Bitcoin (BTC) Price Analysis and Prediction: BTC Remains within an Uptrend from a Top-Down Preview

Looking at the performance in the daily chart, especially in Q1 2024. Bulls appear to be taking over, with the coin floating above $60,000.

Bitcoin price analysis reveals bullish momentum from a top-down perspective, especially in Q1 2024, as evident in the daily chart. The coin continues to trade above $60,000, indicating bullish presence.

However, an analysis of on-chain activities raises concerns. One analyst, examining the Bitcoin spent volume lifespan chart on X, observed a 10X increase in BTC movements compared to previous highs.

This massive influx, amounting to a staggering $9 billion, coincides with Mt. Gox's planned user compensation in July, which was initially slated for October. The analyst expresses concern that this deluge of coins could trigger a sell-off, putting further downward pressure on prices.

The impact of Mt. Gox accelerating the release of BTC to victims from October to July sparked a sell-off in late June. Although prices recovered over the weekend, a convincing close above $63,000, marking June 24, is crucial. If buyers press on, with $60,000 acting as a foundation, any breach of $66,000 would be ideal and might pave the way for even more gains in the short to medium term.

Technically, even with gains, bears are still in control. As it is, the coin is within a bear breakout formation following on June 11 when prices slide, setting the motion for the dip below $66,000.

Meanwhile, some analysts remain upbeat, expecting BTC to shake off the weakness. In response to the analyst's assessment, one user said Mt. Gox users were likely tech-savvy early adopters with a clear understanding of what Bitcoin offers. Therefore, even with the defunct exchange distributing coins, they won't be incentivized to sell on the fly. Also, the anticipated selling pressure has likely been factored in, muting attempts to lower prices.

Another analyst, replying to the fears of increasing BTC supply, said. However, the Bitcoin spent volume lifespan chart paints a picture of a potential deluge; the entity-adjusted version, which discards internal transactions, reveals a more muted picture. Based on this assessment, the analyst is convinced that the influx of BTC supply from Mt. Gox creditors will likely be less dramatic than initially feared.

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