Bitcoin's next stop is $ 23K as the halving approaches







A lot of data now suggests that the halving event in May will raise Bitcoin prices significantly. The latest analysis shows that the top cryptocurrency will gradually increase for the rest of the year and eventually surpass the all-time highs.


Bitcoin price is following a clear pattern


Bitcoin analyst Jack posted the chart on Twitter and showed a series of indicators of weekly closing prices. Surprisingly, all signaled that BTC was about to welcome a new rally.




“Updated analysis of fair prices of BTC


40% of our estimated time is less than 0.5 across the entire consolidation range starting from $ 20K


Consolidation from 2013-2017: 41.57%


Anyway, math shows there was enough low below the fair price to explode for the rest of the year. ”


This chart examines the MA and Fib lines of the current market and compares them with similar data from the 2013-2017 bull run. There is a clear parallel correspondence between the data. Therefore, if the pattern continues, the Bitcoin price will increase for at least the next 12 months.


It is worth noting that Bitcoin Jack does not anticipate a rapid price rise, at least not by the standards of the cryptocurrency market. Instead, he assumed that Bitcoin would move steadily, like the last bull run that lasted until early 2018. However, the cryptocurrency could still see new all-time highs for several months.


Many external factors will impact on price movements


Halving Bitcoin continues to dominate the discussion of potential price dynamics. It will reduce the number of new coins entering the market to just 900 coins per day. If demand is constant, prices will rise. Therefore, there is no shortage of analytical data demonstrating how this move could change the dynamics of accepting Bitcoin.


In the larger context, many other actions in the blockchain space also have a noticeable impact on the market. For example, after weeks of decline, Bitcoin network activity once again advanced. This increase coincides with price recovery, indicating that traders are becoming more active. The investment environment is also increasingly convenient, as Bitcoin ATMs and onramp fiat are gaining popularity at an incredible rate.


The rise of overall blockchain activity is another promising sign, as more than ever, there are numerous organizations exploring technology adoption. Given that real-world usage will eventually determine the value of all crypto assets, this factor is a great predictor of future value. In fact, interest in Bitcoin and other cryptocurrencies has never been stronger.


Despite the market dropping over the past few weeks, the overall blockchain space remains strong. External factors give us a compelling reason to be optimistic about future values.


The relative strength of BTC is possible consolidating uptrend


According to previous news, Bitcoin outperformed many major markets throughout 2020 and the past decade has proven the level of development of cryptocurrencies from a fundamental perspective.


bitcoin


Bitcoin and other asset value growth | Source: Willy Woo


This strength could strengthen Bitcoin next year, as a slow but steady increase in the context of global instability could advance the story of its safe haven, persuading a large number of investors. participate in the market.


You can see the price of BTC here.


Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


Thuy Trang


According to AZCoin News








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