Bitcoin Price Expectations Amid the Altcoin Awakening

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  • Bitcoin price has continued to consolidate between $50,600 and $52,875 since Wednesday last week.
  • The crypto cash inflow has continued to favor Bitcoin due to the heightened demand from spot BTC ETF investors.
  • The altcoin industry led by Ethereum (ETH) and BNB has shown early signs of doubling in value soon.

Bitcoin (BTC) price has continued to consolidate in the past seven days as the spot ETF frenzy normalizes. However, the number of Bitcoin holders with non-zero account holdings has declined over the past four weeks by around 729,000 to about 52.95 million as of today. On the other hand, the number of Ethereum (ETH) with non-zero holdings has reached an all-time high (ATH) of around 114.95 million. 

Increased Demand for Altcoins

The interest in the altcoin market has continued to grow led by Ethereum and Binance Coin (BNB) from both retail traders and institutional investors. According to the latest data, ETH and BNB prices have gained around 2.3 percent and 5.2 percent respectively in the past 24 hours. On the other hand, Bitcoin price continued to consolidate around the horizontal range between $50,600 and $52,875.

Remarkably, the investors’ buying power through stablecoins has continued to gradually increase in the recent past. Furthermore, the number of stablecoin supply has risen significantly led by Tether USDT which has seen its non-zero addresses reach an all-time high of around 5.22 million holders.

Bitcoin Price Short-term Expectations 

$51,500 has now become one of the most important support zones for #Bitcoin. As long as $BTC continues to hold above it, there is a good chance it will advance toward $57,000. pic.twitter.com/Ke3T3qi8gb

— Ali (@ali_charts) February 22, 2024

Bitcoin price has continued to accumulate more buyers with the recent consolidation, thus increasing the chances of an inevitable rally to the top. According to a popular crypto analyst Ali Martinez, Bitcoin price has already found a solid support zone around $51,500. 

As a result, the crypto analyst is confident BTC price will rally toward $57k if the support zone holds in the coming days. In the four-hour time frame, Bitcoin price has been forming a bullish rectangle, despite the falling divergence on the Relative Strength Index (RSI).

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