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<img width="1920" height="1080" src="https://coingape.com/wp-content/uploads/2024/02/Bitcoin.jpeg" class="attachment-full size-full wp-post-image" alt="Bitcoin Halving 2024: How Miners Will Influence BTC Price Future Trend" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/02/Bitcoin.jpeg 1920w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/02/Bitcoin-150x84.jpeg 150w" sizes="(max-width: 1920px) 100vw, 1920px">
<p>The world’s largest cryptocurrency Bitcoin (BTC) continues to extend gains for the third consecutive day in a week! At press time, the BTC price is up 3.26% trading at $47,400 with a market cap of $930 billion. Everyone is now eagerly waiting for the Bitcoin halving scheduled on April 18, 2024.</p> 
<h3 id="bitcoin-s-pre-halving-price-rally">Bitcoin’s Pre-Halving Price Rally</h3> 
<p>Amid the Bitcoin price consolidation at $43,000 for almost three weeks since the Bitcoin ETF approval, some analysts were predicting a dip to $38,000. However, with <a href="https://coingape.com/bitcoin-etf-note-405-mln-inflow-btc-price-rally-47k/" target="_blank" rel="noopener">strong ETF inflows</a>, the pre-halving rally has already kickstarted and the downside looks limited from here.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> </p> 
 <p>The Pre Halving Downside phase is over</p> 
 <p>Time for the <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Pre Halving Rally phase<a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/a8pGjbVkTM">https://t.co/a8pGjbVkTM</a></p> 
 <p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1755960595910631681?ref_src=twsrc%5Etfw">February 9, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>According to crypto analyst Rekt Capital, historical patterns <a rel="nofollow" href="https://twitter.com/rektcapital/status/1755889545113928118" target="_blank">suggest</a> that the pre-halving rally phase for Bitcoin typically commences around two months before the actual halving event. With this timeline in mind, the analyst predicts that the pre-halving rally phase should initiate by next week.</p> 
<p>However, Rekt Capital notes that in terms of price action, things seem to be progressing slightly ahead of schedule, indicating potential bullish momentum earlier than expected.</p> 
<h3 id="recent-liquidations">Recent Liquidations</h3> 
<p>Bitcoin briefly <a href="https://coingape.com/btc-surges-beyond-48k-reaching-new-heights-in-cryptocurrency-market/" target="_blank" rel="noopener">surged above $48,000</a> earlier today, currently hovering around $47,122, marking a 3.9% increase over the past 24 hours. Coinglass data reveals liquidated positions totaling $158 million in the last day, with short positions liquidated at $114 million.</p> 
<p>Crypto analyst Ali Martinez commented on the situation, suggesting a potential strategy unfolding in the Bitcoin market. Martinez pointed to the Bitcoin liquidation heatmap, indicating a scenario where liquidity hunters may aim to drive the BTC price down to $45,810. This move is anticipated to trigger liquidations amounting to an additional $54.73 million.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">According to the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> liquidation heatmap, there's a potential strategy unfolding where liquidity hunters could drive the price of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> down to $45,810. This move is aimed at triggering liquidations amounting to $54.73 million! <a href="https://t.co/monFlZmvQ6">pic.twitter.com/monFlZmvQ6</a></p> 
 <p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1755937824409309231?ref_src=twsrc%5Etfw">February 9, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>According to Santiment, Bitcoin’s recent 13% price surge over the past week has prompted traders to speculate on various new support and resistance levels, with many eyeing the $50,000 mark. Interestingly, as the BTC price surpassed these price milestones, altcoins have taken the spotlight in the early hours of the weekend, signaling a shift in focus away from BTC’s price among traders.</p> 
<p>As we approach the Bitcoin halving in the next two months, chances are that Bitcoin could continue this rally in isolation. Later, altcoins could catch up with BTC in the post-halving season.</p> 
<p>The post <a href="https://coingape.com/is-bitcoin-halving-downside-over-experts-share-potential-targets/">Is Bitcoin’s Pre-Halving Downside Over? Experts Share Potential Targets</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Is Bitcoin’s Pre-Halving Downside Over? Experts Share Potential Targets

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