Bitcoin will “test investors’ resolve” with a post-halving sell-off and will update only in the fourth quarter ATH. This forecast was provided by analysts DecenTrader.
Experts explained such expectations by the “classic behavior” of the first cryptocurrency in the year when the reward for miners was halved. They explained that the presented road map does not take into account the impact of macroeconomic events and geopolitics.
According to the review, after the current wide sideways move, approximately two months before the halving, which is expected to occur on April 18, we should expect a surge in purchases followed by “sales on news.”
According to the survey, the correction could return the rate to the lower boundary of the three-day supertrend near $37,000 over the next four to five weeks. The order book on Binance shows buying interest at $35,500-$38,500.
According to experts, before the FOMO reward for miners is halved, Bitcoin could rise in price to $49,000 (61.8% Fibonacci correction from the wave of decline from the historical maximum).
An alternative scenario assumes that the price of the first cryptocurrency has already regained enough momentum to rise towards $49,000. This option is supported by the formation of an inverted head and shoulders reversal pattern with a target of $48,800 and net inflows into the ETF.
DecenTrader is confident that forecasts for a return to record highs before the halving are unfounded.
Previously, a technical analyst under the nickname Ali illustrated the price patterns of the last two cycles of the first cryptocurrency and allowed the coin’s rate to fall further. He did not rule out a drawdown to $32,700.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
