Bitcoin‘s price has taken an unexpected dip prior to the Halving, defying experts’ assumptions. This unforeseen trend demonstrates Bitcoin’s unpredictable nature, as it often goes against anticipated price movements, effectively carving out its own course on the charts.
Bitcoin Breaking The Mold
Based on Bitcoin’s unpredictability, particularly in the last several months since the green light for spot ETFs, one expert believes the cryptocurrency will surprise us again with an upward trend going against historical patterns.
The analyst points to two past occurrences to support his optimistic view on Bitcoin. Initially, after a remarkable surge from under $10,000 to nearly $70,000 during the 2020-2021 bull market, Bitcoin’s price experienced a significant decline in 2022.
After the U.S. Federal Reserve changed its monetary approach to combat escalating inflation by significantly raising interest rates, Bitcoin’s price dropped below its prior peak of $20,000 set during the previous market cycle.
By November 2022, the price dropped to a minimum of $15,000 due in large part to FTX’s collapse. This unexpected price plunge below the earlier peak of $20,000 was an unprecedented event.
Last month saw an unusual occurrence: Bitcoin’s prices surpassed their previous record highs of approximately $70,000 for the first time since the Halving event. Bitcoin’s historical price trends indicate that new record highs are typically reached following a Halving.
After reaching a new high of $73,800, Bitcoin’s price shift might have attracted more buyers, potentially propelling the cryptocurrency to unprecedented levels following the Halving event.
Is BTC Ready For A Multi-Year Rally?
Based on this perspective, the analyst is convinced that Bitcoin’s trajectory will remain distinct from historical trends. In other words, they anticipate Bitcoin to surpass altcoins in performance during the upcoming months.
An analyst notes that stricter government oversight resulting from notable failures such as FTX and Luna may decrease the excitement surrounding alternative cryptocurrencies.
The coin’s unique status as the sole US SEC-approved ETF for investments will be a significant factor. This approval could lead to a substantial increase in capital inflow, potentially sparking a prolonged period of upward price movement for Bitcoin, much like gold experienced after its ETF was authorized.
The price of Bitcoin is still low despite an uptick in current market value. However, Bitcoin’s overall trend remains downward, forming a bearish pattern. At present, Bitcoin faces local resistance near the $65,000 mark.
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2024-04-19 10:16