Disclaimer
The data I use (BitInfoCharts, Coinglass, CoinMarketCap) to compile the tables and graphs contained in the on-chain section of this analysis do not always align with data found via others sources like Glassnode and CryptoQuant. I cannot explain the reason for the differences nor can I confirm which sources are most accurate. For this and other reasons, I have come to trust only the on-chain data I collect when trying to explain and/or predict Bitcoin’s (BTC) future price action (PA). Whether you too find my on-chain analysis useful is for you to decide, but I can assure you that some of my observations and/or predictions will differ, often markedly, from other observations and/or predictions you will see on Crypto Twitter (CT) and elsewhere.
Price Action
Monthly Open: $42,288
Monthly High: $49,102 (Jan 11)
Monthly Low: $38,501 (Jan 23)
Monthly Close: $42,548 (+0.61%)
Calendar-Month Returns
Halving-Cycle Returns
TL;DR: Jan 2024 is the fifth consecutive green month, although barely.
On-Chain Data
TL;DR: Whales back in control. Good for price, less so for Bitcoin’s raison d'être.
TL;DR: Both whale tiers on the upswing, though still far below all-time highs.
TL;DR: Exchange flows flat overall, though US exchanges had net outflows.
Conclusion
Sorry I am unable to write a full month-end analysis like I normally do. Family/friend hosting duties are all-consuming at the moment. I should be able to resume my regular analyses from the end of February. In the meantime, there is plenty of reason for optimism for us BTC bulls: US spot-BTC Exchange Traded Funds (ETFs) are now trading and the halving is less than four months away, both of which should be bullish for Bitcoin’s price in 2024 and beyond.
Hope everyone is well, and of course…
Go #BTC.