Bitcoin

The post <a href="https://coinpedia.org/price-analysis/bitcoin-at-critical-levels-btc-price-primed-to-reach-34000-by-the-halving/" rel="noopener noreferrer nofollow">Bitcoin at Critical Levels: BTC Price Primed to Reach $34,000 By the Halving</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
After trading within a descending pattern in the short term, the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> appears to be preparing for a fresh bearish reversal. The volume continues to favour the bears at the moment, suggesting the price will reach the lower support zone close to $40,700. With this, the token could be trading very close to the pivotal support at $40,000, and a wrong move may drag the levels as low as $38,200 very soon.
With the bearish clouds hovering over the Bitcoin price ahead of the halving, there is a possibility of an extended descending trend. The past cycles have witnessed more than a 50% drop during the halving, and hence a similar price action may be expected at this moment. A popular analyst, anonymously known as <a href="https://twitter.com/Washigorira/status/1747937541381046486" target="_blank" rel="noopener noreferrer nofollow">Titan of Crypto</a>, speculates the BTC price may reach $34,000 by the halving.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/rkPGnEVwIt7EtDJXdrqdjIIn63WAfzu_0J6SvYxj0HT6Lz3r4qj4sg7yP3aGlweaxcmOeXDDngTpd5eq5VIpQssMvboetiOhinggLMhlPtopv44uVbePTAmPZ9ppF0TPVM-aQkvYURhcYQnPXOdSDrs" alt="">
</figure>
<blockquote class="wp-block-quote">
 “34,000 a Bitcoin by the Halving?
 In the past cycles BTC price was successively at -56%, -54% and -52% decrease from previous ATHs when the halving occurred.&nbsp;
 If this pattern were to repeat Bitcoin could be gravitating around $34K by next halving which coincide with -50% decrease from its previous ATH.&nbsp;
 That would be the last chance to accumulate BTC at such price imo,”
</blockquote>
Collectively, the Bitcoin price continues to remain under bearish pressure regardless of the interim bullish actions. The price has always dropped during the Bitcoin halving period, forming interim lows. Hence, another 50% drop from the current ATH may initiate a downward trend to hit $34,000. However, a fine rebound could follow and elevate the BTC price towards the next highs.

Bitcoin at Critical Levels: BTC Price Primed to Reach $34,000 By the Halving

CoinPedia News

Other articles published on Jan 18, 2024

New Web3 games to watch in 2024

Current Status of Spot Bitcoin ETFs

Long-Term Bet Pays Off Big: Bitcoin Unrealized Gains Swell To 55%

South Korea mulls over crypto tax abolition amid financial investment tax repeal

Knaq Menjembatani Ekonomi Kreator dan Web3

Manta Network Hit by DDoS Attack Amid Token Listing Success

Join our free newsletter for daily crypto updates!