Deciphering Bitcoin’s Triple Top: A Pre-Halving Price Analysis

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Bitcoin (BTC) price has continued to signal short-term weaknesses despite the notable rise in demand from institutional investors. Heightened profit-taking from short-term holders has reduced the bullish momentum in the past few days. Furthermore, the on-chain analysis provided by Santiment shows that Bitcoin account holders with less than 1 BTC have dropped by 510,000 in the past 30 days. 

However, Bitcoin account holders with more than 1k units have increased by 147 more in the past four weeks. The approval of spot Bitcoin exchange-traded funds (ETFs) in the United States has helped increase the cash inflow to the Bitcoin industry.

Bitcoin Key Liquidity Levels

#Bitcoin Update:$BTC still trading in Parallel channel or bull flag channel.

Still waiting for the breakout.

Upside breakout: $52800
Downside breakout: $50800

keep an eye on these levels.

— Crypto Patel (@CryptoPatel) February 23, 2024

Bitcoin price has faced immense short-term resistance around $52,400 in the past few days. The flagship coin has, as a result, been forming a possible reversal pattern on the four-hour time frame. Notably, Bitcoin price has formed a triple top coupled with bearish divergence on the four-hour Relative Strength Index (RSI).

According to a popular digital asset analyst Crypto Patel, Bitcoin price is likely to drop towards $47,718, if the support level around $50,800  fails to hold in the coming days. 

Otherwise, if Bitcoin price consistently closes above $52,800 in the coming weeks, the crypto analyst highlighted the bulls will push higher towards the all-time high.

Altseason Impact

The Bitcoin’s short-term bullish outlook is threatened by the heightened demand for altcoins amid the ongoing crypto cash rotation. The rise of Ethereum (ETH), BNB, and AI-crypto tokens has expedited the crypto cash rotation from Bitcoin.

As a result, Bitcoin price is likely to continue with a parabolic bull rally after the upcoming halving.