Bitcoin Price Forecast After Halving: MikybullCrypto Anticipates February’s BTC Price Objective
Renowned crypto analyst MikybullCrypto has made a bold prediction, stating that Bitcoin’s price could skyrocket to $50,000 before experiencing a significant correction. This forecast is based on an analysis of historical market cycles, macro corrections, and pre-halving periods, all of which point towards a strong likelihood of Bitcoin making a substantial jump in the near future.
In a recent post on X, MikybullCrypto sheds light on the current market scenario, specifically highlighting the impact of the Spot ETF launch. This event is often referred to as a “sell the news” event, indicating a potential market reaction.
Looking at Bitcoin’s monthly chart, analysts have noticed a pattern called a doji, which suggests that market participants are uncertain about the next move. Additionally, the Supertrend indicator, a tool trusted by many analysts, remains in the bearish territory. This bearish sentiment is primarily attributed to Bitcoin’s failure to close above the critical $45,000 mark on a monthly basis. However, it is anticipated that this milestone will be achieved later this month.
Further analysis by MikybullCrypto emphasizes historical patterns, specifically highlighting that the Relative Strength Index (RSI) typically reaches around 67 levels during the pre-halving period before a macro correction takes place. Based on this observation, the prediction suggests that Bitcoin may reach the $50,000 threshold before undergoing a substantial correction.
In line with MortensenBach’s Bitcoin seasonality chart, MikybullCrypto’s analysis indicates a bullish February followed by a potential correction in March. Currently, Bitcoin is in a consolidation phase, awaiting key movements.
To determine the next movement of Bitcoin, MikybullCrypto relies on the weekly chart as a guideline. The crucial levels to watch are $44,000 and $41,000, as they will determine the cryptocurrency’s next move. These levels serve as significant indicators, either confirming or challenging the presented data.
At present, Bitcoin is trading at $42,961, reflecting a modest 6.9% increase over the past week. The 24-hour trading volume has seen a decline of 24.1%, and the market cap is hovering around $845.12 billion.