Bitcoin before the halving: what awaits the most popular cryptocurrency?
Bitcoin Before Halving: Deviation from Historical Norms
Bitcoin, the most valuable cryptocurrency in the world, is currently attracting significant attention from investors due to anomalies in its behavior before the upcoming halving. An analysis conducted by a cryptocurrency analyst has revealed that Bitcoin is currently in a state of “overbought” in the Relative Strength Index (RSI) on its monthly chart, signaling a market overheating.
Changes in the Bitcoin Market
The Bitcoin network is set to decrease miner rewards by 50% in mid-April, from the current level of 6.125 BTC. This is a significant event as, for the first time in Bitcoin’s history, changes in miner rewards are happening before the actual halving.
Bitcoin Price Predictions
Technical analysis suggests that Bitcoin is currently above a significant level on its monthly chart, indicating investor optimism. It is expected that in the coming weeks, Bitcoin could rise, potentially surpassing the previous all-time high of around $73,800.
Investor Caution
Despite the optimism of some investors regarding Bitcoin price increase, there is a risk associated with surpassing the $74,000 level. Technical analysis, commonly used for forecasting, may not always be accurate and sometimes lead to erroneous conclusions, thus caution is vital when making investment decisions.
