Cryptocurrency analyst CryptoMichael in the cryptocurrency field recently shared some insights on potential market trends in Bitcoin (BTC) prices before the halving begins.Guage, share it with everyone
Cryptocurrency analyst CryptoMichael in the cryptocurrency field recently shared some insights on potential market trends in Bitcoin (BTC) prices before the halving begins.
Guage, share it with everyone.
Signs of a potential bull market
According to CryptoMichael's recent revelations, Bitcoin may be on the brink of a new bull market.
He stated that cryptocurrencies exhibit considerable resilience and soaring potential.
For this optimistic view, CryptoMichael emphasizes that it is not only due to the rise in Bitcoin prices, but also the various indicators and patterns observed in Bitcoin price trends.
The analyst also mentioned that the counterfeit currency market is heating up and there may be an upward trend.
Experts believe that the importance of the parallel bullish movement of counterfeit currency cannot be underestimated.
It is worth noting that a comprehensive bull market, including Bitcoin and its counterfeit currency, may mean significant returns for a diversified cryptocurrency investment portfolio.
Is Bitcoin worth $45000 before being halved?
After in-depth analysis, CryptoMichael predicts that the potential price of Bitcoin will reach $45000 before the highly anticipated halving event next year.
Half reduction is crucial for the Bitcoin network, and the rewards for miners adding new blocks to the blockchain will be reduced by half.
This event typically reduces supply and may significantly affect the price of Bitcoin. From a historical perspective, the cryptocurrency market has experienced a bullish trend before and after halving.
This cyclical behavior has been observed in the past two halvings, with prices soaring before and after the halving.
However, the current market dynamics have left investors in a speculative state, contemplating whether history will repeat itself.
Especially in the past month, Bitcoin has shown a bearish trend, with a decline of nearly 10%.
The asset plummeted from a high of $30000 at the end of July to a low of just over $25000 on Monday.
However, in the past few weeks, there have been signs of gradual recovery in Bitcoin prices.
As of now, the transaction price of BTC has exceeded $26600, with a current price of $26338 and a market value of $513 billion.
It is worth noting that compared to the recent market value of less than $500 billion seen earlier this month, the current market value of Bitcoin has increased by over $10 billion.
However,Although its market value and price have significantly increased in the past two weeks, the trading trend of this asset is opposite.
Especially in the past 24 hours, the daily trading volume of Bitcoin has plummeted from $18 billion at the beginning of this month to $10 billion.
Guage believes that:On the positive side, the downward trend line may limit Bitcoin's potential growth to around $26750.
However, if BTC can overcome this obstacle, it may aim for a milestone of $27000.
In addition, $27600 is a major obstacle.
If Bitcoin successfully breaks through this threshold, it may push the price to the resistance level of $28000 or even higher.
Similarly,The downward trend line of $26750 may be a major obstacle for Bitcoin.
If Bitcoin fails to break through this level, it may fall towards the $26600 mark and even retest the support level of $26000.
In this situation, the increase in selling pressure may push the value of BTC down to around $25250.
At present, from various technical indicators such as the 50 day moving average, relative strength index, convergence and divergence of the moving average, all traces indicate a buying trend and a sustained bullish trend.
Therefore, traders need to closely monitor the level of $26500, which may be a key turning point; Above the price may indicate a buying opportunity, while below the price may indicate a selling opportunity.
The above analysis is for reference only and does not make any investment recommendations.
#BTC # # Cryptocurrency#
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
