The Daily Chart

Bitcoin has undergone an ascending consolidation phase near the $108K resistance region, only to face increased selling pressure and distribution activity from large market participants.

This wave of selling led to a significant 15% decline, with the price finding support around the $90K mark and the middle boundary of a long-standing bullish price channel. These levels represent a critical defense line against further declines.

A rebound from this support could set the stage for a renewed attempt to reclaim the $108K mark. Conversely, a failure to hold it may lead to a deeper correction, with the channel’s lower boundary near $75K serving as the next key level of support.

btc_price_chart_2312241
Source: TradingView

The 4-Hour Chart

On the 4-hour chart, Bitcoin has been consistently trending upward within a multi-month bullish channel. The recent rejection at $108K triggered a sharp decline, bringing the price down to the channel’s middle boundary near $95K, a crucial dynamic support level.

A bounce from this region is anticipated, allowing the price to stabilize and potentially resume its uptrend. However, concerns over a hawkish monetary policy for 2025 may amplify selling pressure, increasing the likelihood of a bearish breakout.

In such a scenario, Bitcoin could face further downside, with $90K as an immediate target and $75K as long-term support.

btc_price_chart_2312242
Source: TradingView

On-chain Analysis

By Shayan

The Bitcoin Long-Term Holder SOPR metric provides valuable insights into market behavior and investor sentiment. Between 2022 and mid-2023, the SOPR remained below 1 for an extended period, indicating that long-term holders were selling at a loss associated with market capitulation.

By mid-2023, the SOPR began trending closer to or above 1, marking the beginning of a recovery. This shift was aligned with a broader market rebound as Bitcoin prices rose, reflecting renewed confidence among investors. The upward trend in SOPR suggested that long-term holders were no longer selling at a loss, a key sign of improving sentiment.

As the market moved into 2024, Bitcoin prices continued to climb, and the SOPR consistently stayed above 1. This shift signified that long-term holders realized profits, but the selling pressure remained controlled.

The stability of the SOPR above 1 highlights sustained confidence among investors, reinforcing that market conditions support continued growth, with a potential for further market expansion.

bitcoin_long_term_holder_sopr_chart_2312241
Source: CryptoQuant
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

Dogecoin (DOGE) Price Can Skyrocket by 12,000% If History Repeats

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TL:DR;

  • Dogecoin was once the top-performing cryptocurrency after Donald Trump’s victory, going from under $0.15 to almost $0.5.
  • Although it has lost its momentum, especially in the past week or so, history shows that its most spectacular price surge during this cycle could still be around the corner.
DOGEUSD. Source: TradingView
DOGEUSD. Source: TradingView

Can DOGE Pull a 2021-Like Rally?

Perhaps due to its affiliation with Elon Musk and his upcoming role in Donald Trump’s administration, Dogecoin skyrocketed after the US presidential elections. Its price exploded by more than 200% from its aforementioned bottom to $0.485 on December 8.

After these quite impressive gains, though, DOGE started to retrace but still maintained the $0.4 level. However, that all changed last week when the market-wide crash pushed it south hard. In just a few days, DOGE’s price tumbled by nearly 40% to $0.26.

Although such a massive correction sounds painful, it is not something unheard of for the crypto market, especially in the ever-volatile meme coin sector. Similar enhanced fluctuations have transpired in the past as well, which could actually suggest a more favorable future for DOGE.

Popular crypto analyst Ali Martinez compared the recent crash to similar developments that took place during the bull cycles in 2017 and 2021. In both instances, the largest meme coin surged by triple-digits, retraced by 40-60%, and then shot up by four or even five digits by the end of the respective runs.

Can DOGE Soar Above $10?

Skyrocketing by 5,000% or 12,000% sounds quite bullish, but let’s look at these predictions more realistically. In 2017 and 2021, DOGE’s price was a lot more modest, and posting such massive gains seemed easier, at least on paper.

If the OG meme coin is to surge by similar percentages from now on, its price and market cap would have to go to the stratosphere. For example, a 5,000% increase would put its price at over $13, and the market cap would be at over $1.9 trillion – or bigger than bitcoin’s current one.

If DOGE repeats the 2021 gains, then its price would go all the way up to $31-32, and its market capitalization would be north of $4.5 trillion – bigger than Apple’s.

Although these numbers sound quite far-fetched and history is no indicator of future price performances, this doesn’t necessarily mean that DOGE has peaked during this cycle. Dogecoin is still far away from its all-time high registered in 2021, and many other assets have managed to break their peaks, so DOGE might still have a lot of room for growth.

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Cryptocurrency

Why is the XRP Price Down Today? (Ripple Price Analysis)

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Ripple is navigating a pivotal range between $1.8 and $3, with recent price action highlighting the likelihood of a consolidation phase.

A breakout from this range will likely determine its next significant trend.

By Shayan

The Daily Chart

XRP recently faced rejection at the critical $3 resistance, triggering increased volatility and initiating a sideways consolidation phase. After that, the price found support at the $1.8 level, a key zone filled with demand and buying pressure.

This support region can limit further downward movement and maintain the cryptocurrency within the $1.8-$3 range.

As the price consolidates, a bullish or bearish breakout will determine Ripple’s upcoming trajectory. While this could lead to a sustained uptrend, an unexpected bearish breakdown might trigger a significant liquidation event, causing the price to plummet toward lower levels.

xrp_price_chart_2312241
Source: TradingView

The 4-Hour Chart

During the 4-hour timeframe, XRP consolidates within a descending wedge pattern, which often signals a potential bullish breakout if breached upward.

Currently, the price is testing the wedge’s lower boundary near the $1.8 support level, where increased buying activity is expected.

In the mid-term, Ripple seems likely to continue fluctuating within this pattern, with a bullish breakout aiming to reclaim higher levels near $3. Conversely, a bearish breakdown below the wedge’s lower boundary could initiate a decline, potentially driving the price toward the $1.5 threshold, a crucial support level.

xrp_price_chart_2312242
Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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