In the volatile world of cryptocurrencies, the expected volatility in Bitcoin is creating excitement among analysts. Some experts predict that Bitcoin will reach significant peaks before the upcoming halving. However, against these positive forecasts, some analysts also warn of potential declines.
Crypto Titan awaits these peaks before Bitcoin halving
“Crypto Titan”, a famous Bitcoin analyst, tweeted a tweet that excited the crypto community. He suggested that Bitcoin would reach the $48,700 level before the halving. This claim is supported not only by sentiment but also by a technical analysis called the Fibonacci retracement level. A look at historical data shows that Bitcoin reaches the 78.6% Fibonacci retracement level before each halving. If history repeats itself, we can say that Bitcoin will catch this level and see the $ 48,700 level.
“Crypto Titan” said that in the past, Bitcoin (BTC) consistently exhibited a certain behavior before halving events. He also noted that it reached the 78.6% Fibonacci retracement level. Here is a brief overview of historical data:
- Cycle: The price reached the 78.6% Fibonacci retracement level four months before the halving.
- Cycle: Occurred two months before the Halving.
- Cycle: In this case, the pullback occurred exactly 12 months before the halving.
Critical resistance levels of Bitcoin according to technical and on-chain data
However, an analysis from CryptoQuant shows that Bitcoin bulls are facing serious resistance. Looking at the technical charts, we see that the 200-day and 200-week moving averages cross around $27,800. This is a difficult obstacle for bulls to face. Moreover, according to on-chain data, there is significant resistance above this level. If the bulls cannot overcome this resistance, the risk of a decline in Bitcoin’s price will increase.
Short-term expectations and possible scenarios
In the short term, Bitcoin bulls are expected to surpass the $28,000 resistance level. If this is achieved, we could see a move towards the key resistance level of $32,000. However, if this level is not surpassed, the $25,000 support level may be at risk. Thus, the possibility of Bitcoin falling to $ 20,000 will emerge.
Predictions for Bitcoin are diverse as always. However, it is certain that analysts expect big movements in this cryptocurrency before the upcoming halving. This period, which carries both rise and fall potential, will be a period that should be watched carefully for investors.
As reported by Kriptokoin.com, the next Bitcoin halving will take place on April 25, 2024.
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