Tin tức Phân tích Buy Bitcoin Before Halving!

Buy Bitcoin Before Halving!

April 18, 2024 Phân tích
BITmarkets | Buy Bitcoin Before Halving!

Bitcoin remains resilient and its market dominance has spiked as investors have moved away from altcoins in favor of this safer asset that is regarded as digital gold by many. With the halving just a few hundred blocks away, Bitcoin remains unfazed.

Funding Rate Heat Map

Heat1

Funding Rate Heatmap (Source: CoinGlass)

April has not ushered in a bullish month; instead, it has fostered a healthy spot-led market, providing more opportunities to accumulate.

Since April 1st, there has been a reset in the funding rates across the entire cryptocurrency market, witnessing over $5 billion in liquidations on BTC alone, predominantly from long positions. Bitcoin's funding rate is below neutral, with spot buyers taking the lead.

This trend may indicate increased selling, potentially causing Bitcoin’s price to repeatedly test the $60,000 level while simultaneously experiencing reduced volatility.

Daily time frame analysis

BTCA

BTCUSD - 1 Day Time Frame

Bitcoin is currently testing how well it can maintain the $60,000 level. If it falls below this crucial point, we might see the price test the 100-day Moving Average, as it did in February.

Revisiting these bands is a rare occurrence, which makes it an optimal time to buy more Bitcoin.

Should Bitcoin move sideways and maintain the $60,000 level while losing volatility, the 100-day MA could catch up, potentially leading to a price action similar to that of February—gradually climbing higher, finding support above the current all-time high (ATH), and then aiming for even higher prices.

The price range between $67,000 and $68,000, marked by a blue line, represents where significant buying has occurred—from retail investors to large institutions like Blackrock. This price range is likely to be revisited to test buyer demand.

Hourly time frame insights

BTCB

BTCUSD - 1 Hour Time Frame

As sell volume decreases, Bitcoin is defending the robust $60,000 support. The most favorable buying conditions would arise if the blue 50-day MA crosses above the 200-day MA under the condition of a gradual price increase toward that crossover.

It’s likely for Bitcoin to fluctuate between the bands and consolidate before starting an upward movement.

If Bitcoin climbs slowly, it could attract substantial demand in the observed blue range, which might also serve as resistance if Bitcoin ascends too rapidly. Once Bitcoin breaks through these levels and then the ATH, it needs to find support at $73,000 and slowly progress towards $76,000.

At this price point, approximately $4 billion worth of short positions could be liquidated, potentially triggering a short squeeze that could propel Bitcoin to $80,000 or higher.

It remains to be seen whether Bitcoin can sustain the $60,000 level—if tested frequently, it could prove to be a solid entry point. Should we lose this level, the next substantial supports are at $56,000 and then between $50,000 and $53,000.

However, as the Napoleon of crypto, with only around 300 blocks left until the halving and the currently stable market conditions, Bitcoin may surge to new highs without looking back.

By 2030, more than 98% of all Bitcoins will have been mined, leading people to hold rather than trade them. This shift will likely expedite Bitcoin's quest to discover its true value, potentially reaching $100,000 or more in the next couple of years.

So, prepare for scarcity to elevate its price significantly. This is the evolution of digital gold.

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