Bitcoin Price Prediction – Monthly Chart Points To $100k Post-Halving
With two days left until Bitcoin’s much-anticipated halving event, the leading cryptocurrency exhibits mixed signals. Over the past 24 hours, Bitcoin’s price has fluctuated within the $63,000 and $62,000 range, reflecting market uncertainty. As of 11:28 UTC, Bitcoin was trading at $62,986.
Fear And Greed Index Points To Increased Fear
This volatility is accompanied by a shift in sentiment, with the fear and greed index for the crypto market currently registering at 60, indicating a gradual transition from the greed that dominated the market in recent weeks to a growing sense of fear.
Advertisement
Time To Sell?
Despite these concerning indicators, analysts point to underlying fundamentals that suggest a potential breakout for Bitcoin, potentially propelling its price to reach highs of $100,000 within the coming month. One notable factor contributing to this optimistic outlook is the tendency of financial markets to defy mass expectations.
Markets Don’t Follow Mass Expectations
Currently, many buy orders are between $60,000 and $57,000, signaling investor anticipation of a potential drop in Bitcoin’s price below the crucial $61,000 support level. However, historical market behavior suggests the possibility of Bitcoin rallying without fulfilling these orders, triggering FOMO-driven spot buying and driving the price upward.
The Halving Is Only 48 Hours Away
The imminent catalyst for such a scenario is widely believed to be the 2024 Bitcoin halving, scheduled to occur in two days. This event is expected to significantly alter the supply dynamics of Bitcoin, potentially leading to a rapid price surge that leaves many orders unfilled below the $60,000 mark. The technical analysis further supports this bullish narrative. While short-term charts indicate bearish trends, longer-term monthly charts present a more optimistic outlook for Bitcoin’s price trajectory.
#Bitcoin is marking its fourth halving event this week.
Currently, it appears we’re mirroring the pattern of fluctuating price movements before experiencing a significant rally.
The key is to maintain patience.#BitcoinHalving #BTCHalving #token2049dubai #ToTheMoon pic.twitter.com/ta67G8vtQn
— Crypto Gem Finder (@all_crypto_gems) April 17, 2024
Monthly Charts Paint A Bullish Picture For BTC
Zooming at the monthly charts reveals that Bitcoin has not been bullish but is merely recovering, gradually erasing losses incurred during the tumultuous period of 2021 and 2022. March 2024 marked a significant milestone as Bitcoin successfully breached the resistance level established in 2021 at $61,643.45.
Bitcoin is undergoing a retest of this previous resistance, which has now turned into support, signaling a potential continuation of the bullish trend. The recent bounce off the $61,643 support level reinforces the validity of the breakout and suggests that the overall momentum remains bullish.
Bitcoin Needs To End The Month Above $61,643
The crucial determinant of Bitcoin’s near-term trajectory will be its closing price for the current month. If Bitcoin maintains a monthly close above $61,643, it would confirm the bullish momentum and pave the way for further price appreciation, potentially reaching $100,000 or higher. With the halving event looming, the odds of Bitcoin ending the month above this critical level are deemed favorable.
Rising Institutional Demand Adds To Upside Potential
Furthermore, institutional demand for Bitcoin continues to strengthen, with major players such as BlackRock increasing their exposure to the cryptocurrency. BlackRock’s acquisition of over 200,000 Bitcoin underscores the growing institutional confidence in Bitcoin’s long-term potential, further bolstering the optimistic outlook for its price performance.
As the crypto community eagerly awaits the upcoming Bitcoin halving, the stage is set for a potential breakout in Bitcoin’s price, with bullish fundamentals outweighing short-term bearish signals.
Bitcoin Holding Above Key Support On Monthly Chart, A Bullish Signal
While the short-term charts are sending conflicting Bitcoin signals for BTC, zooming out on the monthly charts shows that Bitcoin is strongly bullish. Since January 2023, Bitcoin has been erasing most of the losses it incurred during the correction of 2022.
It was only in March this year that Bitcoin cleared these losses by breaking through the $61,643.45 resistance. As usually happens with such breakouts, Bitcoin correction this month is a retest of previous support and has bounced off it strongly. If bulls can sustain momentum above $61643.45, then prices above $100k could be in the works within weeks.
However, a minor multi-month correction could be imminent if bears can push Bitcoin through $61,643.45 support and sustain it to the end of April.
Why Key $61,643 Support Could Hold
While bears could always win, the odds are slim due to the halving. This and the fact that Bitcoin has held firmly above $61,643 despite geopolitical pressure paints a bullish picture.
Advertisement
Kamal Masri
Kamal is an experienced financial analyst with a demonstrated history of working in the Financial Market. Skilled in Equities, Capital Markets, Portfolio Management, Risk management, and Corporate Finance. Kamal has worked at some of the leading online finance publications providing his expert knowledge on cryptocurrency. Kamal has written widely on digital assets across the stock and crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.
View full profile ›ℹ️About Crypto2Community's Editorial Process
Crypto2Community's editorial policy is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict editorial policy and sourcing standards, and each page undergoes diligent review by our team of top crypto industry experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
