The post When is Bitcoin Halving 2024? What To Expect For BTC Price appeared first on Coinpedia Fintech News
With just 20 days left for halving, Bitcoin, the top cryptocurrency, has peaked in value this week, hitting $70,447.60, with a 6.13% increase in seven days. However, it dipped by 0.85% in the last 24 hours. With a market cap of over $1.35 trillion, Bitcoin remains the leading digital asset. After the ETF, Bitcoin’s price boosted investor confidence in the asset, and halving is the key event that can pump BTC to new highs.
The next Bitcoin halving is expected in mid-April 2024. This event reduces Bitcoin supply to half, ensuring its limited supply and issuance mechanism, a key feature highly anticipated by the crypto community.
Historically, BTC May Touch New Highs
Historically, Bitcoin price increases during halving events. However, past performance is not a guarantee of future results. Analysts are divided on the exact trajectory Bitcoin will take post-halving, with some predicting a continued rise and others suggesting a period of consolidation after an initial price jump.
The X post shared by Santiment serves as a strategic roadmap for traders and enthusiasts alike, highlighting key indicators that could influence Bitcoin’s price movements in the days leading to the halving. Crypto experts at Santiment have shared a helpful guide for traders gearing up for the upcoming Bitcoin halving event on April 19th.
Here are the key metrics you need to know
Firstly, Santiment suggests monitoring trading volume and Bitcoin’s social dominance. If trading volume increases and Bitcoin’s social presence grows, it could mean more people are interested in buying Bitcoin, which might increase prices.
Secondly, they advise watching for instances of profit-taking on the Bitcoin network. When people sell their Bitcoin after making profits, it could signal a shift in market sentiment and potentially lead to price drops.
Last but not least they recommend monitoring the activity of large Bitcoin holders, known as whales. If whales are buying more Bitcoin while smaller investors sell, it could indicate confidence in Bitcoin’s future and suggest a bullish market.
According to the Santiment’s chart, traders can find real-time price analysis and tools to track these important indicators. By staying informed and using Santiment’s insights, traders can make smarter decisions and seize opportunities leading to the Bitcoin halving.
Bitcoin’s Technical analysis
Bitcoin’s recent performance in terms of technical analysis has been impressive, with a notable surge this week after encountering bearish momentum in the previous two weeks. Last week’s Hammer candlestick signaled bullish momentum, which has continued into this week, with the current weekly candle still showing bullish tendencies.
However, short-term traders may face challenges as the current candle will likely close bullish. Resistance levels have been identified at recent all-time highs, while support has been noted at the $66,381 zone, representing the weekly low thus far.
from Coinpedia Fintech News https://ift.tt/c7u3NS9
via IFTTT