Bitcoin’s value has seen a notable increase, climbing back to $63,800 as the cryptocurrency community anticipates its upcoming halving event, which is scheduled to occur in just over 36 hours. This boost in *BTC* price comes after a period of bearish sentiment among investors towards major cryptocurrencies.
#Crypto markets have seen a boost today, as #Bitcoin has jumped back to $63.8K with just over 36 hours until its #halving event. The crowd has maintained a consistently #bearish sentiment toward top caps, which strengthens the argument for more rising. https://t.co/fPmv7gAQli pic.twitter.com/mAIZa8c5jJ
— Santiment (@santimentfeed) April 18, 2024
Additionally, another analyst pointed out the performance of broader market indicators and individual stocks, mentioning a possible reversal in the overall market trend. This includes speculative optimism about the cryptocurrency sector, with Bitcoin possibly forming a double bottom base, a bullish chart pattern indicating potential upward movement.
QQQ put in a break and recapture….hopefully can bottom here and this proves to be a reversal extension so we can start to build. I took small NVDA BAR setup and think CAVA COIN HOOD SMCI VRT look ok but in no rush. Hopefully bitcoin is building a double bottom base as has sort… pic.twitter.com/kVBWnPKDHZ
— Oliver Kell (@OliverKell_) April 18, 2024
Accumulation Trends
Prior to the rise, there was significant activity in the Bitcoin market. Analyst Ali Martinez reported that over 27,700 BTC, which is approximately worth $1.72 billion, were moved into accumulation addresses. This movement occurred as Bitcoin’s price briefly dipped below $63,000, suggesting a strong buying interest at lower price levels.
Over 27,700 $BTC, worth around $1.72 billion, have flown into accumulation addresses as #Bitcoin dropped below $63,000! pic.twitter.com/ksrk0qNp41
— Ali (@ali_charts) April 18, 2024
Despite the general market skepticism towards top-cap cryptocurrencies, the recent price movements have led to a strengthening argument for a potential continued rise in Bitcoin’s value. Analytics firm Santiment noted that the consistent bearish sentiment might actually be a counter-indicator, hinting at further increases in the price of Bitcoin as the halving event approaches.