The highly anticipated Bitcoin halving With only three days until April 20, crypto analysts analyze past trends to speculate on possible price movements.
A recent video Title “Bitcoin Halving Price Predictions,” Eric Krown, an analyst at Crypto Krown, dives into historic data and gives insights about what is to come in the next few days.
When we look back on the last three halves, there is a pattern that emerges. The halving was preceded by a period of consolidation in November 2012 BitcoinAfter which, the price reached a new low and began to climb.
You can also read this: Cryptocurrency: Whales Scooped Up These Coins Amidst Market Dip
A similar halving occurred in 2016 during another period of consolidation, and the low happened about 3.5-weeks after. Most recently, the latest halving was in May 2020. The low occurred at the same time as the halving, and then a steady upward trend followed.
Eric says that waiting for the actual date of halving before making any major moves could reward your patience. While there’s excitement about potential Bitcoin ETFs coming from China, he notes that the country is unpredictable and can take unpredictably.
Bitcoin resistance levels and potential Bitcoin bounce
Erice thinks that Bitcoin will bounce in the near term and try to test $68,400. He explains that it is aligned with the median Heikin Ashi Point and Figure Distribution Bands.
The daily target is also around $67,000. While Bitcoin may still be able to experience corrections as long as it remains below the $67,500 level, the $382 level is an important area for you to monitor.
You can also read this: Shiba Inu: This Pattern Suggests A SHIB Surge To $0.000045
The Long-Term Cost and Value of Production
Eric’s Bitcoin fundamentals chart shows that the $60,000 area is still a good value in the long term, even with the uncertainty of the present. Chart shows that Bitcoin is currently trading at $30,000 but after the price halving will be doubled to $60.000. Bitcoin only ever traded under the floor price briefly in history, creating excellent purchasing opportunities.
Investors and traders closely monitor the Bitcoin price as the halving date approaches. They also look for potential opportunities and risks. The crypto market, which is notorious for its unpredictability and volatility, may see a drop in price on the day of the halving or soon after.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru