Bitcoin before the next surge: what will the upcoming halving bring?
Bitcoin Ready for Another Bullish Rally Ahead of Upcoming Halving
Bitcoin, the most popular cryptocurrency in the world, might be gearing up for another bullish rally, especially with the approaching halving event. Recent metrics and market indicators clearly hint at the possibility of a significant price surge for Bitcoin.
Charts and Data Confirming the Upward Trend
After several days of consolidation, the price of Bitcoin has finally shown signs of growth, rising over 2% in the last 24 hours and approaching the $70,000 mark. Currently, the price of Bitcoin stands at $69,497.75, with a market capitalization exceeding $1.37 trillion. Forecasts suggest that BTC may reach its previous peak of $73,000.
Analysis of Market Data and Technical Indicators
An analysis by CryptoQuant revealed a decrease in Bitcoin reserves on exchanges, indicating a high demand for this cryptocurrency. The Binary CDD indicator also displayed a green signal, signifying that the activity of long-term investors was below the average over the past seven days.
For a full-fledged bullish rally to commence, Bitcoin needs to surpass the resistance at $71,000. Despite the rise in the RSI indicator, the MACD still showed a bearish dominance, which could pose a challenge to the price increase.
Bitcoin’s Future Before the Halving
The upcoming Bitcoin halving, scheduled in around 12 days, will gradually reduce the available supply of this cryptocurrency by approximately 6% over the next four years. This could further impact the rise in Bitcoin’s price and its attractiveness to investors.
Stability in Hashrate Indicates Network Development
It is worth noting that Bitcoin’s hashrate, a measure of the network’s computational power, remains relatively high at 656.61 EH/s, reflecting a stable number of active miners in the Bitcoin ecosystem. This is positive news for the network’s security and the stability of this cryptocurrency.
In conclusion, Bitcoin is on the verge of another potential price surge, supported by positive market indicators, the upcoming halving event, and network stability. Investors and cryptocurrency market observers eagerly await whether the price of Bitcoin will indeed break through further price barriers and reach new highs.
