Bitcoin Halving 2024: Anticipating the Impact on BTC Price
With only 20 days remaining until the highly anticipated halving event, Bitcoin, the leading cryptocurrency, has experienced a significant surge in value, reaching $70,447.60 this week, reflecting a 6.13% increase over the past seven days. However, it did experience a slight dip of 0.85% within the last 24 hours. Bitcoin, with a market capitalization exceeding $1.35 trillion, continues to dominate the digital asset space. The introduction of the ETF has bolstered investor confidence in Bitcoin, and the upcoming halving event is anticipated to further propel BTC to new heights.
The next Bitcoin halving is scheduled to take place in mid-April 2024. This event will cut the Bitcoin supply in half, ensuring its limited availability and issuance mechanism, a highly anticipated feature within the crypto community.
Throughout history, Bitcoin has witnessed price surges during halvings. However, it is important to note that past performance does not guarantee future results. Analysts hold differing opinions on the exact trajectory Bitcoin will follow after the halving, with some predicting a continued rise and others suggesting a period of consolidation following an initial price surge.
Santiment, a prominent platform in the crypto space, has shared a strategic roadmap for traders and enthusiasts alike, highlighting key indicators that may influence Bitcoin’s price movements leading up to the halving. Santiment’s crypto experts have provided a useful guide for traders preparing for the upcoming Bitcoin halving event on April 19th.
Here are the crucial metrics to consider:
Firstly, Santiment advises monitoring trading volume and Bitcoin’s social dominance. An increase in trading volume and growing social presence of Bitcoin may indicate a higher interest in purchasing the cryptocurrency, potentially leading to price increases.
Secondly, it is important to watch for instances of profit-taking within the Bitcoin network. When individuals sell their Bitcoin after making profits, it could signal a shift in market sentiment and potentially result in price drops.
Lastly, Santiment recommends keeping an eye on the activity of large Bitcoin holders, also known as whales. If whales are accumulating more Bitcoin while smaller investors are selling, it could indicate confidence in Bitcoin’s future and suggest a bullish market.
Santiment’s chart provides traders with real-time price analysis and tools to track these significant indicators. By staying informed and utilizing Santiment’s insights, traders can make informed decisions and capitalize on opportunities leading up to the Bitcoin halving.
When it comes to technical analysis, Bitcoin has displayed impressive performance recently. It encountered bearish momentum in the past two weeks but witnessed a notable surge this week. The previous week’s Hammer candlestick indicated bullish momentum, which has continued into this week, with the current weekly candle still demonstrating bullish tendencies.
However, short-term traders may face challenges as the current candle is likely to close with a bullish sentiment. Resistance levels have been identified at recent all-time highs, while support has been observed at the $66,381 zone, representing the weekly low thus far.
Tags:
Bitcoin