NOIDA (CoinChapter.com)—Bitcoin halving results disappointed traders as the token failed to launch an immediate bull run or chart a new ATH. However, optimism remains in the market as traders turn to technical setups for bullish cues.

The BTC halving event this year had a slightly muted impact, largely due to geopolitical and macroeconomic bearish cues. Recently, the market had to consider the impact of the Federal Reserve’s likelihood of fewer rate cuts in 2024.

Combined with the rising tensions in the Middle East, the Bitcoin price did not react as expected to the halving event. As a result, BTC prices experienced much volatility before and after the halving event, with the prime crypto breaching below $60,000 before recovering.

However, through technical patterns, BTC’s price has painted some bullish cues on its price charts.

Analysts Point Out Bitcoin Bullish Cues Post-Halving

Trader Tardigrade, an independent crypto analyst active on the CoinMarketCap community page, shared a chart showing BTC prices moving inside a parallel channel visible on the weekly timeframe. Thanks to the recent halving event, the BTC price could soon reach the coveted $100,000 level, per Tardigrade’s analysis.

The upward price trend post-halving aligns with patterns observed in previous cycles. The channel, indicated by two parallel, upward-sloping lines, represents Bitcoin’s price trend.

The analyst predicted that the BTC price would bounce off the channel’s support and rise to the pattern’s resistance after the recent halving. Given that the token stays inside the parallel channel, the bullish prediction is that Bitcoin’s price will reach $150,000 towards the end of 2024.

Moreover, another Bitcoin analyst, Captain Faibik, shared another bullish technical setup visible on the daily timeframe chart called the ‘bull flag pattern.’

A period of consolidation succeeding the steep uptrend forms the flag of the pattern. Despite the strong vertical rally, the asset price does not drop as bulls maintain the buying pressure. As a result, the breakout from the flag pattern often results in a powerful uptrend.

BTC is forming Bullish flag pattern on the daily timeframe chart. In Case of an upside Breakout from the bullish flag, expecting a new all-time high in May. (sic)

Captain Faibik posted on X.

The pattern is completed when the price breaks out of the flag area, continuing the previous upward trend. Traders calculate the price target of the breakout by adding the length of the flag pole to the breakout price level.

According to the rules of technical analysis, the BTC price might rally over 41% to reach the theoretical price target of $93,300, which is close to the $100,000 price level.

BTC Price Reclaims 50-Day EMA Support

Meanwhile, following a minor bull run after the halving event, BTC price reclaimed the 50-day EMA (purple wave) dynamic support. Bears are now defending the 20-day EMA (red wave) trendline resistance as BTC price moved above $66,000 following a 3% spike from the day’s low near $64,500 on April 22.

If the bearish cues overshadow the post-halving euphoria, BTC price could drop to the support near $62,500. Moreover, a drop in Bitcoin price after halving could introduce FUD in the market, resulting in the token testing the support near $58,400 before recovering.

On the other hand, the post-halving optimism could drive Bitcoin’s price to resistance near $69,500. Breaking and consolidating above the immediate support could induce confidence in BTC’s post-halving price run, helping the token target resistance near $74,300.

The relative strength index, or RSI, remained neutral for BTC, clocking at 50.44 on the daily charts.

The post Bitcoin Halving Results in New Technical Setup With $100K Target appeared first on CoinChapter.

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Filed under: Bitcoin - @ April 23, 2024 12:01 am