2024 surprised traders as the star cryptocurrency showed the potential for both a strong continuation and a bearish reversal within a month. BTC price is making another attempt to print a large bullish candle recorded in the first week of the year, hinting at a reversal in the bearish trend. This move has caused major indicators to turn positive, pointing to the start of a new bullish trend.
Regardless of the short-term trend, Bitcoin’s long-term price action continues to be encouraging. A key signal that had been bearish for over 18 months has turned bullish. Therefore, it is believed that Star Token has entered the next phase of the bull market, which could amplify the price upward action ‘x’ times.
The chart above shows that the Chaikin Money Flow indicator, which measures buying and selling pressure over a specific period of time, has just turned positive. A move into positive territory indicates buying pressure and means more accumulation has occurred. Moreover, the halving is also a few months away, which could add more fuel to the bullish trajectory.
Previously, whenever the indicator rose within a positive range before the halving, the market would trigger a micro-bull market where the BTC price would mark a new ATH. So now that the level is back in the zone, a new ATH may only be a matter of time.