Possible bull run shortly before the halving | spcilvly

Although Bitcoin (BTC) has returned to mostly sideways trading mode, like most other assets in the cryptocurrency market, its future carries the potential for massive gains, particularly considering the upcoming halving event in 2024.

Specifically, pseudonymous cryptocurrency analyst Stockmoney Lizards predicts that “we will probably see a start to the bull run slightly before halving,” according to the detailed analysis of the chart patterns of the flagship decentralized finance (DeFi) asset shared in an X post on October 4.

Bitcoin price action analysis. Fountain: Stockmoney Lizards

Explaining this reasoning, the expert listed the main factors at play for this scenario, starting with the Bitcoin pattern “trading in the correction range (as in 2019/2020) separated by two trend lines (yellow area, box blue), indicated by ( moving average convergence and divergence (MACD) consolidation) (blue box, below)”, and its latest impulse signals an attempt to break the upper resistance line.

Furthermore, the second is the environment, which has shown that Bitcoin has two potentially very bullish quarters ahead with two major catalysts: the pre-halving hype and the early approval of Bitcoin exchange-traded funds (ETFs) with a lot of fresh money flowing. despite the general macroeconomic situation.

Finally, the general situation suggests that:

“Countries, large institutions and broad masses of retail investors seem to slowly understand that fiat money is doomed to fail and that Bitcoin is inflation-proof. Despite all the noise (inflation, interest rates, what’s happening with the S&P 500, etc.), this will ultimately drive the price up.”

Bitcoin price analysis

Meanwhile, at the time of this publication Bitcoin was changing hands at the price of $27,589, representing a 0.44% increase in the last 24 hours, a 2.92% gain in the previous seven days, and a growth of 6.6% in the last month, as the most recent graphs show.

30-day Bitcoin price chart. Fountain: finbold

It is also worth noting that crypto expert CoinsBoy has previously noted that Bitcoin needed to hold its bull market support level at $24,900, or “it’s good night to the bull,” but success could take it towards and beyond the important $30,000 level.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When investing, your capital is at risk.

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