Vijesti Analize Has Bitcoin Realized Its Bottom After Halving?

Has Bitcoin Realized Its Bottom After Halving?

April 29, 2024 Analize
BITmarkets | Has Bitcoin Realized Its Bottom After Halving?

The crypto market has evidently absorbed the much-anticipated Bitcoin halving event without any notable impact on prices. Previous analyses suggested that if Bitcoin surged swiftly to the critical level of $67,000, as it did, it would subsequently retest the robust support at $60,000.

And hence, the million-dollar-question surfaces: where is the post-halving bottom?

Daily time frame analysis

btcbot

BTCUSD - 1 Day Time Frame

Investors eagerly anticipate Bitcoin's return to $60,000, either to increase their investments or for an opportunity to enter the market if they've been on the sidelines. This $60,000 mark stands as a formidable support level, having been tested five times, and carries significant psychological weight due to its round figure.

Presently, it's highly probable that the price will either touch this support level or hover near it for some time, mimicking the pattern observed in February before potentially breaking out.

Should Bitcoin experience another surge in price with heightened volatility, the anticipated peak isn't around $73,000, as many expect. Instead, the previous all-time high (ATH) serves as the key resistance point.

Past instances have shown that Bitcoin struggled to maintain levels above the previous ATH at $69,045, often retracing to $60,000. This retracement was particularly pronounced during a period of FOMO (fear of missing out), leading to significant liquidations among overleveraged investors.

Shrinking corrections

During the 2017 peak, BTC experienced a 50% drop in value within a month. In contrast, during the 2021 peak, the drop amounted to 40% over a similar period.

However, the correction following the 2024 peak has been less severe, with BTC only declining by 16% over 45 days. This suggests a minor correction phase, during which significant positions are being accumulated.

The entire market seems to be establishing a bottom at this juncture, presenting an opportune moment for entry before prices potentially surge further.

Where's the bottom?

Bitcoin's less-severe corrections over time do highlight a maturing crypto market, while also reflecting the robust demand for Bitcoin.

Given that ongoing adaptations within the crypto space are likely to fuel further growth, possibly setting the stage for yet another impulsive bull run, it is likely that Bitcoin has indeed found its current strong bottom above $60,000 and is only going to climb upwards, albeit choppy, in the future.

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