The Currency Analytics
By TCA PR
Before The Halving
After The Halving
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.
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…
Analysts found reasons why Bitcoin’s narrative is now on the table, including the bullish signs, hash rate highs, and upcoming 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.
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.
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.
As the halving approaches, many deep-pocketed investors are already turning bullish for Bitcoin, especially that the options markets are welcoming them.