Bitcoin is changing hands at around a three-week high when writing following refreshing gains on April 8. With the coin trading higher and above previous resistances, now support, analysts on X are upbeat.
In a post, one analyst said the recent dip before the upcoming Halving could be the final fire sale of 2024 before ordinary folks are priced out. For what’s expected in the coming months, the analyst urges traders and coin holders against panic selling even if prices coil lower from spot rates.
Bitcoin pre-halving dip | Source: Analyst on X
Bitcoin Is Rising: Trading At A 3-Week High
Since March 15, Bitcoin has been under pressure, days after breaking higher and registering a new all-time high at around $73,800. While the moment was historic, the subsequent dump saw the coin drop as deep as 15%, bottoming at around $61,000.
The recovery on March 20 is the basis of the current leg up. However, it is yet to be seen whether bulls have sufficient momentum to drive BTC above $74,000, with the Bitcoin Halving event scheduled for roughly ten days from April 9.
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
Some analysts expect the coin to tear higher after Halving. When Bitcoin halves, the network automatically halves its miner rewards. That means miners at the core of securing the platform and ensuring all transactions are valid and available will have to contend with drastically lower revenue.
However, another consequence of the Halving event will be a possible supply crisis, especially if the current level of demand is sustained. So far, BTC has soared to all-time highs, breaking 2021 peaks of $70,000.
All Indicators Support Bulls: Is BTC Ready To Rip?
Since institutions are said to be accumulating Bitcoin via spot Bitcoin exchange-traded funds (ETFs), some analysts insist that the next epoch, once Halving happens, will differ from the past retail-driven price action.
As data shows, spot Bitcoin ETFs offered by Fidelity and BlackRock have seen consistent inflow since launching.
Longest inflow streak | Analyst on X
From a technical analysis standpoint, another analyst observed that the coin has broken above a bullish flag. Additionally, the MACD indicator is nearing a “bull cross,” a massive development for buyers. Traders eagerly await confirmation of this bullish momentum on the daily charts – all within two crucial weeks before the halving.
Feature image from Canva, chart from TradingView
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Author: Dalmas Ngetich
