- BTC was up by more than 3% in the last seven days.
- Bitcoin’s exchange reserve dipped, but there were chances of a price correction.
As we approach the date of the next Bitcoin [BTC] halving, the king of cryptos’ price has also been moving upward. In fact, if the latest data is to be considered, the uptrend might be for a couple of months more.
Therefore, let’s have a look at BTC’s key stats to find out whether investors should expect BTC to move up before the halving event.
Bitcoin is getting bullish
Bitcoin has managed to recover from the downtrend of last month as its price once again rallied above the $43,000 mark.
According to CoinMarketCap, BTC was up by over 3% in the last seven days. At the time of writing, BTC was trading at $43,098.66 with a market capitalization of over $845 billion.
The next BTC halving is only 2 months from now. Historically, BTC’s price has rallied substantially a few months after each of its halvings, suggesting that investors might see BTC reaching new highs in late 2024.
However, the latest data revealed that there was a chance of BTC’s value surging even before the halving.
Caleb Franzen, a popular crypto analyst, recently revealed in a tweet that BTC’s 200-day exponential moving average (EMA) and 200-day simple moving average (SMA) were moving up.
Bitcoin’s 200-day moving average cloud has now risen to:
🔵 200-day EMA = $36,050
🔴 200-day SMA = $34,110This range is valid dynamic support, as it already has been.
My expectation is for the cloud to rapidly accelerate higher in April 2024 b/c price bottomed in Sept.’23. pic.twitter.com/jMX1IevCrp
— Caleb Franzen (@CalebFranzen) February 2, 2024
Whenever the distance between the two increases, BTC’s price rallies. A similar incident happened in early 2023. Therefore, the possibility of BTC’s price reaching the next milestone, the $50,000 mark, ahead of the halving can’t be ruled out.
If BTC manages to sustain its uptrend, it must break above a few resistance zones before touching $50,000.
AMBCrypto’s look at Hyblock Capital’s data revealed that the coin might face resistance near $45,300, as when its price reached that mark earlier, BTC’s liquidation surged. Going northward, another key resistance level could be near $48,000.
Source: Hyblock Capital
Is the market confident in Bitcoin?
While we await BTC’s price to touch $50,000 again, AMBCrypto checked market sentiment around BTC.
An analysis of CryptoQuant’s data revealed that BTC’s exchange reserve plummeted sharply in the recent past, meaning that investors were actively buying Bitcoin, which is by and large a bullish signal.
Source: CryptoQuant
However, the king of cryptos did have a few concerns to address. As per CryptoQuant, BTC’s aSORP was red. This means that more investors are selling at a profit. In the middle of a bull market, it can indicate a market top.
Source: CryptoQuant
Read Bitcoin’s [BTC] Price Prediction 2024-25
Additionally, BTC’s Fear and Greed had a reading of 60 at the time of writing, indicating that the market was in a “greed” state.
Whenever the metric hits that stage, it indicates that there are chances of a price correction in the short term. Therefore, investors must remain patient in order to see BTC touch $50,000 again in the coming months.
Source: Alternative.me