Qadir AK
Bitcoin (BTC) price opened the last week of January on a better note than the past few weeks after the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. With Bitcoin price closing last week on a hammer candlestick pattern, the recent bearish sentiment emanating from frequent large BTC deposits to crypto exchanges by Grayscale Investments has significantly reduced.
As a result, the possibility of a double-top reversal pattern that was gradually forming has similarly decreased. If the Bitcoin price stays above $41k in the coming weeks, another bullish trend could happen anytime.
Bitcoin Price Rally
According to a popular digital asset analyst, MikyBull Crypto, on the X platform, Bitcoin price is well positioned to reach a new all-time high (ATH) based on technical and fundamental aspects by October this year.
Notably, the crypto analyst based the bullish approach on the established four-year cycle marked by the halving events. With about 12,075 Bitcoin blocks left until the next halving event, MikyBull Crypto is confident the short-term resistance level around $44k will soon be cleared. Moreover, global liquidity has already bottomed out, and a fresh cycle has begun.
BTC Price Analysis
After several weeks of accelerated profit-taking by short-term holders and miners, on-chain data shows Bitcoin holders have dramatically reduced their profit-taking. Moreover, the Bitcoin demand from institutional investors is expected to rise exponentially in the coming months as the supply rate gets chopped. Meanwhile, Bitcoin bulls could suffer short-term weaknesses if the crypto cash rotation continues to favor altcoins led by Ethereum.
