Bitcoin, which caused anxiety in the markets by falling to $ 64,500 on Tuesday, made those who are against Bitcoin happy, especially the bears. And much stronger than expected inflows into Spot Bitcoin exchange-traded funds (ETFs) have raised concerns about a supply shock in the Bitcoin market, raising concerns that the bullish rally is coming to an end. However, the bulls took the initiative again, upsetting both the bears and those who were against Bitcoin. And Bitcoin is recovering rapidly, signaling that the bullish rally is not over yet. There are only 12 days left until the Bitcoin halving, and as the halving approaches, excitement is increasing in the markets.
Bitcoin (BTC) 4-Hour Chart
Bitcoin (BTC) is currently trading at $69,580. Although it tried to exceed $ 70,000 today, it failed, but it gives signals that it can test it again in the following sessions. If it can clear the sales around $70,000, it can rise to $71,395, and especially if it breaks the resistance there, it will further fuel the bull run.
The rise of Bitcoin caused some altcoins, especially memecoins, to rise again, which were also in decline. In particular, investors' interest in memecoins is quite remarkable, and it seems that Bitcoin's move higher will push them even higher.
Bitcoin Halving Countdown
Bitcoin halving is about 12 days away and is expected to happen on April 19 or April 20. I think the excitement in the crypto markets will increase as the halving approaches. Considering the previous halving cycles, if there is no negative atmosphere in the markets in the next halving, it may have a significant impact on the Bitcoin price and Bitcoin may move even higher. It is very difficult to know what the Bitcoin price will be during the halving, but I believe there is potential for Bitcoin to rise to $120,000 towards the end of the year. And I can say that the recent Bitcoin rise has increased my belief.
With its recent rise, Bitcoin clearly signaled that the upward rally is not over and will continue further. Although there may be declines in the short term, I have no doubt that Bitcoin will hit new ATHs in the long term. We'll wait and see.
Posted Using InLeo Alpha