Bitcoin

April

The ongoing crypto market’s bullish rally has indicated that crypto is here to stay, while Bitcoin’s rally to breach $52,000 suggests that it can take over its all time high (ATH) of around $69K soon. However, Bitcoin has come a long way to build this momentum for the market and investors. Bitcoin on a bullish rally 
By the end of the year 2022, Who could have thought that Bitcoin would come close to restest its ATH? <a href="https://news.todayq.com/analysts-fear-burst-of-triple-bubble-in-bitcoin-faangs-and-ai/" rel="noopener noreferrer nofollow">BTC dropped </a>to the price level of $15,000 on November 22, 2022, according to the data. However, recent reports suggest that there is a possibility that BTC could reach around $69K before the much anticipated Bitcoin halving.
It is important to note that Bitcoin’s price has tripled since the beginning of 2023. However, the surge is driven by optimism around crypto linked <a href="https://news.todayq.com/record-2-4-bln-outflow-in-gold-etf-post-btc-etf-approval/" rel="noopener noreferrer nofollow">exchange-traded funds</a> (ETF) and the upcoming halving. Historical data compiled by Bloomberg indicates that on average, BTC has climbed 49% over the three months. This comes following four-week winning streaks which can potentially take it to around $78,000.
According to the report, Elliott Wave studies suggest a temporary retreat toward the $40,000 level and then it might go to $70,000. It mentioned that this projection aligns with Bitcoin’s last ATH recorded in 2021.
If we take a look at the derivatives market, data from Deribit shows that Bitcoin call spreads are gaining popularity. This somehow indicates that investors are anticipating further BTC price surges. This bullish data is recorded despite the possibility of a price pullback. How this will happen? 
10X Research reportedly suggests that Bitcoin could revisit and potentially surpass $69k before April 19. Bitcoin had recorded a surge of over 26% in the last 30 days building a strong momentum. BTC is trading at an average price of $52,270, at the press time. Its 24 hour trading volume stands at around $19 billion.
BTC recently broke through the $1 trillion market cap. However, it took the global crypto market cap near to breach the $1 trillion mark.
The theory that Bitcoin tends to bottom out 12-16 months ahead of halving events and records uptrends leading up to and a year after the halving is well established. The report added that previous cycles centered around halving events have shown price surges of over 30% in the eight weeks before the event.
According to 10X Research, 12 out of 14 previous RSI signals above 80 saw major uptrends. This resulted in an average gain of 54% in the 60 days.
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Will Bitcoin hit $69k before halving event?

Todayq News

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