Bitcoin recently crossed $35,000, surpassing its previous high, and people are excited. The crypto market is awaiting ETF approval, which could increase its price. However, due to the economic ups and downs, it is unclear whether this trend will continue and affect other cryptocurrencies. At the moment, Bitcoin org
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is around $37,000, and an upcoming catalyst that could change the direction of the price is the halving.
Eric Krown Crypto’s recent analysis focused on documenting Bitcoin’s historical trends, particularly in the lead-up to the upcoming halving. Krown examined the highest prices seen in previous cycles and speculated on what to expect ahead of the next halving, which takes place in about six months.
He looks at Bitcoin’s long-term chart, covering its entire history, and marks important events, particularly the halving dates. Krown looks at previous cycles, starting in 2011, when Bitcoin broke a long-term downtrend and reached a significant high before the first halving. Similar patterns can be seen in the 2014 and 2018 cycles, with Bitcoin reaching significant highs before each halving event.
The focus then shifts to the current cycle, with the next halving expected to be around six months away. Krown points out that in the current cycle, unlike historical cycles, it took longer to reach the highest price before the halving. The price of Bitcoin has been consolidating and has yet to reach the Fibonacci level of 618, indicating a possible upward move.
Based on historical patterns, the analyst speculates on the highest price Bitcoin could reach before the upcoming halving. He suggests that if history repeats itself, Bitcoin could break above the Fibonacci level of 618 and potentially approach the Fibonacci level of 786, suggesting a price range between $46,000 and $47,000 per Bitcoin.
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