Bitcoin Poised For Growth? Analyst Says 'One More Flush' Could Set Stage For Surge

Cryptocurrency analyst James Van Straten shared his optimistic perspective on Bitcoin’s BTC/USD ongoing market consolidation on Saturday, describing it as “bullish.”

What Happened: In an X post, Van Straten noted that, unlike the choppy period of 2024, Bitcoin’s price has consistently stayed above the Short-Term Holder Realized Price in the current cycle.

As the name suggests, the Short-Term Holder Realized Price is the average price at which short-term investors have purchased their Bitcoin. Historically, when Bitcoin’s price is above this level, it indicates a bullish market, as “weak hands,” known to have a low-risk tolerance, are in profit.

“Not all consolidations are the same. I’ve been beating the drum on how bullish this consolidation has been,” the analyst stated. “Investors are waiting and not chasing the price but I think impatience may prevail.”

The analyst went on to say that another dip would be “healthy” for the market.

Van Straten’s comments come amidst a challenging time for the crypto market, particularly for leading coins like Bitcoin BTC, which has been struggling to reclaim its $100,000 mark for the past three weeks.

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Why It Matters: Van Straten’s comments come amid a challenging time for the cryptocurrency market, particularly for leading coins like Bitcoin, which has been struggling to reclaim its $100,000 mark for the past three weeks.

The rangebound action has impacted speculative interest for the leading coin, with Open Interest in Bitcoin futures falling 10% since the beginning of the month, according to Coinglass.

More than 50% of Bitcoin’s derivatives traders were positioned short as of this writing, suggesting a likelihood of another correction.

The market has been grappling with the aftermath of a massive $1.4 billion hack on cryptocurrency exchange Bybit, which has significantly impacted leading coins.

Price Action: At the time of writing, Bitcoin was exchanging hands at $95,721.70, down 0.53% in the last 24 hours, according to data from Benzinga Pro.

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