Cryptocurrency

Solana

Bitcoin

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 <p class="paragraph">Following the launch of the spot Bitcoin exchange-traded fund (ETF), the value of the maiden cryptocurrency has experienced a decline after briefly revisiting the $49,000 level.&nbsp;</p>
 <p class="paragraph">Attention has now shifted to Bitcoin’s (BTC) short-term <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> trajectory, with the cryptocurrency facing the risk of losing the crucial $40,000 support. Indeed, there was widespread speculation that Bitcoin might drop further after the asset plunged below $41,000 on January 20.&nbsp;</p>
 <p class="paragraph">In looking at the Bitcoin price forecast, crypto trading expert <em>FieryTrading</em>, in a <em>TradingView</em> post on January 20, outlined the potential outlook for Bitcoin post-ETF hype.&nbsp;</p>
 <p class="paragraph">In his <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, <em>FieryTrading</em> identified a correlation between bear market bottoms and Bitcoin’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> during halving events.&nbsp;</p>
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 <p class="paragraph">Analyzing historical data, he highlighted a speculative pattern that could significantly surge Bitcoin’s value, drawing parallels to the second and third halving events.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="710" height="1024" src="https://cdn.thebittimes.com/images/2024/01/21/6a8f3e3e858f3e7155b6f82fcc02b071.webp" alt class="wp-image-150355" srcset="https://cdn.thebittimes.com/images/2024/01/21/6a8f3e3e858f3e7155b6f82fcc02b071.webp 710w, https://cdn.thebittimes.com/images/2024/01/21/6a8f3e3e858f3e7155b6f82fcc02b071.webp 208w, https://cdn.thebittimes.com/images/2024/01/21/6a8f3e3e858f3e7155b6f82fcc02b071.webp 768w, https://cdn.thebittimes.com/images/2024/01/21/6a8f3e3e858f3e7155b6f82fcc02b071.webp 991w" sizes="(max-width: 710px) 100vw, 710px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView</em>
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 <p class="paragraph">For example, during the second halving, the expert pointed out a <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> increase of 300% from the bottom, while in the third halving, it was 200% off the bottom.&nbsp;</p>
 <p class="paragraph">He suggested that a move towards $31,000 for Bitcoin is plausible based on the historical trajectory.&nbsp;</p>
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  <p class="paragraph">“So my assumption would be that the price on the 4th halving, the next one, would be 100% from the $ 15,500 bottom, so around $31,000. With BTC reversing after the ETF launch, a move towards $31,000 is not even that far-fetched, since it functioned as a very important resistance of the majority of 2023 and therefore functions as a magnet,” he said.&nbsp;</p>
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 <h2 class="wp-block-heading" id="h-bitcoin-catalyst">Bitcoin catalyst</h2>
 <p class="paragraph">With the ETF not meeting expectations in terms of Bitcoin price action, attention has shifted to other catalysts, particularly the upcoming halving event scheduled for April.&nbsp;In this case, there are expectations that ETF will be complimented by the halving.</p>
 <p class="paragraph">For instance, a previous Finbold report indicated that SkyBridge Capital founder Anthony Scaramucci stated that Bitcoin might trade at $170,000 by 2025, attributing the increase to a combination of the ETF and halving event.</p>
 <p class="paragraph">Despite Bitcoin’s reaction to the ETF, the product’s overall performance has been noteworthy, attracting significant trading volume within days.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis-nbsp"><strong>Bitcoin price analysis&nbsp;</strong></h2>
 <p class="paragraph">By press time, Bitcoin was trading at $41,743, experiencing daily losses of less than 1% and a weekly decline of over 2%.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="683" src="https://cdn.thebittimes.com/images/2024/01/21/e2eb06e6b2f4872a490cf4f7397ca5cb.webp" alt class="wp-image-150350" srcset="https://cdn.thebittimes.com/images/2024/01/21/e2eb06e6b2f4872a490cf4f7397ca5cb.webp 1024w, https://cdn.thebittimes.com/images/2024/01/21/e2eb06e6b2f4872a490cf4f7397ca5cb.webp 300w, https://cdn.thebittimes.com/images/2024/01/21/e2eb06e6b2f4872a490cf4f7397ca5cb.webp 768w, https://cdn.thebittimes.com/images/2024/01/21/e2eb06e6b2f4872a490cf4f7397ca5cb.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 </figure>
 <p class="paragraph">Elsewhere, Bitcoin technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> reveals bearish sentiments, with a summary of one-day gauges indicating a ‘neutral’ rating at 7, moving averages signaling a ‘sell’ sentiment at 9, and oscillators holding a ‘buy’ sentiment at 4.</p>
 <figure class="wp-block-image aligncenter size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="782" src="https://cdn.thebittimes.com/images/2024/01/21/98b602007067f8084d5833055bac9b5b.webp" alt class="wp-image-150353" style="width: 100%;height:auto" srcset="https://cdn.thebittimes.com/images/2024/01/21/98b602007067f8084d5833055bac9b5b.webp 1024w, https://cdn.thebittimes.com/images/2024/01/21/98b602007067f8084d5833055bac9b5b.webp 300w, https://cdn.thebittimes.com/images/2024/01/21/98b602007067f8084d5833055bac9b5b.webp 768w, https://cdn.thebittimes.com/images/2024/01/21/98b602007067f8084d5833055bac9b5b.webp 1080w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">Overall, investors are closely monitoring Bitcoin’s ability to sustain gains above the $40,000 support zone.</p>
 <p class="paragraph"><em><strong>Disclaimer:&nbsp;</strong>The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-prediction-post-etf-hype-what-s-next-for-btc-tbt77229.html">https://thebittimes.com/bitcoin-price-prediction-post-etf-hype-what-s-next-for-btc-tbt77229.html</a></p>

Bitcoin price prediction post-ETF hype; What’s next for BTC

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