As the year ends, Bitcoin (BTC) maintains a robust position, trading comfortably above the $40,000 support zone after lingering in a consolidated phase for the part of 2023. This upward trend is primarily fueled by anticipation surrounding the potential approval of a spot exchange-traded fund (ETF).
Looking ahead to the new year, Bitcoin’s performance will be significantly influenced by various potential bullish and bearish catalysts. Factors such as increased institutional adoption, upcoming halving event, regulatory changes, and broader macroeconomic trends will be pivotal in shaping the cryptocurrency’s trajectory.
As things stand, there is overall curiosity about how Bitcoin will trade in the future and whether it will sustain the current momentum. In this line, to gain insights into Bitcoin’s potential trajectory, Finbold analyzed BlockchainCenter’s rainbow price chart—a tool illustrating the cryptocurrency’s historical movements about different moving averages (MA).
Data retrieved from the chart on December 24 indicates that Bitcoin has entered the ‘Accumulate’ phase, currently standing in the price area between $35,907 and $46,932.