• 28 May, 2024
News

Crypto Analyst Foresees Bullish Bitcoin Pre-Halving Reminiscent of 2019-2020

Bitcoin, the titan of cryptocurrencies, has a dynamic history of peaks and troughs. According to a recent analysis by Stockmoney Lizards, a prominent analytics account on the X platform, the digital currency is poised for a significant uptrend in the coming years. Their forecast paints a bullish picture for Bitcoin from 2023 through 2027, indicating that a potential bull run may kick off before the anticipated halving event.

One of the primary indicators of this potential surge is a pattern reminiscent of Bitcoin’s behavior in 2019 and 2020. Bitcoin’s trading trend has been identified within a correction range, bound by two distinct trendlines. The cryptocurrency seems to be oscillating within these confines, suggesting a similar momentum to previous years. Additionally, the MACD (Moving Average Convergence Divergence) shows signs of consolidation, hinting at an imminent move. If this momentum continues, Bitcoin might just break past the upper resistance, creating the stage for a massive upswing.

BTC/USD 1-day price chart, Source: Trading View

Setting the technical analysis aside, the broader macroeconomic landscape is also favoring Bitcoin. Two major events are set to play out in the coming quarters that could drastically influence Bitcoin’s price. Firstly, the pre-halving excitement, a period historically associated with heightened speculation and investment. Secondly, there’s increasing optimism surrounding the possible approval of a Bitcoin ETF. Such an approval could bring an influx of capital into the market, pushing the cryptocurrency’s value even higher.

Beyond the charts and the potential catalysts, Bitcoin’s appeal grows fundamentally. Countries, major institutions, and everyday retail investors are gradually realizing the flaws inherent in traditional fiat currencies, especially in the face of rising inflation and fluctuating interest rates. As these concerns mount, Bitcoin is emerging as a credible alternative with its inflation-proof nature. This paradigm shift in understanding and external market forces like the S&P 500’s performance may serve as a significant driver for Bitcoin’s price appreciation.

Currently, Bitcoin is priced at $27,515.99, with a substantial 24-hour trading volume of $11,389,259,707. Despite a marginal decline of 0.32% over the last day, it remains the top-ranked cryptocurrency on CoinMarketCap, boasting a market cap of over $536 billion. With over 19.5 million BTC coins in circulation and a total cap of 21 million, the stage is set for an exciting period for Bitcoin enthusiasts and investors.

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