Bitcoin Halving Prediction: Analyst Predicts Potential Low Levels for BTC Price
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With only 5 days remaining until the much-anticipated Bitcoin halving, cryptocurrency analyst Eric Krown Crypto has shared his price predictions for Bitcoin ahead of the upcoming event. Eric began by looking back at past Bitcoin halvings in 2012, 2016, and 2020, noting a consistent trend: Bitcoin’s price tends to rise after these events, never dropping back to pre-halving levels. Based on this pattern, Eric suggested that the lowest price point for Bitcoin will likely occur around the time of the halving or shortly after.
A pivotal level to watch on the daily chart is $71,400, as Bitcoin faces downside pressure while trading below this threshold. However, a decisive move above $68,400 could signal market strength. Similar downward momentum is evident on the two-day and five-day charts, with key resistance levels at $71,900 and $73,800, respectively.
He said Bitcoin remains in a corrective phase, even after a brief bounce. If Bitcoin retreats to the low $60,000s or upper $50,000s, it could present another buying opportunity. A breach below $59,000 might indicate a shift in the market cycle, potentially leading to a decline toward the low $50,000s, around $53,000 per Bitcoin.
He also discussed the potential impact of external factors, such as introducing Bitcoin ETFs in China, cautioning viewers about the uncertainty surrounding such developments.
“Bitcoin is below the median as of right now. So, that condition will be fulfilled, meaning that if Bitcoin is bullish and the halving produces the low, or around the low, we would expect this week to pop back up and close above the median again, at $68,400. If that happens, it’s game on to the upside. In my opinion, this market cycle will be very, very short-lived. I don’t think it lives past 2024,” he said.
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Filed under: Bitcoin - @ April 16, 2024 6:00 am