Convergence

2024

Bitcoin

Bitcoin Price Prediction: <a href="https://coingape.com/bitcoin-price-how-will-the-2024-halving-impact-btc/" rel="noopener noreferrer nofollow">Bitcoin</a>, the largest cryptocurrency market cap traded sideways this week, resonating between the horizontal level of $71600 and $68400. This consolidation with a short body candle reflects no clear initiation from buyers or sellers towards this asset. However, an analysis of the 4-hour time frame chart revealed this price fluctuation as the formation of a bullish pennant pattern, indicating a post-rally correction preparing for the next leap.
Also Read: <a href="https://coingape.com/microstrategy-overvalued-bitcoin-behind-higher-mstr-price/" rel="noopener noreferrer nofollow">MicroStrategy Overvalued: Is Bitcoin Behind The Higher MSTR Price?</a>
<h2 id="b-is-btc-price-heading-to-75000-b">Is BTC Price Heading to $75000?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/g/GEU6Ft1v.png" alt="BINANCE:BTCUSD " width="1946" height="937">
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 Bitcoin Price Prediction| Tradingview
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The <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> rebounded from its last correction in March’s fourth week as buyers witnessed notable support at the 38.2% Fibonacci retracement level. A bullish reversal propelled the coin price 17.7% to challenge resistance at $71500.
However, the price shifted sideways below this resistance creating a narrow range formation in 4 hours. This lateral movement also hints at a pre-halving consolidation, as the <a href="https://coingape.com/satoshi-era-bitcoin-wallet-comes-to-life-before-halving-btc-to-100k/" rel="noopener noreferrer nofollow">BTC price</a> stabilizes in anticipation of future events that could lead to heightened volatility.
Moreover, the technical chart shows this range formation as the development of a bullish pennant pattern. This structure allows buyers to regain strength before resuming a recovery trend.
Also Read: <a href="https://coingape.com/markets/5-under-1-top-meme-coins-to-buy-to-turn-10-into-1000-pre-halving/" rel="noopener noreferrer nofollow">5 Under $1 Top Meme Coins To Buy To Turn $10 Into $1000 Pre-Halving</a>
<h2 id="strong-bitcoin-accumulation-trend-flashes-strong-signals-amid-consolidation-strong">Bitcoin Accumulation Trend Flashes Strong Signals Amid Consolidation</h2>
In the latest analysis from the respected trader @alicharts, the Bitcoin Accumulation Trend Score indicates a robust pattern of accumulation, even as the cryptocurrency consolidates near its all-time highs.&nbsp;
This trend score is graphically represented through color changes, showcasing a transition from cooler to warmer tones, culminating in purple hues that signify a stronger accumulation phase.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> still shows a strong accumulation score while consolidating around all-time highs! <a href="https://t.co/3b6Unp3trK" rel="noopener noreferrer nofollow">pic.twitter.com/3b6Unp3trK</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1774372748703285447?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 31, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The Bitcoin price currently trades at $70576 with an intraday gain of 1%. With a higher potential of renewed recovery, the BTC price is likely to breach the pattern’s upper trendline, the post-breakout rally is likely to hit $73800, followed by $81700.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li>Exponential Moving Average: the rising 20 and 50 EMA reflect a short-term trend aligned with the long-term uptrend.</li>
 <li>Moving Average Convergence Divergence: A <a href="https://coingape.com/glossary/macd-moving-average-convergence-divergnece/" rel="noopener noreferrer nofollow">MACD</a> and signal nearing a bullish crossover would accelerate the recovery sentiment among market participants.</li>
</ul>
The post <a href="https://coingape.com/markets/bitcoin-price-prediction-key-levels-in-month-of-halving/" rel="noopener noreferrer nofollow">Bitcoin Price Prediction: Key Levels To Watch in the Month of Halving</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Prediction: Key Levels To Watch in the Month of Halving

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