Bitcoin Flashing Pre-Rally Signals Seen Before Major 2024 Breakouts, Analyst Says
Bitcoin (BTC) is showing signs of preparing for a significant rally, having surged over 13% in the past week amid easing global tariff tensions. The total cryptocurrency market capitalization rose from approximately $2.5 trillion to over $3.1 trillion. BTC is forming an accumulation pattern similar to those seen in early 2024, which preceded major price increases. Short-term holders, who typically hold BTC for one day to one week, are becoming more active, historically leading to strong rallies across BTC and major altcoins. Analyst Ali Martinez identified $97,530 as a key resistance level, with potential for new all-time highs if surpassed. However, concerns remain as the 30-day Demand Momentum is negative, indicating that bullish sentiment may not be sustainable. On-chain metrics suggest that a parabolic move may take time, despite a recent rebound in Bitcoin’s Apparent Demand. Bitcoin is currently trading at $96,370, up 1.9% in the last 24 hours.
