Edge-Forex Forex
Bitcoin bullish recovery

Bitcoin Weekly Forecast: Price is Unchanged, but BitcoinBullish Recovery is Still on the Cards

Bitcoin Price Outlook and Stable Support Levels

Bitcoin price has remained stable despite recent market volatility, maintaining its position within a specific range. However, investors are eagerly awaiting a potential Bitcoin bullish recovery, as BTC seeks to establish a stable support level that could trigger a rally.

On the weekly chart, Bitcoin finds itself in a critical position between a Bearish Breaker and the Fair Value Gap (FVG). The Bearish Breaker encompasses a range from $29,247 to $41,273, while the FVG extends from $22,591 to $26,591. Within the FVG, two stable support levels at $24,300 and $25,205 are expected to serve as accumulation zones for sidelined buyers.

To gain confirmation of a potential bounce off the FVG, it is advisable to monitor lower time frames, such as the daily or four-hour charts. Once confirmation is received, a bounce could create a lower low, setting the stage for an upswing towards the midpoint of the weekly Bearish Breaker at $35,260.

While the likelihood is low, sustained bullish momentum or a sudden spike could propel Bitcoin price to test the upper limit of the Bearish Breaker at $41,273.

On-Chain Metrics and Investors’ Sentiment

Understanding on-chain metrics and investors’ sentiment is crucial in assessing Bitcoin’s outlook. The 30-day Market Value to Realized Value (MVRV) model offers insights into the average profit/loss of BTC investors over the past year. Santiment’s research indicates that when the MVRV value falls below -10%, it signifies short-term holders experiencing losses and potentially selling. This is often regarded as an “opportunity zone” for long-term holders to accumulate.

Presently, the MVRV hovers around -4.12%, indicating the potential for corrective waves in the near future. Additionally, a significant decline in Active Addresses since April 2023, dropping from 306 billion to 160 billion, suggests a decrease in active users. While this metric should be interpreted with caution, as it may be influenced by the maturation of blockchain technology and the emergence of new use cases, it does indicate a decrease in speculation using the Bitcoin network.

These metrics, in conjunction with other factors, provide valuable insights into investors’ sentiment and market dynamics.

Potential Risks and Invalidation of the Bullish Thesis

As with any investment, there are risks that could invalidate the bullish thesis for Bitcoin. If the price slips lower and flips the $22,591 support barrier into a resistance level, it would signal a shift in market dynamics. In such a scenario, BTC would likely revisit the November 7 swing low at $15,487, potentially leading to further downside pressure.

It is crucial for investors and traders to closely monitor the price action, key levels, and indicators to make informed decisions. Conducting thorough research and seeking professional advice before engaging in any financial activities is strongly advised.


In conclusion, the weekly forecast for Bitcoin indicates a continuation of stable prices with the potential for a bullish recovery. The existence of stable support levels within the Fair Value Gap presents an enticing opportunity for sidelined buyers to enter the market. However, it is crucial for investors to proceed with caution and await confirmation on lower time frames before making any investment decisions.

On-chain metrics, particularly the Market Value to Realized Value (MVRV) model, play a crucial role in understanding investors’ sentiments. These metrics provide valuable insights into potential buying opportunities or market corrections. By closely monitoring these metrics, along with analyzing market dynamics and key support levels, investors can gain a comprehensive understanding of Bitcoin’s near-term outlook.

While risks are inherent in any investment, Bitcoin’s long-term prospects remain positive. Its limited supply, growing institutional interest, and ongoing technological advancements contribute to its potential for continued growth and adoption. However, it is essential for investors to stay informed, conduct thorough research, and seek professional advice to navigate the ever-changing cryptocurrency market successfully.

Please click Here for our earlier Bitcoin analysis.