bullish

2024

Bitcoin

April

The Bitcoin price dipped 1.5% to $58000 during the Sunday trading session. For the past few days, the consolidation of the BTC price below $60000 has accelerated uncertainty in the crypto market. However, despite the fear of recession mounting and substantial outflow from BTC ETFs, the sellers struggle to drive the price lower, indicating buyers’ active accumulation. Is an upward surge imminent?
<h2 id="span-style-font-weight-400-bitcoin-price-set-for-12-dip-before-a-major-breakout-span">Bitcoin Price Set for 12% Dip Before a Major Breakout</h2>
Since the fourth Bitcoin Halving on April 19th, the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">BTC price</a> has largely moved sideways, facing difficulties in consistently maintaining a level above $72,000. Now, 135 days post-halving, investors appear to have dwindling enthusiasm for the anticipated post-event rally.
However, a comparative analysis of the Bitcoin price trends following the halvings in 2012, 2016, and 2020 suggests a potential rally could occur within 400 days after the halving.&nbsp;
According to the chart shared by an X (formerly known as Twitter) user, @degengambleh, this recurring pattern indicates that significant price surges have consistently followed Bitcoin halvings, suggesting a similar outcome may be on the horizon for 2024.
<blockquote class="twitter-tweet">
 Idk about you, but I’m not fucking leaving
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f54a.png" alt="🕊" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a rel="noopener noreferrer nofollow" href="https://t.co/c5w0tH7Nz2">pic.twitter.com/c5w0tH7Nz2</a>
 — Zer0 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f54a.png" alt="🕊" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@degengambleh) <a rel="noopener noreferrer nofollow" href="https://twitter.com/degengambleh/status/1829820705879257219?ref_src=twsrc%5Etfw">August 31, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
By the press time, Bitcoin price trades at $58165 while boosting a market cap of $1.148 Trillion. With the current negative trend, the asset could plunge 12% to retest the combined support of $50000 and Flag pattern support.
This chart setup consists of two downsloping trendlines driving a temporary counter-trend move for buyers to recuperate the bullish momentum. Thus, the potential dip could renew the bullish momentum for <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price prediction</a> and bolster an espace from the current consolidation with a flag breakout.
The post-breakout rally could drive the BTC price to $83450.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/i/i0y3D4gb.png" alt="Bitcoin (BTC) price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 BTC/USDT – 1d Chart
 </figcaption>
</figure>
Additionally, data from <a rel="noopener noreferrer nofollow" href="https://santiment.net/">Santiment analytics</a> highlights a notable <a href="https://coingape.com/bitcoin-whale-accumulation-continues-key-september-events-to-watch/" rel="noopener noreferrer nofollow">accumulation trend</a> among Bitcoin whales. Addresses holding between 100,000 and 1,000,000 BTC have been actively increasing their holdings since late July.&nbsp;
The yellow line in the chart tracks this metric, which now stands at approximately 702,790 BTC, indicating that major investors are confident in potential future price gains for this asset.
<figure id="attachment_214919" aria-describedby="caption-attachment-214919" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-214919" src="https://coingape.com/wp-content/uploads/2024/09/Bitcoin-BTC-22.56.10-01-Sep-2024.png" alt="BTC Supply Distribution" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/09/Bitcoin-BTC-22.56.10-01-Sep-2024.png 3840w, https://coingape.com/wp-content/uploads/2024/09/Bitcoin-BTC-22.56.10-01-Sep-2024-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/09/Bitcoin-BTC-22.56.10-01-Sep-2024-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/09/Bitcoin-BTC-22.56.10-01-Sep-2024-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/09/Bitcoin-BTC-22.56.10-01-Sep-2024-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/09/Bitcoin-BTC-22.56.10-01-Sep-2024-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/09/Bitcoin-BTC-22.56.10-01-Sep-2024-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-214919" class="wp-caption-text">
 BTC Supply Distribution | Santiment
 </figcaption>
</figure>
However, the daily EMAs (20, 50, 100, and 200) nearing a bearish crossover indicate the current consolidation could extend a bit further.&nbsp;
The post <a href="https://coingape.com/markets/will-bitcoin-price-repeat-historic-400-day-post-halving-rally/" rel="noopener noreferrer nofollow">Will Bitcoin Price Repeat Its Historic 400-Day Post-Halving Rally?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Will Bitcoin Price Repeat Its Historic 400-Day Post-Halving Rally?

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