Bitcoin recently hit a high of $73,800, but now it’s dropped to $63,600 as we near this year’s halving. With predictions swirling and investors trying to make sense of the rollercoaster prices, everyone’s focused on the period leading up to April 19th, the start date of the halving event.
Here’s a closer look at the trends.
Insights from Michael van de Poppe
Analyzing past halving events shows a pattern in Bitcoin’s behavior. Renowned crypto analyst Michael van de Poppe sheds light on this in his latest analysis.
Van de Poppe points out a consistent surge in Bitcoin’s value about four to five weeks before the halving, seen during the 2016 event. Following this peak, Bitcoin usually goes into a phase of consolidation, making way for other cryptocurrencies to gain ground. However, as we hit the four-week mark before this year’s halving, Bitcoin finds itself in the red, facing oversold conditions. The Fear and Greed Index is signaling Extreme Fear among investors.
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Understanding the Indicators
Van de Poppe’s analysis zooms in on volume bars and oscillators, likely referring to indicators like the Relative Strength Index (RSI). These indicators offer insights into market momentum and possible consolidation or pullback phases. Additionally, the analysis pinpoints key consolidation and breakout zones observed from November 2015 to May 2016.
The Market is in Turmoil!
The Bitcoin market is under intense selling pressure, with a whopping $500 million liquidated in the past twenty-four hours. This has rattled the crypto community, sparking concerns that the anticipated bull run might have hit a snag before it even started.
Despite the current downturn, Bitcoin’s weekly chart paints a bullish picture, with some remaining hopeful about hitting $80,000 before the halving and possibly even reaching $100,000 afterward. However, experts warn of potential further correction, possibly dragging Bitcoin’s price below $60,000 before a rebound.
With uncertainty looming, investors brace themselves for the next twist in Bitcoin’s unpredictable journey.
Read More: Bitcoin Price Prediction: $3 Million Market by 2025?
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