Bitcoin Price Prediction: BTC Halving in Few Days, How Will Price React?

The crypto markets recently nosedived, leaving everyone feeling a bit shaky. But now, things seem to have paused, as the bears are sitting back and not making aggressive moves.

Based on this, the market has remained stable, with BTC hovering around $66,300. In the past 24 hours, BTC's price has neither gone up nor down. However, CoinMarketCap data shows it's down 5.27% over the past week. This implies some bearish strength is left in the long term.

Nonetheless, with the halving around the corner, the price could recover significantly.Read on to find out how.

Bitcoin Halving: A Key Factor for Price Surge Ahead

According to CoinMarketCap, in 15 days, the Bitcoin halving event is expected to hold, where the mining reward will be slashed into two. Based on past events, this event is poised to impact cryptocurrency markets significantly.

For instance, after the 2012 halving, the cryptocurrency witnessed an extraordinary surge of over 12,000, increasing from almost no value to $12.50%.

Similarly, after the 2016 halving, Bitcoin's price surged by more than 5,200% and reached $650. By the 2020 halving, its price continued the bullish ride to $8,500, which increased 1,200%.

Such historical precedents suggest the forthcoming halving may catalyze a bullish trend in Bitcoin's valuation.Meanwhile, signs show that Bitcoin might get too hot, and its price could drop significantly before April's halving.

According to Rekt Capital, this matches what happened in 2020, when there was a 20% drop before the halving, and in 2016, when there was a 38% drop.

#BTC

This is officially the ninth day that Bitcoin has been in the "Danger Zone" (orange) where historical Pre-Halving Retraces have begun

Historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving

In 2020, this retrace was -20% deep

In 2016, this... pic.twitter.com/GVK9sLX13q

- Rekt Capital (@rektcapital) March 27, 2024

Rekt Capital thinks that before the coming Bitcoin halving, there could be a drop lasting up to 77 days. However, the drop might not be as significant as before.

This means that investors should anticipate a slight price drop, after which the main ride will begin. Another analyst, Willy Woo, predicted the price to peak at $337,000 in the bullish case.

In an X post, Willy Woo wrote that;

BTC at 71k puts us here in visual of the upper and lower bound models. Upper bound right now is 337k. So this bull market is still early, equivalent to 20k of last cycle."

Spot Bitcoin ETF Having More Impact on Price than Halving, Says Analyst

In March, Bloomberg ETF analyst Eric Balchunas said that trading volume for spot Bitcoin ETFs reached $111 billion. This is a significant increase from the $42.2 billion seen in February.

In February, Bitcoin ETFs started trading for the first time. They made their big debut on January 11, so February was their first month on the market.

Now, in March, they're doing even better. This shows that more and more people are interested in these kinds of Bitcoin investments.If the volume continues to increase and the spot Bitcoin ETFs become more popular, the price could also increase.

BTC Price Analysis: Bitcoin Bouncing Back as Bullish Signal Emerges

After facing some downward pressure over the past few days, Bitcoin looks to be regaining its footing, as evidenced by the formation of two green candles on the chart.

This suggests that the bearish selling strength is diminishing while the bullish buying pressure could build back up. A critical supporting factor is that BTC's price currently trades above its 50-day and 200-day simple moving average (SMA) lines.

The 50-day SMA, around $66,000, is especially acting as a solid floor, preventing the price from breaking further over recent sessions.

Further, the relative strength index (RSI) also displays 49 on Bitcoin.Since this indicator measures overbought/oversold conditions, a 49 RSI shows BTC is far from oversold.

This neutral RSI position leaves plenty of room for bulls to push higher prices.

Bitcoin Fear and Greed Index is 10 - Extreme Fear
Current price: $41,789 pic.twitter.com/xPsBPG8q8z

- Bitcoin Fear and Greed Index (@BitcoinFear) January 8, 2022

Adding to the bullish perspective, Bitcoin's fear and greed index registers a reading of 70 over the past hour.A score above 50 reflects increasing greed in the market, implying an abundance of bullish sentiment from traders and investors pouring back in.

Cumulatively, these technical indicators typically signal that a bullish reversal could be taking hold after a selloff.

Based on this analysis, investors waiting for a suitable entry point may consider opening some long BTC positions soon if the bullish signals continue firming up.

However, they could also diversify to a new coin, making headway in the market.

Bitcoin Alternative: Dogecoin20

Dogecoin20, the latest player in the crypto market, is creating positive buzz following its presale performance.The presale that has been the talk of the town lasted less than a month, breaking old records in the cryptocurrency world.

People are discussing DOGE20 possibly becoming the next big meme coin. The project aims to be like other famous meme coins such as Dogecoin and Shiba Inu.

It uses popular memes like Pepe to attract attention, which could make it one of the top meme coins.

DOGE20: A New Era in Meme Coin Innovation

Dogecoin20 isn't like any other meme coin. It shows how important strong communities and viral content are in today's digital world.It aims to make a lively community and use the newest blockchain tech to interest many people.

By getting into internet culture, Dogecoin20 has quickly become popular. Investors and people who love cryptocurrency are noticing it.

The presale performance shows how much people believe in it and how popular it's becoming. So, to participate, rush now to the project's official pageand follow the instructions provided.

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