The post What is Next for Bitcoin After the Fourth Halving Event? appeared on BitcoinEthereumNews.com.

– Advertisement – Significantly, the prevailing sentiment among most market participants is that Bitcoin is gearing up for a potential rally towards a new all-time high. An analyst compared the current market cycle with detailed insights into Bitcoin’s phases, comparing it with the 2018-2021 and 2014-2017 cycles. The current analysis positions Bitcoin into the pre and post-halving stages, with the fourth halving event expected to take place in April 2024. While Bitcoin’s price has faced selling pressure recently, according to chart analysis, a rally could soon commence. Bitcoin Price May Initiate a Parabolic Rally Bitcoin (BTC) has been struggling to surpass the $38,000 level recently, but the market comfortably maintains a position above the $35,000 support zone as it anticipates the next significant move. Significantly, the prevailing sentiment among most market participants is that Bitcoin is gearing up for a potential rally towards a new all-time high. This optimism is strengthened by potential developments around a spot Bitcoin Exchange Traded Fund (ETF) approval and developments related to next year’s halving event. In this context, a cryptocurrency analyst highlighted that Bitcoin is preparing for a possible parabolic rally within the next few weeks, as it enters the pre and post-halving stages of the digital asset’s market cycle. The analyst compared the current market cycle with detailed insights into Bitcoin’s phases, comparing it with the 2018-2021 and 2014-2017 cycles. BTC/USD: Parabolic Rally The current analysis positions Bitcoin into the pre and post-halving stages, with the fourth halving event expected to take place in April 2024. At this stage, Bitcoin’s price typically reaches or exceeds the 0.786 Fibonacci retracement level, except for exceptional situations like the pandemic crash in early 2020. Currently, Bitcoin is positioned at the 0.786 Fibonacci level, set at $50,000. According to the analyst’s model, the cryptocurrency is expected to…

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Filed under: News - @ November 19, 2023 6:00 am