Yesterday, a stiff resistance stack prevented the BTC/USD pair from breaking the $8,600 level.

So far, the pair fell from $8,665 to $8,584. It’s no surprise since the bears are in control of the market for two consecutive trading days. They gave their best effort in sinking the price of BTC from $8,725 to $8,665 last Wednesday.

Bitcoin has seen consolidating the $8,000 barrier over the past few days. The leading crypto asset by market capitalization has recently closed the largest green weekly candle for the entire three months. As for the key technical indicators, they are likely to start flipping bullish.

Analysts found reasons why Bitcoin’s narrative is now on the table, including the bullish signs, hash rate highs, and upcoming halving. In addition to that, the economic and geopolitical are on the scene.

Before The Halving

Based on the recent Decentrader newsletter released by Filb, Bitcoin can hit at least $12,500 before the halving.

In case that the crypto asset can really make the $12,500 level, BTC needs to rally close to 50% from its current price of $8,450. According to the top analyst, the $12,500 price strike makes sense because it is the bullish inverted head and shoulder chart’s top target. The said chart is currently forming on the BTC medium-term basis.

Meanwhile, crypto analyst Nunya Bizniz said that there’s always a bullish price action between the four months before the halving itself and to every halving.

If you’ll remember, during the four months before the first halving back in 2012, BTC’s price ended up rallying dozens of percent higher, reaching around $14 from $10. In the four-month before the second halving back in 2016, BTC’s price went parabolic, which run from $432 to $700.

After The Halving

Apart from the speculations on the BTC’s price before the halving in May, other analysts also have predictions after the halving.

According to crypto derivatives exchange FTX, there will be plenty of call options for higher BTC price one month after the halving.

For the contracts to be profitable, the price of BTC needs to hit above the $12,430 level by June 25. Many investors have expressed confidence in the possible outcomes.

Once the price of BTC close below the $12,430 level, the bet will be effectively closed since the contracts will become worthless. Though this data is not a conclusion, the sentiments still turned bullish and many folks showed a willingness to bet by more than 50% from the BTC market’s current levels.

As the halving approaches, many deep-pocketed investors are already turning bullish for Bitcoin, especially that the options markets are welcoming them. Whether it is before or after the halving, the crypto asset has seen with the potential price hike, so people in the crypto space are already excited about the possible result of the said halving by May.