Cryptocurrency Market Weekly Review: Bitcoin Strong Beyond $50,000; The pre-halving run has begun!

Cryptocurrency markets are rebounding stronger this year as the Year of the Dragon turns into a year of “buy positions” on BTC price. Starting the week at $42,500 for the formation of a doji candle, Bitcoin slowly and steadily gains momentum.

New 52-week high: BTC closed on the last day at $47.15,000, its highest level in 365 days.

Bitcoin, the largest cryptocurrency, rose 11% this week, reaching a market capitalization of $900 billion with a market capitalization of $47,400 per single BTC. The cryptocurrency, which is targeting the $50,000 milestone this weekend, is poised to take off by storm and begin a rebound as the fourth Bitcoin halving approaches.

If BTC price exceeds $50,000, BTC price may trend upward to $100,000. However, the market is asking, “How much will Bitcoin rise in 2024?” The same questions abound. or “Will you reach $100,000 or $1 million?”

Do not worry. To resolve your doubts, Coinpedia provides you with a very detailed BTC price prediction. Read this in-depth analysis prediction article to understand the dynamics of the upcoming bull run in Bitcoin.

Buyers dominate Bitcoin charts.

A bullish BTC price chart this week shows buyers in multiple time zones having the upper hand. The most prominent bull market candle on the weekly chart puts Bitcoin on the verge of an inverted head and shoulders pattern.

In comparison, the three days following Monday’s decline were quiet and led to a number of doji candles. The lower price rejection set a bullish stage for Bitcoin as it returned to the $38.20% Fibonacci level and support base at the $38K mark.

Source: TradingView

With BTC price ready to cross the 61.80% Fibonacci level, buyers are hoping for a breakout rally. Additionally, Fibonacci levels predict strength to nearly $96K, which coincides with the 1.618 Fib level.

Source – The Block

Demand for BTC is growing significantly in the market, with cumulative spot Bitcoin ETF trading volume reaching nearly $34 billion. Moreover, the recent news that miners are hesitant to sell Bitcoin is leading to a supply shortage, creating more demand in the market.

Altcoins are soaring

Despite the bearish channel on the ETHBTC price chart, which is known to demonstrate the strength of altcoins in the market, performance is increasing noticeably. A 10% decline and the formation of an evening star will cause the overhead trend line to reverse, creating a negative cycle.

On the other hand, the total market capitalization of cryptocurrency excluding Bitcoin rose 7.53% this week to $809 billion.

Top performers this week, supporting the bullish spike, are Dymension (DYM), Kaspa (KAS), and Bonk (BONK). From the world of decentralized finance to meme coins, altcoins are poised to make a strong comeback in the coming weeks.

The downside is that Monero (XMR), Ronin (RON), and Jupiter (JUP) are each experiencing deep correction phases.

DeFi Market

Total DeFi market capitalization has reemerged above $77 billion this week with an 8.87% increase. Amid this market-wide recovery, DeFi TVL value hit $66.57 billion, up 15% from last week.

Moreover, the 24-hour trading volume in the DeFi space reached $4.073 billion, helping the stablecoin market cap reach $136.635 billion.

Following the recovery trend in the DeFi Space, ERC20 coins, MANTRA (OM) and COTI have seen notable price gains this week.

On the other hand, on the downside, DeFiChain tokens Jupiter (JUP) and Frax Share (FXS) mark the top losers.

NFT market

With the ongoing challenge for the NFT market to regain momentum and generate hype, NFTs may begin a new run in 2024. Additionally, with volatility increasing last week and recovering on Friday, NFTs are poised for a comeback.