Bitcoin Halving Projection: BTC Expected to Reach $50K Prior to Halving, However, Prepare for a March Decline
MikybullCrypto, a leading analyst, has made a bold prediction about Bitcoin’s future. Based on historical cycles and the excitement surrounding the upcoming halving, he believes that Bitcoin has the potential to skyrocket to $50,000. However, there is a catch – a significant correction is expected to occur soon.
In a recent post, MikybullCrypto discusses the current market scenario and highlights the impact of the Spot ETF launch. This event is often seen as a “sell the news” event, meaning that it could lead to a decline in Bitcoin’s price.
Looking at Bitcoin’s monthly chart, MikybullCrypto identifies a pattern known as a doji, which indicates market uncertainty. This suggests that participants are unsure about the future direction of Bitcoin. Additionally, the Supertrend indicator, a trusted tool for many analysts, remains in bearish territory. This is mainly due to Bitcoin’s struggle to close above the critical $45,000 mark.
MikybullCrypto also examines historical patterns, specifically the Relative Strength Index (RSI). In the pre-halving period, the RSI typically reaches around 67 levels before a significant correction occurs. The question is whether this historical trend will repeat itself or if Bitcoin has something unexpected in store.
Despite the potential for a correction, MikybullCrypto predicts that Bitcoin could reach $50,000 before this happens. However, he also aligns with MortensenBach’s Bitcoin seasonality chart, which suggests a bullish February followed by a possible correction in March. Bitcoin is currently in a consolidation phase, waiting for key movements to determine its next move.
To confirm or challenge the presented data, MikybullCrypto identifies $44,000 and $41,000 as pivotal support levels. These levels will play a crucial role in indicating Bitcoin’s next move.
Currently, Bitcoin is trading at $42,961, showing a modest 6.9% increase over the past week. The 24-hour trading volume has declined by 24.1%, and the market cap stands at around $845.12 billion.
With these factors in mind, the question remains whether the SEC will approve a Bitcoin Options ETF in 2024. This decision could have a significant impact on Bitcoin’s future trajectory.