Why Bitcoin’s Post-Halving Rally Is Certain, Analyst Explains
2024年5月11日 - 6:30PM
NEWSBTC
Bitcoin experienced a price decline of 3.06% on Friday, falling as
low as $60,372.36 based on data from CoinMarketCap. With the crypto
market leader now in a consolidation phase, a trading analyst with
X username Titan of Crypto has expressed resilient faith in
Bitcoin’s ability to produce a post-halving price rally. Related
Reading: Bitcoin Down 20% From March But Glassnode Analysts Are
Very Bullish: Here’s Why Bitcoin Rise Inevitable, Analyst Pinpoints
$150,000 Price Target In a series of X posts on Friday, Titan of
Crypto shared some interesting bullish predictions on the Bitcoin
market. Firstly, the analyst noted that amidst BTC’s price decline,
the token’s price pattern on the daily timeframe had formed a
bullish signal. Titan of Crypto referred to this signal as the
bullish engulfing candle which occurs when a larger bullish candle
completely emerges from the previous smaller bearish candle, thus
indicating a potential reversal from a downtrend to an uptrend.
Following these observations, the analyst also predicted Bitcoin to
soon experience a massive post-halving price gain. Titan of Crypto
described this forecast as “inevitable” citing data from Bitcoin’s
price history. The crypto analyst said: To understand the
present you have to search in the past. And what the past is
telling us is there is no occurrence of #BTC not having a
rally after the halving. Titan of Crypto also acknowledged that
short-term price movements may be “confusing” however he expects
BTC to maintain an upward trajectory in the long room. Based on
previous post-halving rallies, Titan of Crypto predicts Bitcoin to
trade at $150,000 in 2025. Related Reading: Bitcoin Short Term NUPL
Value Turns Negative, What This Means For Price BTC Close To Bottom
Price As Dip Buy Interest Drops In other news, blockchain analytics
website Santiment also predicts the recent downturn in Bitcoin’s
price could soon end stating the token is near a “bottom” i.e. the
lowest point in a market fall at which price stops falling and
starts rising exponentially. Interestingly, this prediction by
Santiment is based on a decline in the dip-buying activity of
Bitcoin investors. The analytics platform reports that the trading
interest in Bitcoin following its most recent decline on Friday is
far below levels associated with previous price falls. At the time
of writing, Bitcoin continues to trade around $60,968, with an
overall price loss of 3.26% in the last week. On the monthly chart,
the digital coin also remains in the red zone, reflecting a decline
of $13.64%. However, Bitcoin’s daily trading volume remains
positive by 9.73% and $27.88 billion. BTC trading at $60,922
on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Investopedia, chart from Tradingview
Bitcoin (COIN:BTCUSD)
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