With only 20 days left until the next halving event, the leading cryptocurrency, Bitcoin, has soared to new heights this week, reaching an astonishing $70,447.60. This is a significant increase of 6.13% in the past 7 days. However, it hasn't been all smooth sailing for the stock, with the stock experiencing a slight decline of 0.85% in the past 24 hours.
Despite this minor setback, Bitcoin maintains its dominance in the digital asset space, boasting a market capitalization of over $1.35 trillion. The recent rise in Bitcoin prices following the ETF announcement has created new confidence among investors, setting the stage for the much-anticipated halving event.
The countdown has begun!
The next Bitcoin halving event, scheduled for mid-April 2024, will cut the cryptocurrency's supply in half and strengthen its scarcity and issuance mechanisms, something the crypto community has been waiting for. It's a function.
Historically, Bitcoin has experienced price spikes during halvings, but past performance does not guarantee future results. Analysts are divided on Bitcoin's trajectory after the halving, with some predicting sustained growth and others predicting a period of stability after an initial price spike.
Read more: Top altcoins to watch as Bitcoin price halving approaches
Insights from Santiment
In anticipation of this, Santiment, a leading cryptocurrency analysis platform, has shared valuable insights to guide traders and enthusiasts in preparing for the impending halving event on April 19th.
Monitoring market trends
Santiment recommends keeping a close eye on transaction volumes and Bitcoin's social dominance. Increased trading volume and increased social engagement around Bitcoin could mean increased interest, driving the price higher.
market signals
It also advises investors to be cautious about profit taking within the Bitcoin network. Instances where investors sell their holdings after realizing profits may indicate a change in market sentiment, which could lead to a price correction.
whale watching
Additionally, it is important to monitor the activities of large Bitcoin holders, known as whales. Increased buying activity by whales while selling by small investors may indicate confidence in Bitcoin's future prospects and suggest that market sentiment is bullish. There is.
Santiment provides traders with real-time price analysis and tools to track these important indicators, allowing them to make informed decisions and take advantage of the Bitcoin halving opportunity.
Bitcoin price analysis
Technically, Bitcoin has had an impressive performance, rebounding strongly this week after coming under bearish pressure in recent weeks. The emergence of a hammer candlestick pattern last week suggested bullish momentum, and this trend has continued this week, as evidenced by the current bullish trend in weekly candlesticks.
Also read: Cryptocurrency price prediction after Bitcoin halving: Big bull market expected at $500,000?
Despite these positive indicators, short-term traders may face challenges, especially as the current candlestick is expected to end on a bullish note. A resistance level has been identified at the recent high, but support remains solid at the $66,381 zone, which marks the weekly low so far.
As the countdown to Bitcoin halving continues, the virtual currency market is attracting attention. How will Bitcoin react?
