Yesterday, a stiff resistance stackprevented 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 marketcapitalization has recently closed the largest green weekly candle for theentire three months. As for the key technical indicators, they are likely tostart flipping bullish.

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

Before The Halving

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

In case that the crypto asset canreally make the $12,500 level, BTC needs to rally close to 50% from its currentprice of $8,450. According to the top analyst, the $12,500 price strike makessense 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 NunyaBizniz said that there’s always a bullish price action between the four monthsbefore the halving itself and to every halving.

If you’ll remember, during the fourmonths before the first halving back in 2012, BTC’s price ended up rallyingdozens of percent higher, reaching around $14 from $10. In the four-monthbefore 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 theBTC’s price before the halving in May, other analysts also have predictionsafter the halving.

According to crypto derivativesexchange FTX, there will be plenty of call options for higher BTC price onemonth after the halving.

For the contracts to be profitable,the price of BTC needs to hit above the $12,430 level by June 25. Manyinvestors 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 willbecome worthless. Though this data is not a conclusion, the sentiments stillturned bullish and many folks showed a willingness to bet by more than 50% fromthe BTC market's current levels.

As the halving approaches, manydeep-pocketed investors are already turning bullish for Bitcoin, especiallythat the options markets are welcoming them. Whether it is before or after thehalving, the crypto asset has seen with the potential price hike, so people inthe crypto space are already excited about the possible result of the saidhalving by May.