Analysts remain bullish on crypto for 2024

Bitcoin couldn't regain its $60,000 mark on Sunday, having briefly surpassed it the day before. As of now, it stands at approximately $58,646, down 1.7% from its peak of $60,330 on Saturday, according to CoinGecko. Despite the crypto market's uncertainty, some analysts and trading desks are still optimistic about the rest of the year.

Crypto continues to face several headwinds for the remainder of 2024, including geopolitical tensions in the Middle East and uncertainty over the next U.S. president.

However, according to Ryan McMillin, chief investment officer at crypto fund manager Merkle Tree Capital, Bitcoin's indecision is less concerned with the macroeconomic climate and more with market concerns over Mt. Gox distributions to creditors.

Bitcoin briefly touched a local high of $60,100

The leading cryptocurrency is up for three straight days, but still in a consolidation phase. Bitcoin daily trading volume decreased by 42% and is currently hovering around $14.7 billion. A decrease in an asset’s trading volume often indicates a period of cool-down and reduced price volatility.

Santiment data shows that Bitcoin’s five-year dormant circulation has recently dropped to 104 BTC, one of its lowest levels this year. In comparison, this metric peaked at 16,592 BTC on July 23, when Bitcoin was trading around $66,000.

According to a crypto.news report on Aug. 17, spot Bitcoin exchange-traded funds in the U.S. closed the week with over $36 million in net inflows. This was one of the main reasons behind the bullish sentiment around BTC that helped it recover the $59,000 mark.

Key indicators show Bitcoin ready for a bullish rally

Bitcoin recently reached a local high of $60,100, renewing optimism among investors and long-term holders. While the cryptocurrency remains in a consolidation phase, its recent price movement has generated bullish sentiment in the market. Daily trading volume has dropped by 42% to about $14.7 billion, usually indicating a cooling period and lower volatility, but this calm could precede a significant price movement.

Key metrics suggest that Bitcoin could be on the brink of an upward phase. The Ichimoku cloud indicator has signalled a bullish crossover, a signal traders often interpret as the harbinger of an impending price breakout. The moving average convergence/divergence (MACD) indicator also crossed bullishly, further supporting the case for a potential rally. Analysts are closely watching the $60,600 level, as a close above this mark could confirm the beginning of a new bullish phase. Historical patterns suggest that Bitcoin might enter a parabolic phase soon, with substantial price growth expected.

Bitcoin Dogs capture headlines

Bitcoin Dogs is emerging as a cryptocurrency to watch. Having raised over $13 million in a highly successful token sale, Bitcoin Dogs is poised for its exchange debut on August 21.

On August 21, 2024, the token will be listed on Gate.io, MEXC, and Unisat, with more platforms expected to follow.

Bitcoin Dogs is catching attention not only for its name but also for its strong fundamentals and ambitious plans. The developers intend to release an NFT collection of 10,000 unique tokens for buying, holding, and trading. They also plan to establish a Bitcoin Dogs Club Marketplace with a 0.5% transaction fee, benefiting token holders. Despite potential short-term volatility post-listing, analysts see Bitcoin Dogs as well-positioned for long-term success, particularly due to its link with the Bitcoin blockchain.

Bitcoin and Bitcoin Dogs are at crucial junctures in their journeys. Bitcoin’s bullish signals hint at a possible breakout, while Bitcoin Dogs’ upcoming exchange listing represents a major milestone for the new cryptocurrency. As these events unfold, the crypto market is eagerly watching to see how these two entities will influence the future landscape.

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