Jamie Coutts: Why this Bitcoin rally has the potential to reach prev ATH pre-halving

2024/02/10 20:32

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🚀Why this Bitcoin rally has the potential to reach prev ATH pre-halving:

1. All the extreme leverage and positioning from Q4 has been cleansed (for now). Options OI is down 40%, and Futures funding rates are still positive but less exuberant

2. ETFs continue to outpace supply by at least 2:1 and the halving is still months away

3. Only 10% of the volume moved at prices above the current level.

If BTC breaches $48.2k there is scant overhead resistance.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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