Explore the latest Bitcoin Price analysis, and discover why BTC Price is stagnant, moving horizontally in daily chart. Also, learn why some analysts expect BTC prices to spike in the coming months.
Bitcoin price action has been drab over the past two weeks. After the cool-off from $73,800, prices have failed to conquer this level despite the hopes of a “mega” run post-Halving.
Bitcoin is showing early-stage signs of slowing down in its sell-side momentum, slowly developing a curl against the ~$60000 support
~$60000 needs to continue to hold as it has been holding thus far for this curl to progress and eventually lift up$BTC #Crypto #Bitcoin pic.twitter.com/9FGSIHrBhH
— Rekt Capital (@rektcapital) May 13, 2024
Prices are holding steady at spot rates, but some analysts expect prices to rise, even surpassing expectations. Though $73,800 can be the immediate bull target, some analysts are comparing the current state of affairs with 2016, weeks after the Halving.
2024 Versus 2016: Is The Bitcoin Bear Run Over?
Whether the bottom is in or not remains to be seen. However, according to Rekt Capital, a crypto analyst, the recent drop (to as low as $56,500) and swift recovery from below the re-accumulation range are very important.
Sharing a post, the analyst said this pattern printed out days after Bitcoin halved in 2016.
If the past guides, then it is highly likely that BTC is nearing its cycle bottom. As such, prices can rally sharply in the weeks ahead, just like they did in 2016. So far, the coin is within what Rekt Capital described as the “post-halving re-accumulation” zone.
Though this range is within the “post-Halving danger zone,” as the analyst marked out, it is unclear to what degree BTC can fall should bears take over.
Traders should also be aware that BTC rallying is not guaranteed. Though history may rhyme, the current market is more dynamic. There are many factors to consider, including macro developments shaped by central bank monetary policy. Institutions are in play, and the market has become more liquid than in 2016.
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Bitcoin Price Path To $350,000 By January 2025?
Even so, if buyers take over and Bitcoin trends higher post-Halving like in past cycles, one analyst projects the coin to peak at around $175,000 – $350,000. Going by previous price action, especially the depth of corrections, BTC will likely peak in 9 months, meaning the coin might more than 5X by January 2025.
(Source)
For now, traders can closely monitor price action in the coming days. Looking at the daily chart, BTC is moving sideways, with caps at $66,000 and $70,000 in the immediate term.
The undervaluation of May 2, when prices closed below the lower BB, was corrected in subsequent days according to Bollinger bands in Bitcoin price analysis.
(BTCUSDT)
Nonetheless, for the uptrend of the better part of Q1 2024 to continue, there must be a conclusive, high-volume break above $66,000.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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