Pseudonymous market analyst CoinNiel has shared potential insights on 
Bitcoin&#8217;s future using inferences from a combination of market cycle signals. 
The premier cryptocurrency presently trades around $69,000 after successfully 
retesting the $70,000 resistance for the third time in February. Bitcoin 
appears to be undergoing consolidation following the aggressive sell-off seen 
in late January/early February, where prices dipped as low as $60,000. Related 
Reading: Bitcoin On-Chain Data Indicates High Volatility Ahead Following Post- 
CPI Reaction Bitcoin Signals Moving, But What Do They Mean? In a QuickTake 
post on February 14, CoinNiel draws similarities between the present market 
cycle and the third halving cycle by analyzing metrics such as distribution, 
capitulation, and accumulation. Notably, the on-chain expert highlights that 
the Distribution Signal, which measures smart money selling activity, is 
presently heading downwards. While this may appear as initially bullish 
behavior due to a reduction in selling pressure, it is also indicative of a 
fragile market phase marked by diminished participation by large market 
holders. According to CoinNiel, this gradual decline in the Distribution 
Signal can also be observed in the third halving cycle following a double top 
formation. Furthermore, Bitcoin’s price kept falling during this cycle 
alongside a rise in the Capitulation Signal (which tracks panic-selling 
behavior) and Accumulation Signal (which tracks buying activity by smart 
money). Notably, only after Bitcoin hit $15,000, which represented the cycle 
bottom for this cycle, did the Accumulation Signal meet price and start 
trending downwards. This suggested that smart money had finished the large- 
scale absorption from panic sellers, as the market stabilized for a potential 
reversal. Presently, the Accumulation Signal sits around $54,000 while the 
price hovers around the $69,000 price point. Going by historical data, the 
Accumulation Signal is expected to match the price at the cycle low. 
Therefore, there is still room for growth. CoinNiel predicts that price and 
Accumulation Signal are likely to cross above $60,000. However, it remains 
unknown when this intersection will occur. But only after this meeting is 
Bitcoin market expected to stabilize in preparation for a potential reversal. 
Related Reading: Bitcoin Funding Rate Falls To Critical Level — Short Squeeze 
Incoming? Bitcoin Price Overview At press time, Bitcoin is valued at $68,974 
following a 5.14% gain in the past day. Meanwhile, daily trading volume is 
down by 9.6% and valued at $41.68 billion. On the monthly chart, Bitcoin is 
holding a steep loss of 29.25%, describing its negative price action during 
this period. Analytics platform CryptoQuant still expects further downside 
price action, stating the phase target remains around $55,000, a price zone 
Bitcoin last visited in 2024. Featured image from Shutterstock, chart from 
Tradingview.com

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