2024 took traders by surprise as the star cryptocurrency showed both a bullish continuation and a possible bearish reversal within a month. BTC price is about to re-record the massive bullish candlestick recorded in the first week of this year, suggesting a reversal from the bearish trend. This move has turned the key indicators into positive territory, indicating that a new bullish trend is about to begin.
Regardless of short-term trends, Bitcoin’s long-term price movement remains promising. The key signal is that it has just turned bullish after being bearish for over 18 months. Therefore, Star Token is believed to have entered the next phase of the bull market, which could amplify the price increase by ‘x’ times.
The graph above shows that the Chaikin Money Flow Index, which measures buying and selling pressure over a period of time, just turned positive. A rise into positive territory indicates buying pressure and indicates further accumulation is taking place. Additionally, the halving is just a few months away, which could add further fuel to the bullish trajectory.
Previously, whenever the indicator rose in the positive range prior to the halving, the market would trigger a great bull run where BTC price marked a new ATH. So it could be only a matter of time before we see a new ATH now that the levels are in that territory again.
