The asset’s price trajectory, which has displayed short-term volatility since the completion of the 2024 Bitcoin (BTC) halving, has been the focus of attention.
Bitcoin aimed to maintain stability above $65,000 prior to the halving event. The leading cryptocurrency, on the other hand, has struggled to maintain this position, and its price is now in danger of falling below.
Several crypto analysts have provided insight into what to anticipate regarding Bitcoin’s post-halving valuation in the face of uncertainty.
Specifically, Rekt Capital’s analysis of an April 20 post by X (formerly Twitter) suggested a pattern known as the “post-halving re-accumulation range,” which typically occurs following the “Bitcoin pre-halving retrace.”
The analysis indicates that the bottom of this retrace serves as the foundation for re-accumulation, and that this pre-halving period sets the stage for the subsequent cycle in Bitcoin’s halving journey. Rekt Capital says that this consolidation phase prepares for a possible upside parabolic breakout.
The bottom of Bitcoin’s price An analyst who goes by the alias El_crypto_prof suggested that Bitcoin may have reached its bottom, indicating a possible reversal in its price trajectory.
The expert specifically emphasized the significance of reclaiming certain technical levels prior to the halving, a pattern that has been observed in previous market cycles and frequently precedes significant upward movements.
Overall, there are still bearish sentiments surrounding Bitcoin, and a number of market indicators point to continued losses for the cryptocurrency. For instance, a Finbold report states that on April 20, following the halving of fees, Bitcoin’s average transaction fees crossed the $100 mark for the first time, indicating a possible sell-off.
The fact that Bitcoin broke historical trends and reached a record high prior to the halving event adds to the uncertainty. As a result, it is still difficult to predict whether Bitcoin will continue to gain momentum, despite the possibility of increased volatility.
Analysis of the price of Bitcoin At the time of this writing, Bitcoin had reversed after briefly touching the $64,000 mark. It has fallen by more than 5% in the past seven days, reaching $63,865 at the time of writing.
On the other hand, Bitcoin’s one-day technical analysis from TradingView on April 20 suggests that sentiments are bearish. With values of 11 and 2, respectively, a summary of indicators, moving averages, and oscillators indicate a sell mood.
While these investigations give understanding into expected future developments, unexpected occasions, for example, heightening international strains can rapidly change cost directions.
Disclaimer: This website’s content should not be interpreted as investment advice. Investing involves risk. Your investment capital is in jeopardy.