Although Bitcoin (BTC) has been trading sideways for the larger part of the previous week, zooming out on its chart demonstrates that the flagship decentralized finance (DeFi) asset has been moving in a familiar pre-halving pattern, giving a general idea of when to expect the next all-time high (ATH).
Indeed, Bitcoin is currently imitating the chart patterns from its previous pre-halving periods that preceded a massive bullish price rally for the maiden cryptocurrency, as observed by the pseudonymous crypto market analyst Stockmoney Lizards in a tweet shared on July 25.
Specifically, Bitcoin’s behavior in 2023, including the recent price action, is reminiscent of the largest crypto asset’s activities preceding the halving in 2016 and 2020, and the current trend suggests it will begin its stronger upward movement by the end of the pre-halving period, i.e., with the halving around May 2024.
Picks for you
Earlier, the crypto trading expert pointed out that this could lead to a new record for Bitcoin, culminating with an ATH in 2025, somewhere in the areas of $110,000 and beyond, with its current price level acting as a base for this jump, as per the chart pattern analysis published in a tweet on July 25.
Interestingly, the analyst’s projections are in line with those shared by Google’s artificial intelligence (AI) tool, Bard, particularly those by the stock-to-flow (S2F) model by crypto expert PlanB and British multinational bank Standard Chartered, which have set the price of Bitcoin at $100,000 and $120,000 in 2024, respectively.
Bitcoin price analysis
Meanwhile, Bitcoin was at press time changing hands at the price of $29,215, indicating a gain of 0.21% on the day, a 2.73% decline in the last week, and a drop of 3.90% over the previous month, according to the latest information retrieved on July 26.
As Finbold reported in late May, Bitcoin has entered the final phase before its fourth halving, when the current reward for mining the proof-of-work (PoW) asset will cut in half – a major event that has historically demonstrated the power to move Bitcoin’s price upward.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
