Although Bitcoin (BTC) is back in the largely sideways trading mode, much like the majority of other assets in the cryptocurrency market, its future carries the potential for massive gains, particularly considering the upcoming halving event in 2024.
Specifically, pseudonymous cryptocurrency analyst Stockmoney Lizards predicts that “we will likely see a start of the bull run slightly before halving,” according to the detailed analysis of the flagship decentralized finance (DeFi) asset’s chart patterns shared in an X post on October 4.
Explaining this reasoning, the expert listed the main factors at play for this scenario, starting with the pattern of Bitcoin “trading in the correction range (like in 2019/2020) separated by two trendlines (yellow area, blue box), indicated by [moving average convergence divergence (MACD)] consolidation (blue box, bottom),” and its latest impulse signaling an attempt to break the upper resistance line.
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Furthermore, the second is the surroundings, which have demonstrated that Bitcoin has two potentially highly bullish quarters ahead with two major catalysts – the pre-halving excitement and anticipated spot Bitcoin exchange-traded fund (ETF) approval with lots of fresh money flowing in, despite the general macroeconomic situation.
Finally, the general situation suggests that:
“Countries, big institutions, and broad masses of retail investors slowly seem to understand that fiat is doomed and Bitcoin is inflation proof. Despite all the noise (inflation, interest rates, what happens to S&P 500, etc.), this will ultimately drive the price higher.”
Bitcoin price analysis
Meanwhile, Bitcoin was at press time changing hands at the price of $27,589, which represents an increase of 0.44% in the last 24 hours, a 2.92% gain across the previous seven days, and a growth of 6.6% over the past month, as the most recent charts show.
It is also worth noting that crypto expert CoinsKid has earlier observed that Bitcoin needed to keep its bull market support level at $24,900, or “it’s goodnight to the bull,” but success could take it towards and beyond the significant $30,000 level.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
