As the highly anticipated Bitcoin halving event looms, traders are being urged to prepare for potential post-halving corrections, ranging from 7% to 30% within a month.
The recent surge in Bitcoin’s price is attributed to the comments made by US Federal Reserve Chair Jerome Powell on inflation and the market’s anticipation of the upcoming halving event. Powell’s decision to abstain from an immediate rate cut has fueled bullish sentiments regarding Bitcoin’s short-term dynamics.
Crypto analyst Ali Martinez has shed light on a significant accumulation streak in Bitcoin, noting that the Accumulation Trend Score has remained near 1 for the past 4 months. This suggests that larger entities are accumulating Bitcoin, signaling strong confidence in the market.
As of today, the price of BTC stands at $43,036, with a 24-hour trading volume of $26.77 billion and a market cap of $844.18 billion. Over the last 24 hours, the BTC price has increased by 2.15%, and in the weekly chart, it has risen by almost 7%.
Bitcoin Historical Trends Persist: Analyst Predicts $35K to 30k Range
Crypto analyst CryptoCon, sharing insights via X post, pointed out that, like other cycles, the Bitcoin mid-top was made at the .618 Fibonacci retrace, reaching about $48,000. This follows the typical pattern seen in previous cycles.
Analyzing Fibonacci retracement levels, the analyst predicts that every mid-top correction leads to the orange .382, priced at $35,445. This correction usually occurs within the mid-top window of the cycle, falling between the Green and Blue Years of the Halving Cycles Theory.
Despite claims that this time might be different due to the introduction of ETFs, CryptoCon remains skeptical, noting that historical patterns continue to repeat.
Bitcoin typically dips slightly below the .382 after the mid-top, with the analyst suggesting a likelihood of the low 30k range in the upcoming months, particularly between February and March, before the price can resume its upward trajectory.
However, all indications point to the market following a familiar rhyme, reinforcing the notion that historical trends persist in the world of cryptocurrency.
Related Reading | Genesis Ends SEC Battle With $21M Payday