• Bitcoin price has been declining heavily, raising concerns over the upcoming rally ahead.
• The pre-halving consolidation appears to be reaching its peak beyond which a healthy rally may be imminent.
• Trading view suggests that post-halving event, the price of Bitcoin will surge magnificently to new highs – possibly beyond $200K after the next halving.
Bitcoin Price Analysis
The star crypto is believed to remain consolidated for a while ahead; however, the impending trend continues to remain misty. The market participants believed that trend would rise above $25,000 somewhere before the end of Q1 2025. The recent market crash caused by an external factor raises concerns about the future trend.
Bitcoin’s price fell below the ascending trend line it had been following since the beginning of 2023. The breakout appears to be tremendous, as the path for recovery remains distinct. If historical price action is considered, BTC has always consolidated in an ascending manner before each halving.
Trading View Analysis
As per an analyst Trader Tradigrade, Bitcoin top may surge beyond $200K after the next halving which is scheduled at block 840,000 on April 28th 2024 where-in BTC rewards would be reduced from 6.25 to 3.125 BTCs respectively. Therefore a fine upswing may be expected during second half of 2024 and BTC price might rise high forming new ATHs (All Time High).
It is predicted that before next halving date estimated in 2024, BTC will reach $50K for second top as shown in Long term Bitcoin chart pattern correlated to bitcoin halvings.
Despite recent market crash caused by external factors raising concerns about future trends of Bitcoin prices, trading view analysis suggests that post-halving event could lead towards immense growth and success with BTC prices surging higher than ever before – potentially beyond $200K after next halving!