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Bitcoin Close to Become a ‘Trillion-Dollar’ Asset: Here’s What You Can Expect from BTC Price This Week

Sahana Vibhute 2024.02.12 20:27
Story Highlights
  • The bitcoin price is displaying immense strength, with a huge possibility of triggering a bull run after closing one of the bulliest weeks

  • The technicals suggest the BTC price continues to remain undervalued and hence the parabolic run could continue throughout 2024 and reach its destination in 2025

After a roller-coaster rise since the beginning of the year, the Bitcoin price has finally displayed a clear trend direction. The past bullish close has turned the tables for the entire crypto space as the crypto closed the weekly trade at price levels not recorded for over 700 days in the past. With a clear rise in demand and the technicals turning in favour of the bulls, the price is expected to trigger a healthy run, marking new yearly highs soon.

The markets have become bullish ahead of the halving, which can be considered a huge catalyst for the impending bull run. Besides, the latest upswing has attracted huge demand and spot buying has also provided a decent push. Therefore, one can probably expect a rejection, which can result in a retracement below $48,000. However, this pullback could be a great opportunity to accumulate, as the price has flashed a huge bullish indicator.

After the huge parabolic run, the BTC price has reached the crucial resistance zone, closing the previous weekly trade on a huge bullish note. As the price is facing some upward pressure, the bulls are believed to remain passive for a while. This may eventually drag the levels slightly towards the lower support of the resistance zone, which is close to $47,000. The main reason to be a little bearish on Bitcoin is the RSI, which has been hovering within the oversold range for a long time.

These levels remained within the range for over a couple of months back in 2020, just before the start of the 2021 bull run. Hence, the current trade set-up, resembling the previous pattern again, raises hopes for a bullish breakout in the near future. However, the volume has always remained a huge concern but the bulls appear to make it to new ATH soon. Besides, with the recent upswing, Bitcoin is a step behind to become a ‘trillion-dollar’ asset.

Hence, if the BTC price clears the current resistance zone, then a fine rally could follow, elevating the token above $50,000 initially, followed by a chase to discover a new ATH in the coming days.