The year 2024 has spooked traders to a large extent, as the star crypto displayed both the possibility of a bullish continuation and a bearish reversal within a month. The BTC price is again on an attempt to print a massive bullish candle that was recorded during the first week of the year, suggesting a flip from the bearish trend. With this move, a major indicator has turned positive, which points towards the beginning of a fresh bullish trend shortly.
Regardless of the short-term trend, the long-term price action of Bitcoin continues to be encouraging. A major signal has just flipped to bullish after being bearish for more than 18 months. Therefore, it is believed that the star token has entered the next phase of the bull run, which may amplify the upward price action into ‘x’ times.
The above chart shows that the Chaikin money flow indicator, which measures buying and selling pressure for a given period, has just turned positive. A move into positive territory indicates buying pressure, indicating more accumulation has taken place. Besides, the halving is also a few months away, which may add more fuel to the bullish trajectory.
Previously, whenever the indicator has risen within the positive range ahead of halving, the markets have triggered a fine bull run where the BTC price has marked a new ATH. Therefore, now that the levels have again hit the territory, a new ATH could be just a matter of time.