In simpler terms, the price of Bitcoin is currently near its highest point in over three weeks, following recent increases on April 8. Analysts are optimistic due to the coin’s current trade above previous resistance levels, which have now become support.
One analyst posted that the recent price drop prior to the upcoming Halving could be the last opportunity for bargain purchases in 2024 before costs become unaffordable for the average investor. The analyst advises traders and coin owners against selling in a panic, even if prices fall significantly from current rates, as the market is expected to recover in the coming months.
Bitcoin Is Rising: Trading At A 3-Week High
Starting March 15, Bitcoin experienced a downturn in value, coming after it surpassed its previous record high of approximately $73,800. Though this achievement was noteworthy, the subsequent decline saw Bitcoin plunge by up to 15%, reaching a low of around $61,000.
On March 20, Bitcoin began its latest surge. But, it remains uncertain if this upward trend will carry enough force to push the price above $74,000. The Bitcoin Halving is approaching in about ten days, on April 9.
After the Bitcoin halving event, some experts believe the coin’s value could increase significantly. During halving, the Bitcoin network reduces miner rewards by half. As a result, miners who play a crucial role in maintaining the platform’s security and processing transactions face reduced income.
The Halving event could lead to a scarcity issue, given that the existing demand level is maintained or even increases. Currently, Bitcoin has reached new heights, surpassing its previous 2021 record of $70,000.
All Indicators Support Bulls: Is BTC Ready To Rip?
Some analysts believe that the price behavior of Bitcoin after the next halving event will be different from what we’ve seen in the past, as institutions are currently buying large amounts through spot Bitcoin ETFs.
Based on the data available, both the Bitcoin ETFs introduced by Fidelity and BlackRock have experienced continuous investment since their debut.
In simpler terms, one analyst noted that the coin has surpassed the resistance line of a bullish flag pattern from a technical perspective. Furthermore, the MACD indicator is approaching a “buying signal” called a “bull cross,” which is an exciting sign for potential buyers. Traders are anxiously looking forward to seeing this bullish trend confirmed on the daily charts before the significant event of halving, which is scheduled within the next two weeks.
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2024-04-09 18:41