Bitcoin: Expect The Unexpected – Analyst Sees Unconventional Bull Run Post-Halving
April 18 2024 - 9:00PM
NEWSBTC
Bitcoin has been moving lower ahead of the Halving event, going
against analysts’ expectations. This price action has been
unexpected and shows how the coin tends to go against predictions,
basically charting its path. Bitcoin Breaking The Mold In
light of Bitcoin’s randomness, especially in the past few months
following the approval of spot exchange-traded funds (ETFs), one
analyst expects the coin to continue defying expectations
by clocking in a bull run that defies historical trends. The
analyst cites two recent instances where Bitcoin defied
expectations to justify this bullish outlook. First, following the
rapid expansion in the 2020 to 2021 bull run that saw Bitcoin soar
from less than $10,000 to fresh all-time highs of around $70,000,
prices sharply contracted in 2022. Related Reading: Bitcoin
To $455,000: Expert Echoes Previous Halving Pattern Then, the
United States Federal Reserve shifted its monetary policy to curb
raging inflation by rapidly increasing interest rates. Following
this and other market-related events, Bitcoin prices dipped below
the all-time high of the previous cycle of $20,000. By November
2022, prices fell to as low as $15,000, accelerated by the collapse
of FTX. This retest of previous highs and fall below $20,000 had
never happened before. Another anomaly occurred last month.
For the first time, Bitcoin prices expanded and broke the previous
all-time highs of around $70,000 before the Halving event. As
Bitcoin’s past price action shows, prices only rally to fresh
all-time highs after Halving. However, this changed when BTC soared
to $73,800, possibly paving the way for bulls to join in and push
the coin back to unchartered territory post-Halving. Is BTC
Ready For A Multi-Year Rally? With this in mind, the analyst
believes Bitcoin will continue uniquely shaping its path, deviating
from history. For instance, the analyst thinks BTC will outperform
altcoins in the coming months. The analyst adds that increased
regulatory scrutiny following high-profile collapses like FTX and
Luna could dampen altcoin enthusiasm. Related Reading: Here’s
What Would Happen If The Bitcoin Price Fell Below $58,000 The coin
will ride on the fact that it is the only one with an ETF from the
United States SEC receiving investments. As a result of this
capital injection, Bitcoin will likely register a multi-year “up
only” phase, just like gold did once its ETF was approved. Prices
remain depressed ahead of this. Though prices are increasing at
spot rates, the coin is within a bear formation. Currently, BTC has
local resistance at around $65,000. Feature image from DALLE, chart
from TradingView
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