Popular trader and technical analyst CryptoCon shed light on Bitcoin’s historical patterns in a new analysis published on X, stating that BTC could retest $31.300 this year. Yet, the emergence of ETF inflows could counter further contraction.
According to CryptoCon, there hasn’t been a single Bitcoin cycle that has “escaped a retest of the 150% long-term holder support line”. In other words, this line is a critical support that’s been considered a reliable indicator of market behavior — with every cross above, including the recovery from the 2020 black swan event, followed by a retest confirming its significance.
No #Bitcoin cycle has ever escaped a retest of the 150% long-term holder support line.
Every cross above, including the 2020 black swan recovery retested the line as support.
This tells us according to this metric, price needs to visit around $31,300.
The main argument against… pic.twitter.com/Anuh1oGDrR
— CryptoCon (@CryptoCon_) February 5, 2024
Based on this metric, CryptoCon suggests that Bitcoin will likely visit the $31,300 level. However, the emergence of ETF inflows can help BTC counter further price drops. But if such levels are tested, the analyst said it should be seen as a buying opportunity.
It’s true that we’ve never seen ETF inflow before, so we can only wait and watch to see the effects it will have. In the event of a retest of this support, it should be looked at as a buying opportunity for those who need it.
When New ATH?
CryptoCon remains bullish on Bitcoin but maintains a bullish projection for 2025, a year in which many analysts believe BTC will reach new ATHs. Most of these analysts’ projections are based on data indicating patterns in the accumulation and decline of active coins held for 2-3 years throughout each cycle.
Other popular market observers have recently shared their BTC price predictions on X, but they’re pretty different; Markus Thielen believes BTC could reach $70K by the end of the year, while blockchain intelligence platform DecenTrader said BTC will give up another 10% of its spot price, before reaching an ATH somewhere toward the end of this year.
Meanwhile, Michael Saylor’s MicroStrategy has amassed its Bitcoin holdings to 190,000 BTC after it increased its Bitcoin position again in January.